Codere Online

Codere Online confirms CEO departure as Nasdaq year-1 targets are matched

Codere Online has announced that Moshe Edree has chosen to step down as CEO of the Global Nasdaq Spanish online gambling group. 

The disclosure follows Codere Online announcing its Q4 results, which saw the company complete its first full-year trading as a Global Nasdaq business. 

A ‘better than expected’ Q4 trading period saw Codere Online generate period revenues of €34m, helping FY2022 NGR stand at €128m – results reflecting a 48% increase on FY2021 NGR of €83m.

Headline growth accounted for peak player activity achieved in the Latin American markets of Colombia and Mexico, as Q4 trading saw Codere Online grow its active player base to 142,000 (+54%).

Q4 highlights saw Codere Online underline the performance of its Mexican unit, which doubled its NGR €16.3m – reflecting strong World Cup trading.

Latin American growth was supported by improved performance in its home market of Spain, which generated Q4 NGR of €18m, up 42% on 2021 comparatives of €12.6m.

Providing a snapshot account of its bottom-line results, Codere Online detailed a Q4 net loss of €17.4m, which accrued to an FY2022 operating loss of €46m.

Filing its Q4 update, Codere Online’s total cash position stands at “nearly €54m as of 31 December 2022”.

A 2023 outlook projects that Codere Online expects to deliver an NGR in the range of €140-150m, alongside an Adjusted EBITDA outcome of  negative €20-30m.

Delivering his final statement as CEO, Edree commented: “The World Cup undoubtedly played a significant role in keeping existing customers engaged but also attracting new customers during this quarter in which we had 54% more active players than in the same period of 2021. 

“In Mexico, net gaming revenue more than doubled from the prior-year quarter, and was over €50m for the full year. Meanwhile, in Spain, we achieved a significant 42% growth in net gaming revenue, reflecting our unwavering commitment to this market and to providing best-in-class products and experiences to our customers.”

Disclosing Edree’s leadership departure, Codere Online announced that Group COO, Aviv Sher, will take over as CEO effective immediately.

Chairman Patrick Ramsey stated: “We are grateful to Moshe for his valuable contribution over these years. We look forward to continuing working with him in his new role while we welcome Aviv and wish him the best leading the company into the future.”

 

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