SBC News Voice of the Sports Betting Industry
Nueva Codere lauds its business transformation as its European and Latin American units continue to bounce back from the pandemic, as the group recorded “a strong recovery” in its Q3 results.
The bounceback, Nueva Codere explained, was largely driven by the increase in footfall across its land-based gambling venues, which had previously remained closed due to the pandemic.
The company, which is the reformed entity of heritage Spanish gambling firm ‘Grupo Codere SA’, reported that headline revenues rose by 47% when compared to the same period in 2021, totalling €343m
However, it was noted that the 2021 figures were registered prior to Nueva Codere’s formation during Q1 2022, which followed the break-up of Codere SA and its delisting from the Madrid Bolsa.
Operations in its home market of Spain generated revenues of €40m during the third quarter as results matched almost 88% of turnover recorded during Q3 2019. The group’s European results were further strengthened by a 4% increase in Italian revenues to €68m.
Beyond Europe, the firm has continued to benefit from the lifting of venue restrictions in Mexico. As a result, revenues in Mexico matched the “81% of billing for the same period in 2019”, reaching €61m in Q3.
Likewise, a restructured Argentine unit delivered revenues of €99m, which Nueva Codere cited as a “146% increase on corresponding results” and “122% above 2019 pre-pandemic results”.
Adjusted EBITDA for the period stood at €57m, which was largely driven by the company’s improved Argentine and Spanish market results. The earnings, Nueva Codere said, are “€24m more than in the third quarter of 2021” – an increase of 78%.
Nueva Codere provided a snapshot on the Q3 performance of its Codere Online subsidiary which achieved “revenue growth of 51.5% compared to the previous year, up to €29M, driven by through Mexico and Spain”.
It was said that Codere Online results will be presented independently from Nueva Codere. The trading statement provided no information on period expenditure or bottom-line profits, with Nueve Codere declaring that as of 30 September, the group held a cash reserve of €144m.
