Codere posts €236m full-year loss as revenue plummets 57%
Spanish operator severely impacted by coronavirus closures as online revenue climbs 19.3% annually
Sports betting operator Codere has posted a significant 57.2% year-on-year (YoY) fall in revenue for 2020.
The Madrid-based firm recorded €594.6m in full-year revenue, after the Covid-19 pandemic took a major toll on its retail arm.
In Argentina, where the retail market was completely closed between March 2020 and December 2020, revenue decreased by €246.5m annually.
Mexico (€209.9m) and Italy (€188.6m) were Codere’s second and third most impacted markets due to the closure of retail outlets.
Codere said the gradual reopening of retail began in Q3, only to be impacted by new lockdowns and restrictions at the end of Q4.
However, Codere noted its online business grew 19.3% YoY, representing some shift to digital from retail customers.
The operator secured online-derived revenue of €71.3m for 2020, while its online arm grew 58.7% YoY for Q4 2020.
Elsewhere, Codere reported a 92.9% decrease in EBITDA for 2020 down to €22.5m amid total losses of €236.6m compared to €61.7m in 2019.
The fall in EBITDA and increased losses were once again blamed on the impact of the pandemic, and the devaluation of the group’s operating currencies against the US dollar.
Finally, Codere has hired financial advisers to analyse alternative measures to improve the group’s cash liquidity and fiscal strength.