Codere reports 8.5% uptick in revenue for first nine months of 2021
Spanish operator reveals adjusted EBITDA surged 90% year-on-year to €54.4m despite six-figure net losses
Codere has reported that revenue climbed 8.5% year-on-year (YoY) for the nine months of 2021 to reach €499.6m (GBP conversion).
The Spanish operator attributed part of the growth, which was 18% on a constant currency basis, to the reopening of land-based operations in Argentina and Uruguay after the easing of lockdown restrictions caused by Covid-19.
It was revealed that Mexico was the standout performer with a 50% jump in revenue, followed by Argentina (+26%), Spain (+22.5%) and its online division (+22%).
That said, operations in Italy were impacted by the closure of brick-and-mortar betting until July and the obligation from August for patrons to present vaccination certificates to gain entry to premises.
Meanwhile, Codere’s adjusted EBITDA shot up 90% to €54.4m, which meant adjusted EBITDA margin increased by 4.7 percentage points to 10.9%.
However, net losses until the end of September hit €243m, compared with €240m in the same period last year.
The company also announced that this month, November, it expects to have completed the merger of its online gaming subsidiary with the SPAC DD3 Acquisition Corp. II, which will lead to the creation of Codere Online.
The reverse merger, which was announced in June, valued the business at $350m at the time and will see Codere Online become the first Latam operator listed on the Nasdaq.