Codere returning to post-Covid normality with €291m Q4 revenue
Strong Latam performance boosts Nasdaq-listed firm’s financial performance following mid-pandemic slump
Codere has pointed to positive post-Covid performance as a primary reason for an uptick in NGR for Q4 2021.
NGR reported by the group was €22.2m for Q4 and €83.2m for the full year.
Revenue for the Spanish company was recorded at €291m which it says represents “approximately 85%” of pre-Covid numbers.
The group has faced internal headwinds following its delisting from the Bolsa de Madrid exchange, however Latam performance has guided the group through this period.
The group launched in Argentina in December after receiving a five-year licence, recording revenue of €66m in the country, however did point out that post-Covid recovery in Mexico had been slower than expected despite being up 38% year-on-year at €28.1m.
Spanish home-market arcades and sportsbook generated €42m of revenue.
Codere’s Latam surge helped record a Q4 adjusted EBITDA of €45m.
Moshe Edree, CEO of Codere Online, said: “2021 was a crucial year for Codere Online, in which we transitioned from being a business unit within a larger group to become an independent publicly listed company.”
Following its delisting in Madrid, Codere launched on the Nasdaq after a SPAC merger with Mexico based DD3 Acquisition Corp. II.
Edree added: “We grew our net gaming revenue by 17% in the year, thanks to the strong performance from Mexico and despite the regulatory challenges in Spain, which limited our ability to engage with new customers and grow revenue in the country. Still, our customer base grew by 37% in 2021, to nearly 70,000 average monthly active customers.”