Nueva Codere posts significant Q1 2022 revenue increase
Nueva Codere has praised a near return to pre-pandemic revenue levels as a major factor in its financial recovery since delisting from Bolsa de Madrid.
Codere delisted from the Spanish stock exchange in December 2021 and relisted as Nueva Codere on the Nasdaq following a SPAC merger.
The group stated that Q1 2022 had seen its revenue of €293.7m (£249.5m) return to approximately 83% of pre-pandemic figures.
The online operation of the business experienced a 21% uptick on Q1 2021 to €24m.
EBITDA also soared displaying an increase of €45.2m on 2021 (€48.7m).
The post-Covid-19 reopening of the operator’s land-based arm, especially in Argentina, Mexico and Spain, has been attributed to have helped with its Spanish business recording revenue of €43.6m in Q1, a 63.7% increase on the comparative period in 2021.
In its home country of Spain, the company reported that turnover is 90% of 2019’s figures.
In Q1 2022, Mexico saw revenue of €50m and Argentina, Codere’s biggest market, attracted €73.2m, an increase of 93% on Q1 2021.
The company hopes to recover between 95% to 100% of its pre-Covid turnover by the end of 2022.
In February, Alejandro Rodino and Alberto González del Solar were appointed co-CEOs of Codere.