Madrid, May 13, 2022.- Nueva Codere, a leading multinational in the private gaming sector, today announced its results for the first quarter of 2022.
The company has achieved revenues of €293.7M in this period, which maintains the upward trend of the previous quarter and represents a recovery of 83% of the group's turnover prior to the pandemic.
The positive effects of the lifting of the restrictions against the coronavirus in most of the markets in which the group operates, the recovery plans implemented and the solid performance of the face-to-face business -especially in Argentina, Mexico and Spain-, have driven this recovery , which reaches 92% in the month of March.
The turnover of the online business has also experienced strong growth, 21% compared to the previous year.
Adjusted EBITDA also maintains its upward trend and stands at €48.7M (€45.2M more than in the first quarter of 2021). During this period, all markets contributed to this positive generation, especially Argentina, Mexico and Spain. The EBITDA margin also reflects the positive impact of the savings and efficiency plans, reaching 16.6% in the quarter (13.8 percentage points more compared to 1Q2021).
Situation of the main markets in 1T2022
Spain reaches revenues of €43.6M in this first quarter, an improvement of 63.7% compared to 1Q2021, reaching almost 90% of its turnover in 1Q2019.
Italy recorded revenues of €68.4M in 1Q2022, recovering 79% of its turnover in the same period of 2019, thanks to the reopening of establishments, although some restrictions related to covid were still in force in the country during the quarter -19.
Mexico obtained revenues of €49.9M, 62% of those obtained in 1Q2019 and 126% above those achieved in the same period in 2021. Even so, this business unit performs somewhat below expectations due to to the maintenance of some health restrictions, in addition to the slowdown in the Mexican economy.
Argentina, although still affected internally by the usual macro variables of the country, reached revenues of €73.2M, almost 93% above what was obtained in the same period the previous year and 91% compared to 1Q2019.
Regarding the other retail markets of the group, Uruguay reaches revenues of €14M, 24% more than in 2020; Panama bills €15.5M, recovering 81% of pre-pandemic revenue; and revenues from Colombia were €5M, 43% above those achieved in 1Q2021, exceeding the pre-pandemic level.
The online business also performed positively in 1Q2022, with accounting revenue growth of around 21% compared to the previous year, to €24M.
In terms of park installed, as of March 31, 2021, Codere had 42,916 machines, 137 game rooms, 1,010 arcades, 37 sports betting shops and 6,322 bars.
The company maintains its forecast of recovering between 95% and 100% of its pre-pandemic income level by the end of the year, in 2019.
About Codere
Codere is a leading international gaming operator, with a presence in seven countries in Europe – Spain and Italy – and Latin America – Argentina, Mexico, Panama, Colombia and Uruguay, which operates gaming machines, bingo stalls and terminals omnichannel sports betting, both through the online channel and through points of sale that include game rooms, arcades, bars, betting rooms and racetracks. www.grupocodere.com
