Codere Posts Stellar 2023 Start with Q1 Revenue up by 19%

Globally recognized gambling operator Grupo Codere published its latest trading update, outlining details regarding the company’s performance for the first quarter of 2023. On Friday, the company released its latest report, revealing that its total revenue in Q1 2023 hit €350 million ($375.5 million). This result, when compared to the corresponding period in 2022, marked a solid increase of 19%.

Not unexpectedly, with the increase in revenue, Codere saw an uptick in adjusted EBITDA. For the first quarter of this year, adjusted EBITDA hit €65 million ($69.7 million), up by €13 million ($13.9 million) when compared to Q1 last year. Additionally, the latest results revealed that Codere’s adjusted EBITDA margin for Q1 2023 was 19%, representing 1% growth when compared to the margin from the same period in 2022.

In addition to the figures related to the company’s financial performance for the first quarter, the company reminded of its new plan that seeks to create value for its shareholders. Per that plan, Codere confirmed it will leverage an injection of some €100 million ($107.3 million) to supercharge its growth and “return to value creation in all the geographies in which it operates.”

The strong start of 2023 comes after only recently, the company released its 2022 financial results. Those figures showed solid growth of the company’s revenue by 67.5% to €1,31 billion ($1.44 billion).

The Company Enjoys Strong Growth in Latin America

Codere provided a breakdown of its €350 million ($375.5 million) revenue per market. This breakdown revealed significant growth in the company’s Latin American-facing operations. In Mexico, Codere’s revenue for the first quarter this year soared by 31% to €65 million ($69.7 million). A similar growth of 19% to €87 million ($93.3 million) was reported by Argentina on a year-over-year comparison.

While those markets saw an increase in revenue, in Colombia, Codere’s registered revenue for the first quarter this year dipped. Overall, the company’s operations hit €4.5 million ($4.8 million) in revenue for Q1 2023, representing a decrease of 10% when compared to Q1 last year.

Within its home market, Spain, Codere performed well at the start of the year. Its revenue for this region increased to €46 million ($49.4 million), up by 6% year-over-year. In Italy, which is another important market for the company, the revenue jumped by 5% year-over-year, hitting €72 million ($77.2 million).