Codere Posts Strong Full Year 2022 Financial Results

The leading multinational gambling operator, Grupo Codere, released its latest trading update Thursday. The company confirmed it enjoyed strong growth in 2022, impacted positively by lifting COVID-related restrictions. As with most entertainment and gambling operators, 2021 wasn’t the best year. This was the period after nearly a full year of the COVID-19 pandemic so there were different restrictions such as capacity limits and other COVID-related measures.

Codere has felt the impact of the restrictions from 2021. However, judging by the latest results, in 2022, the company’s operations have returned to normal and in fact, reported significant growth. Still, it’s important to note that a direct comparison between 2022 and 2021 cannot be made.

Overall, Codere’s revenue last year hit €1,31 billion ($1.44 billion). This result, when compared to the figures released a year ago, in 2021, marked an increase of 67.5%. The company explained that this was the “result of the lifting of coronavirus restrictions in theaters and the strong recovery in almost all its markets, especially in Argentina and Italy.”

Additional details released by Codere reveal that its adjusted EBITDA last year hit €231.9 million ($255.6 million). This marked a significant increase of €133 million ($146.6 million) when compared to the 2021 results. The adjusted EBITDA margin for the period increased by 5% to 17.6% for 2022, the company explained.

The Company Enjoys Strong Performance in Strategic Markets

Notably, Codere saw significant growth in multiple strategic markets. In Argentina, for 2022, the company’s revenues hit €346.9 million ($382.4 million), representing a 135.6% growth when compared to the corresponding period in 2021.

Italy was another market where Codere saw significant growth with revenue soaring by 85.6% to €283.4 million ($312.4 million). The company explained that those results came after a good performance of VLT and AWP machines as well as bingo.

Another strong growth was reported by Codere for its Mexican operations. Overall, the company’s revenue for the region increased by nearly 46% to €233 million ($256.7 million) in 2022.

Elsewhere, in Spain, Codere saw its revenue last year increase by 18.8% hitting €172.9 million ($190.5 million). Within that market, the company noted that its gambling machines and sports betting services helped boost the results.

Previously, Codere released the results of its online business, Codere Online, which saw strong growth last year when compared to 2021.