In the fourth quarter of 2021, Codere achieved revenue of 291 million euros, more than doubling the revenue of the same period in 2020 and recovering 85% of what was generated in the fourth quarter of 2019, pre-pandemic period.
The reopening of the group’s face-to-face services across all its international operations is reflected in an upward trend since the third quarter of last year.
Adjusted EBITDA also maintained its positive trend, reaching 45 million euros in the fourth quarter of 2021, and reached an adjusted EBITDA margin of 15.5%, the highest since the first quarter of 2020, highlighting the result of the measures implemented.
Regarding its markets, Spain achieved revenue of 42 million euros in the fourth quarter, an improvement of 31.6% compared to 2020, and almost 90% of its revenue in 2019.
Italy had revenue of 75 million euros, more than 50 million euros more than in the same period in 2020, and Mexico had revenue of 54 million euros, double that of 2020, but at 74% of its pre-pandemic level.
Argentina, a country also affected in its macrovariables, reached a revenue of 66 million euros, 87% of what was obtained in the same period of 2019.
And with regard to the group’s other markets, Uruguay achieved revenue of 12.6 million euros, 6% more than in 2020; Panama achieved a turnover of 16.5 million euros (double that of 2020), recovering 89% of revenue before the pandemic; and finally, revenue in Colombia was 4 million euros.
Online businesses also performed positively, with revenue growth of around 10% compared to the previous quarter, and an improvement of 46% compared to the same period in 2019.
In terms of installed base, as of December 31, 2021, Codere had 42,642 gaming terminals, 4,216 bingo venues, 8,342 bars, 7,980 sports betting machines, 656 gaming tables, 1,128 arcades, 190 sports betting venues, 140 game rooms and 4 race tracks.
A new moment for Codere
Codere is currently open for business in all of its markets, and despite the impact of the Omicrom variant earlier in the year, the company expects to regain its pre-pandemic revenue level by the end of the current financial year.
It is worth noting that with the conclusion of its financial restructuring process and the launch of Codere Online on Nasdaq, and after two complicated years of a pandemic, the company started the year with a new phase, with its portfolio intact and a strengthened financial situation.
“This allows the development of a Business Plan that returns the group to its growth trajectory, after this period of normalization, with important opportunities especially in Spain, Mexico and in the digital business”, highlights the company.
“Nova Codere, in addition to having robust corporate governance, with the constitution of its new Board of Directors chaired by Christopher Bell – who brings more than 30 years of experience in the sector – strengthens its management team with the incorporation of new profiles that consolidate the group’s capabilities,” they said.
Thus, Codere recently added Antonio Zafra Jiménez as corporate director of the Legal and Compliance Area, and also appointed Fernando Pombo as corporate director of Strategy and Corporate Development for the group.