Promising numbers for Codere that point towards a complete recovery
The last quarter of last year has meant the almost complete recovery for one of the best legal online casinos in New Zealand. According to the numbers recently made public by the company Codere the net income from the game has meant a recovery that reaches 85% of the pre-Covid figures. This is excellent news for an operator that has experienced convulsive moments with a complete restructuring of the business.
Codere Online is starting to recover after having implemented a complete restructuring of the company. Revenues are already close to the figures reached prior to the Covid-19 pandemic. ©Adeolu Eletu/Unsplash
Codere recovers 85% of turnover
It seems that the complete financial restructuring that led to the creation of Codere Online and its IPO has started to pay off. The company has announced in its recent business report the financial results corresponding to the fourth quarter of 2021 some revenues of 291 million euros , which means reaching 85% of pre-pandemic turnover. This means a year-on-year growth of 117.3%.
The Adjusted EBITDA (profit before interest, among other factors) has reached 45 million euros in the same period, which means maintaining the positive trend due, undoubtedly, to the measures implemented by the company. This is the best result since the first quarter of 2020 .
Codere maintains open operations in all previous markets, although, according to information, the company's new managers would have begun to probe the sale of the business retail in Argentina which is where Codere would be losing the most money . New Zealand, Mexico and the online segment seem to be now the strategic focuses of Nueva Codere .
Codere's financial performance according to markets
In the press release 4Q2021 , Codere gives an account of the situation in the different markets in which the company is present.
In New Zealand Codere reaches 42 million euros in revenue . This represents a 31.6% improvement compared to the same period the previous year and 90% of the revenues achieved prior to the pandemic, during the fourth quarter of 2019.
In Italy , the other European market where Codere maintains a significant presence, revenues they reached 75 million euros . They are 50 million more than those obtained in the fourth quarter of 2020. These are excellent figures for the company.
Online, Codere also reports a very positive behavior . Revenues are growing by around 10%, which is an improvement of 46% compared to the same quarter in 2019, that is, before the pandemic.
The Latin American markets
In Mexico Codere achieved revenues of 54 million euros thus doubling what was obtained in the previous period; although it was only 74% of the pre-pandemic level.
Argentina is another important market for Codere. The figures here indicate a recovery that rises to 87% of pre-pandemic levels having obtained revenues of 66 million euros in the fourth quarter of 2021.
Both Mexico and Argentina have suffered a major economic recession with hyperinflation and widespread macroeconomic instability.
In other markets retail the group highlights the turnover in Panama that reaches 16.5 million euros , Uruguay that reaches revenues of 12.6 million and Colombia, where Codere reports revenues of 4 million euros.
New additions to the management organizational chart
Codere has announced new additions to the company's management team. Specifically, it is the jurist Antonio Zafra who will go on to lead the Legal and Compliance area, and Fernando Pombo who will become the corporate director of Strategy and Development. Christopher Bell is the Chairman of the Board of Directors of Nueva Codere .
