Codere Online has reported revenue growth across its three core markets, with the increase in income enabling the Spanish markets-focused operator to further reduce its net losses.
Group wide revenue for the first quarter of the year rose 57% to €37.6m (Q1 2022: €23.9m), whilst net gaming revenue increased 55% to €39.5m (€25.5m).
These respective growth rates cut the firm’s net loss down to €1.3m (€10.1m) and prompted it to reaffirm its outlook for the year end, having closed the quarter with a total cash position of €49m.
Aviv Sher, Codere Online CEO, said: “We are off to a very strong start in 2023, with net gaming revenue growing by 55% in the first quarter to nearly €40m.”
