Grupo Codere SA has posted a net loss of €117m [$130m] for year-to-date trading, as group accounts detail dismal H1 2024 results.
However, during the period, the creditors of the heritage Spanish gambling group agreed to a write-off of €1bn [$1.1bn] in debt, reducing Codere’s outstanding debt to circa €128m [$142m] mark.
The interim accounts of Codere SA revealed no income growth across all operating markets except for Colombia.
H1 revenues stood at €667m, down 11% from 2023 comparatives of €750m, as Codere’s retail business registered a 16% decline in operating revenues to €560m (H1 2023: €671m). Codere’s retail business was severely impacted by a 52% revenue decline in Argentina to €79m (H1 2023: €165m), as the group’s former largest operating unit registered a meagre €2m EBITDA contribution.
