A restructured Grupo Codere has announced that it has “fully consolidated its corporate recovery,” as the group’s financial results match or outperform its 2019 post-COVID performance.

In its full-year 2022 trading update, the Spanish multinational gambling group reported corporate revenues of €1.31bn, reflecting a 68% growth on FY2021 results of €791m and an exact like-for-like match on FY2019 revenue performance.

Headline growth was attributed to the lifting of coronavirus restrictions in venues and the strong recovery in almost all its markets, especially in Argentina and Italy. The company further benefited from a change in ‘revenue recognition’ for its Uruguay business.

Providing a market overview, Codere highlighted its continued recovery in its home market of Spain, where it generated revenues of €173m in 2022, an 18.8% increase compared to 2021.