Positive Latin America developments drive Codere’s Q1 2023 growth

Positive Latin America developments drive Codere’s Q1 2023 growth

Article brief provided by SBC News
  • Ted Orme-Claye, SBC News
June 8, 2023 8:36 PM
  • Ted Orme-Claye, SBC News

Grupo Codere closed Q1 2023 in a strong financial position according to the firm’s latest quarterly trading update, with Latin American markets key growth drivers.

The multinational gambling group reported an year-on-year revenue uptick of 19% to €350m (Q1 2022: €283m), with adjusted EBITDA up 20% to €65m (€52m) with a margin of 19%, one percent higher than the year prior.

Codere stated this revenue growth was ‘mainly as a consequence of the good performance in Argentina and Mexico’. The group’s cash position at the end of the three-month period was €122m, divided between €73m for the retail segment and €49m for Codere Online.

This follows the publication of Codere Online’s own financial update in May, which saw revenue grow 57% year-on-year to €37.6m (Q1 2022: €23.9m), driven by a ‘solid performance’ in Mexico and Spain.