Nueva Codere to match pre-pandemic 2019 results

Nueva Codere to match pre-pandemic 2019 results

Nueva Codere has outlined that its restructured business is on course to surpass its  2019 pre-pandemic revenue and earnings results. 

Publishing a Q2 trading update, Nueva Codere achieved corporate revenues of €317m, headline results which mirror an 8% increase on 2021 comparatives and 91% of revenues registered prior to the COVID-19 pandemic.

A statement by management read: “An upward trend has been maintained and the group expects to reach 2019 levels before the end of the year.”

Improved results were attributed to the retail recovery of Nueva Codere’s Argentine unit which registered revenues of €86m – reporting growth in footfall and customer spending.

Meanwhile, despite venue restrictions on Tobacco and customer promotions, the group’s Mexican unit achieved revenues of €55m, up 34% on 2021 comparative results.

Elsewhere, Nueva Codere underlined a slowdown in its home market of Spain, in which results were subdued by lower activity across its sports betting venues.

Nueva Codere reported: “The performance of Spain in this quarter has been 88% compared to the same period prior to the pandemic.”

Improved unit results saw Nueva Codere declare an adjusted EBITDA of €48m – recording a €29m EBITDA increase on corresponding 2019 results.

The snapshot update did not provide year-on-year comparisons. However, Nueva Codere underlined strategic progress in achieving its long-term objectives as the new business entity of heritage Spanish gambling group Codere SA – which was taken over by bondholders in November 2021.

As of June 30, 2022, Codere operates 44,223 machines, 140 game rooms, 1,065 arcades, 176 sports betting shops and 8,226 bars across Europe and South Americ

Source: SBC News