Codere online stated that the current trading outlook is in line with its expectations. This follows a significant improvement of Q1 results, as losses for the group have been reduced to EUR1.42m from EUR12.28m (Q12022).
Nasdaq’s online gambling group generated corporate revenues of $41.05m in Q1, up 57% from 2022 results, which were $26.2m.
The firm continued to reap the benefits of its Mexican expansion as Codere.MX achieved $17.25m, a 75% increase on the $9.72m results for 2022.
Codere’s revenues in Spain reached $20.09m during Q1 2023 – up 40% from Q1 2020 despite a relatively flat number active customers. This indicates a “higher portfolio of customers.”
The Group Leadership highlighted the firm’s “improved financial status” in which Codere Online maintained a total cash balance of $53.5m by March 31, 2023. The Q1 results of the firm did not provide any details about EBITDA and costs.
“We’re off to a strong start in 2023. Net gaming revenue grew by 55% in first quarter, to almost EUR40m ($43.67m),” said Aviv Sher who presented his first financial report as CEO of Codere Online.
The significant investment we made around the World Cup in the previous quarter allowed us to grow our customer base by a meaningful amount compared to pre-World Cup levels.
The company reported a strong increase in revenue, but also an increase in average monthly active players across all regions. Mexico saw a 48% growth.
CFO Oscar Iglesias commented on the positive financial results of the company: “We’re excited to present both strong top-line and, more important, a substantial improvement in Adjusted EBITDA.”
Codere Online has reiterated its forecast for 2023 and expressed confidence in the growth trajectory of the company. The company intends to have a positive EBITDA and Cash Flow for the entire year of 2024.
Iglesias added, “Given our strong Q1 performance, we expect to be in the upper range of this range. We are on track to achieve positive EBITDA in 2024 and cash flow.”
