Codere Online is experiencing a remarkable beginning to 2024. Their initial quarter financial report reveals a company undergoing substantial expansion, surpassing all prior quarterly revenue milestones! They generated €53 million in net gaming income, a 34% surge contrasted with the corresponding timeframe last year. This triumph can be linked to robust showings in their primary markets, Mexico and Spain, which yielded €23.8 million and €22.3 million accordingly. Even more noteworthy, Codere Online transitioned from a net deficit of €1.3 million in Q1 2023 to a net gain of €3.4 million in Q1 2024. Chief Executive Aviv Sher ascribes this accomplishment to the company’s focused promotional initiatives in Mexico and Spain, which have drawn in a broader and more dedicated clientele. Chief Financial Officer Oscar Iglesias mentioned that Mexico is poised to develop into their most substantial market, further expanding the difference with Spain. The outlook appears promising for Codere Online as they persist in expanding and reinforcing their standing within the digital gaming sector.
We were truly delighted with the favorable expansion of our modified EBITDA – which represents income prior to deducting interest, taxes, depreciation, and amortization – observed in Mexico for the first instance. This accomplishment, coupled with an exceptional performance in Spain, contributed to attaining a consolidated adjusted EBITDA of €1.7 million during the initial quarter, positioning us favorably to accomplish our profitability targets for the current year.”
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