Mexican growth leads Codere corporate recovery

Refinanced Spanish gambling firm Grupo Codere continues its strong corporate recovery, as the company reports KPI and metric growth for its Q3 2017 trading update (period ending 30 September).

Primarily driven by growth in its Spanish and Mexican divisions, Codere would record Q3 2017 group operating profits of €401 million up 3% on corresponding 2016’s €390 million.

Despite facing adverse currency impacts in its business territories of Argentina, Panama and Colombia, Codere governance would report a period adjusted operating EBITDA of €68.4 million above its guidance expectations.

Closing its Q3  trading period, Codere governance would declare group operating profits of €40 million, combined with an improved net operating income of €8.7 million. For its year-to-date performance, Codere has generated corporate operating profits of €105 million (2016: €35 million), combined with a group net income of €8.3 million, recovering from the €1.2 billion loss recorded during 2016, which related to the firm’s debt refinancing agreement.

Updating stakeholders, Codere details that its current long-term corporate debt is at approximately €800 million, having lowered interest expenses to €55 million during 2017.

During the Q3 2017 period, the Spanish gambling firm moved to increase its footprint within the Mexican gambling market, completing its outright acquisition of joint-venture casino operator Grupo Codere SA for a further €25 million buyout.

In its home market of Spain, Codere has moved to increase its marketing coverage launching new advertising campaigns for its digital gambling services. The company further expects to launch a new online betting portal for the newly regulated Colombian online gambling market within the coming months.