Codere narrows 2015 losses to €113 million

A restructured Grupo Codere SA (Codere) has detailed that it has cut its 2015 group net losses to €113 million (£88 million), down 34.6% on FY 2014’s €173 million (£135 million). The embattled Spanish gambling operator detailed that it had increased its group revenues to €1.64 billion up 18% on FY 2014’s €1.38 billion.

Outlining positive impacts, Codere governance stated that the operator was able to implement group efficiencies processes during the year which helped its overall growth.

Group performance was further aided by increased player activity in its South American gambling division, which recorded strong growth in Argentina and Panama. The division was helped by favourable exchange rates in local currency.

In its home market of Spain, Codere improved revenues 156 million with an adjusted EBITA €24.6 million.

Codere, who had been an extended period by creditors to restructure its business, reported that 2015 financial expenses had increased by €2.6 million to €135 million, as the company continues to pay back charges on its credit facilities and unpaid bonds.

In January, the UK High Court had granted Codere the right to secure its €1.2 billion debt under London jurisdiction, with the city acting as the operators ‘Centre of Main Interest’.

In order to comply with UK policy Grupo Codere governance have set up a UK subsidiary ‘Codere Finance UK Limited’.