On January 16, a hearing on the possible delisting of Codere Online has been set.
For the third quarter, Codere Online recorded net gaming sales of €52 million, a 20% increase over the same period the previous year. Despite being negatively impacted by currency changes, revenue from Mexico increased by 23% to €63 million, while revenue from the operator’s home country of Spain increased by 11% to €48 million.
It now anticipates ending the year “in the upper part of both the full-year 2024 net gaming revenue outlook of €205–€215m and Adjusted EBITDA outlook of positive €2.5–€7.5m,” according to the business. Revenue so far this year has increased 31% to €159 million.
“With net gaming revenue of €51.7m, which represents a 20% increase over the third quarter of 2023, our company delivered another quarter of strong results,” stated Aviv Sher, CEO of Codere Online.
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Despite the substantial devaluation of the Mexican peso after the June presidential election, net gaming income in Mexico reached €26.7 million, 27% more than the same time the previous year.
Our nation’s net gaming income would have increased by 43% in constant currency. Spain continued to perform well, with net gaming revenue of €20.9 million for the quarter, 11% more than the previous year.
In addition to the notable increase in the top line, we also produced €1.5 million in adjusted EBITDA and €3.5 million in cash during the quarter, according to CFO Oscar Iglesias. Adjusted EBITDA has now been positive for three straight quarters, bringing the total for the year to €4.5 million. Regarding our current projections for 2024, we anticipate that both our net gaming revenue and adjusted EBITDA expectations will end the year in the top half of the range.
The leadership emphasized reduced interest costs and better cost controls. Despite the risk of being delisted from the Nasdaq, the firm stated that it is still working to complete its Form 20-F for 2023. A hearing on the delisting has been requested by the corporation. January 16 has been set aside for this.
Three new members were added to Codere Online’s board of directors in June. Patrick Ramsey, Michal Elimelech, and Laurent Teitgen are replaced by Gabriel Saenz de Buruaga, Taavi Davies, and Claude Noesen. Their first tenure will be one year.
Meanwhile, following the completion of a recapitalization program that decreased company debt from €1.4 billion to €190 million, Codere Group is focusing on plans for development in Latin America and Europe.
To maintain the company’s stability, consolidated net debt has been lowered to about €65 million, and new funding of an additional €60 million will help with expansion ambitions.
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