Codre Online’s First Quarter 2024 Financial Results
Codere Online, a leading Latin American and Spanish online gaming operator, has just released its preliminary, unaudited financial figures for the quarter ending March 31, 2024. Bringing attention to the first quarter’s net gaming revenue of €53 million, CEO Aviv Sher expressed pleasure with the results. An impressive 34% growth from last year, this sets a new quarterly record for the business.
A Look at the Market and Some Growth Plans
According to Sher, Codere Online has been quite successful in its strategic targeting of important areas like Spain and Mexico. Spain witnessed a consistent 21% increase to over €22 million, while Mexico witnessed a remarkable 51% jump to nearly €27 million in net gaming income. The company’s targeted marketing campaigns have increased customer spending and improved customer quality, while also increasing the active client base by about 25%.
Financial Results and Future Expectations
According to CFO Oscar Iglesias, Codere Online’s top line grew faster than expected, with Mexico being the company’s most lucrative area. An important milestone has been reached for the company with the first positive contribution of Adjusted EBITDA from Mexico. As a whole, Spain had a solid first quarter, contributing €1.7 million to Adjusted EBITDA and putting the country on a good track to fulfill its full-year profitability goals.
As for the rest of 2024, Iglesias has good news: he expects net gaming income at €195-210 million. The firm’s outlook on the year’s cash flow and Adjusted EBITDA is positive, which shows that it is committed to long-term growth and financial security.
Breaking News: New Initiatives for Growth
The latest news from Codere Online includes their intention to open for business in Mendoza, Argentina, subject to final regulatory clearances. The continuation of the company’s successful activities in Buenos Aires is a stepping stone to a larger expansion in this densely populated province of Argentina. Codere Online’s expansion ambitions in Latin America have been bolstered by the firm’s renewed affiliation with Monterrey Rayados Football Club, a major player in the world of sports sponsorship.
In a recent statement, the board of directors welcomed Daniel Valdez, who brings a wealth of experience to the table as a member of both the audit committee and the board of directors. Codere Online benefits from Valdez’s background in the company’s governance and strategic decision-making.
Codere Online is a frontrunner in the online gaming sector, with a track record of solid financial success, attempts to expand into new markets, and strategic alliances that bode well for the company’s future.