Codere has maintained its operating profitability in the private gaming sector, thanks to growth in Mexico and Spain.
The company achieved an adjusted EBITDA of €68m in the first quarter of the year, in line with the same period of the previous year. This was driven by significant growth in Mexico and Spain, and despite the sharp depreciation of the Argentine peso and the rise in gambling taxes in Argentina and Italy.
In this period, the company obtained operating income of €357.7m, 6.7 per cent less than in the same period of the previous year due to the fall of €42m in Argentina due to the depreciation of the peso against the euro, which was compensated in a significant part to the positive evolution in Mexico (up €7.1m), online activity (up €6.1m) and Spain (up €3.7m).
Codere has thus achieved a gross operating profit (adjusted EBITDA) of €68m, compared to €67.9m in the first quarter of 2018, with an increase of 1.3 points in the margin, which reaches 19 per cent .