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Spanish gaming operator, Grupo Codere Reports 7% Increase In H1 Revenues


Spanish gaming operator Grupo Codere Reports 7% Increase In H1 Revenues

Spanish gaming operator, Grupo Codere, has revealed a substantial growth in small Latin American operations in it H1 financial results. The company has reported €814m in revenues, an increase of 7 percent in the first half of this year when compared to the same duration last year.

The last year reported revenue by the company was €760m for the same period. The extraordinary growth is due to the Argentinean and Mexican markets, which raised some €300m and €168m respectively in revenue.

The Spain-based company operates above 50,000 gaming machines and 4,400 sports betting terminals in Spain, Latin America and Italy. According to the firm, the company saw an increase in its operating expenses to €683m due to its expansion in Mexican and Argentinian markets. It is due to this expansion that the firm’s H1 regulated EBTIDA experienced a 0.8 % drop, at  €131.5m, from last year during the same time.

The company further reported a profit of €65m in group profits, taking a U-turn from its 2016 short-term declines where it only reported €1.6m.