Codere posts impressive Q2 figures

Spanish gaming group Codere has posted an impressive increase in revenue for the second quarter of 2015.

Codere registered sales of €409m ($460m) in the three months through to the end of June – a 25% increase over the corresponding period in 2014.

Adjusted earnings before interest, tax, depreciation and amortisation totalled €66m, representing a 49% year-on-year spike and above previous forecasts.

Codere cited improved performances in Argentina and Mexico and the stronger dollar and Latin American currencies against the euro for the latest results.

As a result of the latest figures, Codere reduced its losses by 65% to €13m.

Codere said that it would continue to work with its creditors in implementing a financial restructuring plan that was agreed as part of an amendment to the ‘Lock up Agreement’ announced to the market on August 18.

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