Codere cites Argentina, Italy growth as revenue jumps in 2015

Codere has highlighted growth in Argentina and Italy as two of the main reasons behind a year-on-year increase in revenue during the 12 months through to December 31, 2015.

Operating revenue for the full-year amounted to €1.6 billion ($1.7 billion), which represents an increase of 18.3% on the €1.4 billion posted in the previous year.

Operating profit was up from €20.8 million to €124.5 million, while profit before tax also improved from a loss of €170 million in the previous year to a negative figure of €78.9 million in the past 12 months.

Adjusted earnings before interest, tax, depreciation and amortisation jumped by 55.7% year-on-year to €254.6 million, with an improved margin of 17.1%, while net income also grew from a loss of €173 million to negative €113.1 million.

The operator picked out the performance of its operations in Argentina and Italy in particular, with the company reporting growth in both regions.

Revenue in Argentina was up to €192.8 million in 2015, mainly due to inflation and currency appreciation, while the firm’s Italian arm also experienced an increase in revenue to €20.4 million.

Codere also noted that its full-year results were boosted by its performance in the final quarter of the year, during which revenue grew by 11.1% year-on-year to €418.8 million.

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