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  • Q4 2023: Codere Online shares soar as revenue grows 33% to €50m
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Codere Online yesterday (29 February) revealed it generated NGR of €50.1m in Q4 2023, an improvement of 32.9% year-on-year.

Of the total, the majority of NGR came from Mexico, which delivered €25.1m to the group amid year-on-year growth of 54%.

Operations in Spain meanwhile delivered €20.8m in NGR, up 16.9%, while Colombia delivered a further €2.3m, in line with the same period last year.

Other geographies accounted for a further €1.8m in NGR, up from €1.3m in Q4 2022.

The growth in revenue came in spite of a slight dip in the number of average monthly active players across the group, as they fell from 141,800 in Q4 2022 to 139,200 in Q4 2023.

That drop came about as a 15% increase in players in Spain, and a 16% increase in Mexico, were offset by a 40% reduction in Colombia and a 14% drop in other jurisdictions.

Despite growing revenue across the business, Codere Online continued to report a net loss this quarter, although that figure was down significantly from €17.4m in Q4 2022 to just €1m in Q4 2023.

Management commentary

“Our strategic focus on Mexico and Spain, where we are seeing a strong return on marketing investment, has proven successful, with significant increases in both our active customer base and spend per customer,” said Codere Online CEO Aviv Sher. 

“Casino continued to exceed our expectations with a second consecutive quarter contributing 58% of total net gaming revenue in the period.”

“We were able to grow our active customer base by more than 15% in both [Mexico and Spain] in the quarter which we believe is impressive considering the similar level of marketing investment in these countries in 2023 versus the prior year.”

Full-year results and guidance

Looking to the full-year 2023, NGR across the group came in at €171.9m amid year-on-year growth of 39.9%.

As the business looks ahead to 2024, it said it expects to generate NGR between €185m and €200m this year, and also expects to generate positive adjusted EBITDA and cash flow.

“We are very encouraged by our performance in 2023 which further supports our expectation that we will generate positive adjusted EBITDA and cash flow for the full year in 2024,” said CFO Oscar Iglesias.

“In short, we expect to deliver upon our original commitment to investors to be a profitable company in the third year after de-SPAC and are more committed than ever to creating meaningful value for our shareholders.”

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