Codere surpasses annual forecast
Madrid-based Codere stated that this figure was well above its previously estimated guidance range of 281 to 284 million eurosand reflected ‘strong growth in Argentina and Italy as well as in other operations’.
Codere declared that its increase in earnings had been ‘partially mitigated’ by weaknesses in Spain and its Legacy Caliente operations in addition to the ‘appreciation of the euro against most currencies’ while the figure would have risen 25.6 percent year-on-year to hit 315.8 million euros ‘at a constant exchange rate’.
The operator revealed that it had boosted the number of machines it operated by 6.5 percent year-on-year to 57,000 with growth concentrated in Argentina, Mexico, Italy, Colombia and Uruguay. Codere also increased the total number of gaming halls over the twelve-month period from 189 to 190 while sportsbetting locations grew from 690 to 798.
Codere announced that net income for 2011 came in at 52.2 million euros, which was a 78 percent improvement over 2010’s 29.3 million euros, while it held 135.7 million euros in cash alongside an untouched credit facility worth an additional 32 million euros.
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