Publishing its results for the full year to December 31, 2017, Spain-based casino operator Codere, which operates in Europe and across Latin America, reported a six per cent rise in operating revenue, up to €1.64bn from €1.55bn in 2016.
Operating profit was up 21.3 per cent in 2017, to €131.1m, although Q4 operating profit was down dramatically, by 63.2 per cent to €25.9m.
Adjusted EBITDA figures looked more favourable for Q4 however, rising 11.7 per cent year on year, to €73.6m. Full-year adjusted EBITDA was up 2.2 per cent, to €273.6m.
Codere said that while operating margin was up to eight per cent in 2017, from seven per cent a year prior, operating profit in the period had been hit by “financial restructuring costs and impairment charges” in its Carrasco Nobile operation in South America.
Group revenue growth of €92.4m was boosted by strong performance in key markets, specifically due to the increase in revenues in Argentina (up by €47.9m), Spain (€17.8mm), Italy (€14.3m) and Mexico (€10.1m).