Concern over losses at Codere
News on 10 Sep 2018
News on 10 Sep 2018
Spanish and LatAm gambling group Codere has released its H1-2018 results, highlighting:
* Overall decline of 7 percent in group revenue at Euro 759.3 million following serious forex losses in Argentina, where revenue fell 22.5 percent to Euro 232.6 million – an 11 percent drop in constant currency terms;
* Adjusted EBITDA reached Euro 132.9 million, 1.1 percent above H1 2017;
* Turnover in Europe up almost 10 percent at Euro 273 million;
* Corporate debt down slightly y-o-y at Euro 840 million;
* Group consolidated loss of Euro 34 million
Regional media reports noted that three directors – previous controlling interest shareholders Martínez Sampedro, his brother Luis Javier and Pío Cabanillas – refused to sign off on the accounts in a continuation of board room feuding at the company.
