Codere Reports Solid Growth with Caveats EMEA
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P14 NEWSWIRE / INTERACTIVE / MARKET DATA
Mixed results for Codere as operations performed strongly in key markets, but ongoing currency fluctuations adversely affected overall revenues
Codere performs strongly in markets such as Mexico and Spain, but has been negatively impacted by devaluations in key currencies.
SPAIN GAMING OPERATIONS
Codere has reported that it closed the first quarter of the year with a net loss of €3.6m, compared to a loss of €2.7m last year while its operating revenues fell 6.7 per cent to €357.7m, compared to the €383.3m of the first quarter of 2018. Te results were negatively impacted by the depreciation of some currencies, especially the Argentine peso. However, the company showed that it was making significant headway thanks to its performance in countries such as Mexico and Spain and the growing contribution of the online sector of its business. Indeed, online revenue increased by as much as by 69.3 per cent year-on-year from €8.8m in the first three months of 2018 to €14.9m.
Te company achieved an adjusted EBITDA before interest, tax, depreciation and amortisation of €68m in the period, in line with the same quarter of 2018; driven by significant growth in Mexico and Spain, and despite the sharp depreciation of the Argentine peso and the rise in taxes in both Argentina and Italy.
Codere obtained operating income of €357.7m, 6.7per cent less than in the same period in the previous year due to a decrease of €42m in
Argentina due to the depreciation of the peso against the euro, which was compensated in a significant part thanks to the positive evolution in Mexico (+€7.1m), online activity (+€6.1 m) and Spain (+€3.7m).
Operating expenses in this quarter decreased by 7.3 per cent to €271.8 m, mainly as a consequence of the reduction of costs in Argentina, due to the devaluation of its currency. Non-recurring expenses stood at €3m, significantly below the €11.9 m recorded in the first quarter of 2018. In Mexico, the revenues of the first months of the year increased by 9.3 per cent, compared to the first quarter of 2018, driven by the 10.3 per cent growth in the average number of machines and the favorable trend of the exchange rate (5.4 per cent depreciation of the euro against the Mexican peso).
In Spain, operating income in the first quarter of 2019 grew by €3.7m (8.2per cent) compared to the first quarter of 2018, driven by the increased income in physical sports betting shops and in the business of machines in bars, with 26.1 per cent and 6.8 per cent more units installed.
UK Gambling Commission actions £4.5m in fines
Four gambling businesses are to pay a total of £4.5m in penalty packages as part of the Gambling Commission’s investigation into the online casino sector. InTouch Games will pay £2.2m, Betit Operations will pay £1.4m, MT Secure Trade will pay £700,000 and BestBet will pay a total of £230,972. Te penalties relate to the businesses failing to put in place safeguards to prevent money laundering and keep consumers safe from gambling harm.
Te penalty packages form part of an ongoing investigation into the online casino sector. Over the last 18 months the regulator has conducted assessments of, or engaged with, 123 online operators - and of the 45 told to submit an action plan to raise standards 38 have already showed signs of improvement. A further 34 were compliant with standards expected by the Commission or had minor issues which have been, or are in the process of being, remedied.
Since the investigation began five operators have surrendered their licence and can no longer transact with consumers in Britain. In November 2018 imposed nearly £14m in penalties on three companies as result of their failings to put in place effective safeguards to prevent money laundering and keep consumers safe from gambling-related harm.
Richard Watson, Gambling Commission Executive Director, said: “We have been working hard to raise standards in the online industry to ensure that gambling is crime-free and that the one in five people in Britain who gamble online every month can do so safely. As a regulator, we will continue to set and enforce standards that the industry must comply with to protect consumers. We expect operators to know their customers and to ask the right questions to make sure they meet their anti-money laundering and social responsibility obligations.”
Malta
Malta-based games provider, Hacksaw Gaming has announced their latest partnership after signing a global deal with online gaming operator Betsson Group. Te multi-brand launch will see all of Hacksaw Gaming’s content live in the coming months across brands such as Betsafe and NordicBet, amongst others which have been made possible through the established platform, Relax Gaming.
Hacksaw Gaming, who are known for reinventing scratchcards are licensed in multiple jurisdictions. Tey have taken a new approach and introduced fixed jackpots which are on offer for players, who can win up to €500,000 on a single scratchcard. Te games act as the perfect tool for companies looking to retain, market and acquire new customers at low costs.
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