Codere Online had a prosperous year in 2022, with their income rising by almost half to over 120 million euros. Nevertheless, they did incur a significant loss, about 46 million euros.
The company’s chief executive, Moshe Edree, expressed satisfaction with the outcomes, despite the financial setback. He stated that they were able to expand their operations and reach a wider customer base.
Edree is stepping down from his role as CEO, but will remain involved in the company as the Executive Vice Chairman of the Board. The new CEO is Aviv Sher, who previously served as the Chief Operating Officer.
The company’s Chief Financial Officer, Oscar Iglesias, expressed their delight in surpassing their revenue projections for the year.
Codere Online implemented certain adjustments to their business in 2022, including the sale of their Italian branch.
The sale of the output is not crucial.
**Final Quarter**
Codere Online’s financial performance in the final quarter revealed that its NGR rose by 70%, climbing from €22.2 million in 2021 to €37.7 million in 2022. The business attributed this increase to strong results in Mexico and Spain.
However, the quarter resulted in a net loss of €17.4 million.
Total income for the quarter was €35.6 million.
Marketing costs increased to €31.2 million. This is a substantial increase from the €14.8 million marketing expenses in the final quarter of 2021, representing a 111.2% increase.
Codere Online attributed the growth in its adjusted EBITDA for the final quarter of 2022 to its increased marketing spending, which grew by 122.4% year-over-year to €14.5 million.
**Full Year Results**
Looking at the full year results, Codere Online reported a net loss of €45.9 million. However, this represents an improvement of 32.5% compared to the €68 million loss in 2021.
Marketing costs in 2022 increased by 78% compared to the prior year, with spending reaching €96.9 million in 2022 compared to €54.4 million in 2021.
EBITDA loss for the fiscal year 2022 was €50.3 million, compared to a loss of €23.8 million in 2021.
**2023 Prediction**
Codere Online also provided a forecast for the upcoming year.
NGR is expected to be between €140 million and €150 million this year, with adjusted EBITDA expected to be between -€20 million and -€30 million.
The company said it plans to launch operations in Cordoba, Argentina, while continuing to seek licenses in Buenos Aires and Mendoza.
Codere Online has declared its intention to commence operations in Argentina.
Iglesias expressed his excitement about the prospects, particularly in Argentina, where they have achieved significant progress this year by expanding into various new sectors.
He conveyed their confidence in successfully executing their strategy and delivering sustained growth for their investors.
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