Codere continues to be hampered by Covid-19 in H1 2021

Sports betting operator Codere has posted a 16% year-on-year (YoY) decrease in turnover for H1 2021 as operations continue to be impacted by Covid-19. The Madrid-based firm recorded turnover of €266.3m during the first six months of the year, down from €317.6m in H1 2020. Codere said its business continued to remain affected by the long-lasting impact of the Covid-19 pandemic, with operations in several markets hampered by local restrictions. The group’s Italian retail operations were shut until June 2021, while temporary closures in Mexico, Uruguay, Argentina and Panama impacted revenue. In fact, Codere’s Italian operations suffered an income loss of €54.7m, while in Argentina the operator saw its income slip by €23.4m. Elsewhere, Codere posted a decrease of €2.5m in EBITDA to €21.5m while the group generated a loss of €168.7m compared to €177.6m in H1 2020. Additionally, Codere confirmed it was continuing to work on its financial restructuring strategy announced in April 2021, which saw creditors inject €225m into the business. Codere said: “The company continues to work on the implementation of the financial restructuring announced in April and hopes to finalise it next October. “The execution of the transaction will result in the loss of control by the parent company Codere S.A. about the operating group. “At the conclusion of said operation, Codere S.A. will have a 5% stake in the new group.”