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Codere’s positive financial results

Codere, an iGaming Spanish firm revealed a rise of 91.5% in net profits to €27 million over last year in their recently released financial results for the 9 month period that ended in September.

According to Codere, the ‘business growth in key markets and exchange rate differences’ was a strong reason behind these positive net profits while also revealing that the sales for the 9 month period increased by 21.3% to €989.3 million when compared to the previous year.

The earnings before interest, tax, depreciation and amortisation for Codere during the 9 month period had risen by 21.4% to €209.1 million. Codere is the firm that operates 56,581 machines across 191 gaming halls, 780 betting establishments and three racetracks while also stating that there had been a ‘notable growth in Argentina and Italy and in other activities’.

Codere stated that “Group capital expenditure for the first nine months of 2011 amounted to €76 million, of which €48 million corresponds to maintenance and €28 million to growth, associated with the investment in gaming machines and the purchase of a gaming machine operator in Italy, Gaming Services/Gaming Re, among other outstanding actions.”

“At the end of the period, the Codere had a cash balance of €141.6 million and an undrawn senior credit facility of €37 million, which is currently fully available, thereby providing the company with adequate liquidity.”

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