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Codere beats Q1 earnings forecast but revenue falls 16%

15th May 2014 7:29 am GMT

Spanish gaming operator Codere has seen earnings before interest, tax, depreciation and amortisation (EBITDA) for the first quarter of 2014 surpass its guidance range, although group revenue continued to decline during the period.

EBITDA for the quarter fell 20.3 per cent to €47.8m, reflecting a decline in earnings from Mexico and Argentina. Despite the decline, the result surpassed the operator’s guidance range of between €43m to €47m.

The result includes non-recurring charges of €5.6m relating to operational [...]

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