Zona de Azar Spain – Codere, is Elected one of the 100 Most Valuable Brands in Spain

Spain- June 19, 2024 www.zonadeazar.com  Earlier this week, Codere Online announced that the Codere brand was ranked 85th among the 100 most valuable brands in the 2024 Brand Finance Spain rankings.

Since 2010, this is the twelfth time that the brand has received recognition in the national market in which it is headquartered, sharing the ranking alongside global conglomerates such as Santander, Seat and San Miguel. Furthermore, it is the only company in the gaming industry to appear on the list.

Alberto Telias , Marketing Director at Codere Online, said: “We are extremely pleased to once again be named among the 100 most valuable brands in Spain, representing the eighth consecutive year. Spain will always be our home market, and maintaining our reputation as a key brand in this market, despite our growing global presence, makes us very proud.”

Codere’s growth

In May, Codere announced results for the first quarter of 2024. Revenues for the first three months of the year were €313.8 million, around 14% below the previous period, affected by restrictions imposed in Mexico.

Despite this, revenues grew 4% compared to the first quarter of 2023 and exceeded the company’s expectations.

Codere Online achieved 34% growth in revenue, reaching €53 million. Furthermore, marketing efforts in both markets allowed us to expand the active customer base by approximately 25%. Revenue from on-site operations from January to March was €260.8 million.

The group’s adjusted EBITDA during this period was €47.3 million, 27% less than last year and above the target for the first quarter of the year.

The interannual growth of Codere Online’s adjusted EBITDA was 103%, reaching €8.8 million, mainly due to the Mexican market and the “good performance of Spain”, as stated by the company in an official note.

Editó : @_fonta www.zonadeazar.com