Spain, Italy and Latin America-facing operator Codere’s revenue fell 21.3% to €278.5m in the first quarter of 2020, while a combination of retail shutdowns resulting from novel coronavirus (Covid-19) and exchange rate fluctuations contributed to losses rising to €97.1m.
Gambling operator Codere has altered its financial results for the first half of the year after an investigation into accounting inaccuracies uncovered a number of errors with the reporting for its Mexico, Colombia and Panama operations.
Codere has launched an investigation into inconsistencies in the financial reports of some of its Latin American subsidiaries for the first half of the year, which the operator has warned may reduce its full-year earnings by up to €20m.
Codere has again cited the devaluation of the Argentine Peso as the main reason behind a year-on-year decline in revenue during the first quarter, despite seeing growth across its Mexican, Italian, Spanish and online operations.
Playtech has reported a 54% year-on-year increase in revenue for 2018, though growth for the year was largely down to the acquisition of Italian operator Snaitech, with the solutions giant’s B2B division struggling.