Cirsa Obtains 151 Million euros of Operating Profit in the First Quarter of 2023
The recovery of the complete activity level in all markets where the company operates and the efficient execution of its strategy allowed improving operating profit by 27.9% compared to the first quarter of 2022.
SPAIN (May 25, 2023) — CIRSA, a leading multinational in gaming and leisure and the leading company in the sector in Spain, registered an operating income of 482.5 million euros and an operating profit of 151 million euros in the first quarter of 2023.
These results confirm the full recovery of pre-pandemic activity levels and the continuous improvement of the Company’s results, allowing it to exceed operating income by 29.2% and operating profit by 27.9% compared to the first quarter. of 2022.
On the other hand, the company today publishes its new ESG 2022 report, which includes CIRSA’s commitment to grow its business in a responsible and sustainable manner, as well as the strategic lines of action in terms of environmental sustainability, social responsibility and governance for the future. The Report uses both the Global Reporting Initiative (GRI) standards, as well as what is defined in the drafts of the ESRS (European Sustainability Reporting Standards) regarding the materiality analysis of companies.
The Report and other ESG-related materials can be found on the Company’s website at: https://www.cirsa.com/cirsa/investor-relations/esg-report/
According to Joaquim Agut, Executive President of Grupo CIRSA, “in the first quarter of this year 2023 all our business units have demonstrated their solid performance and have confirmed the trend of continuous improvement thanks to the involvement of the entire CIRSA team in the implementation of our operational plans. Despite the current global economic and geopolitical uncertainties, our commitment remains focused on aligning the execution of our business strategy with the ESG principles that are most relevant to our industry.”
Highlights in Q1 2023:
The results of the casinos and gaming halls division have been marked by the improvement of the trend in all the geographical areas where the company operates, thanks to the execution of business plans and cost efficiency. A new casino has been incorporated in Tuxtla (Mexico) during this first quarter.
Likewise, we have continued to improve our gaming and leisure offer in our rooms, incorporating ESG criteria in all our investments.
The priority has been to continue with the correct execution of the commercial plans based on a selective search for the highest quality points of sale, the installation of the product adapted to each location and the improvement of productivity in our logistics and service platform.
Activity in the industrial area continues at a very good pace thanks to the great performance of product launches such as the new Manhattan models for the Hospitality channel, and the Link Mix, in the salon channel.
The division has launched a new product from the Manhattan saga for the hospitality channel, Manhattan Party, which continues to be a sales success. Inflation in the costs of raw materials and components has stabilized, and delivery times in the supply chain are normalizing. In the Interactive area, specialized in gaming hall management systems, the growth of Forward Systems facilities throughout Spain continued.
In Italy, the Company highlights the positive impact on AWP and VLT recurring organic revenues compared to 2022 thanks to the different improvement actions implemented during the previous year in the innovation and commercial areas.
ONLINE GAMING AND BETTING
The results of the online gaming and sports betting division, focused solely on regulated markets, exceeded the expectations of the operating plan, with growth in both revenue and market share in all channels and markets. The division continues to strengthen its multi-channel strategy, as well as the management of customer intelligence. In addition, during this period the exploitation of the geolocated digital assets of Manchester City began as part of the sponsorship agreement with the club.
SOURCE: SECTOR del JUEGO.Tags: Spain, Cirsa, 1Q 2023 results, Operating Profit