For the 12 months to 31 December, Better Collective now expects to post revenue between €315 (£269m/$344m). This would imply year-on-year growth of between 17% to 21%.
This is an increase from the range of €305m to €315m set in April, which itself was upgraded from €290m to €300m following the acquisition of advertising company Skycon Limited.
The group also elected to raise earnings before interest, tax, depreciation and amortisation (EBITDA) before special items guidance to a range of €105m to €115m. This would mean a year-on-year jump of between 24% and 35%.
This was up from the €95m to €105m range set in April after the Skycon acquisition, with the initial guidance having been set at €90m to €100m.
Record breaking performance
Better Collective said it made the adjustments in the wake of a record first quarter, during which revenue reached an all-time high of €88m. This was 30% higher than in the same period in 2022.
EBITDA before special items was also up 44% year-on-year at €33m, while a trading update on April indicated growth of 40% heading into Q2.
Following a strong start to the year, the group said carried momentum into Q2, highlighting better-than-expected performance from the Americas, media partnerships, and sports win margin.
Long-term targets
Earlier this year, Better Collective also set out long-term financial targets for the four years to 2027, in line with its growth strategy.
Targets include revenue compound annual growth rate of greater than 20%, EBITDA margin before special items of 30% to 40% and net debt to EBITDA below 3%.
The group also revealed that these targets would be based on the assumption that mergers and acquisitions would be solely financed by its own cash flow and debt.
Original article: https://igamingbusiness.com/finance/better-collective-raises-revenue-and-earnings-targets-for-2023/
