Better Collective Posts Updated Financial Targets for 2023

The fast-growing digital sports media group, Better Collective, released a new trading update Wednesday, confirming a change in its financial targets throughout the rest of the year. The recent announcement acknowledges the positive momentum gained by the company from the first quarter of 2023 that helped supercharge its performance in the second quarter as well.

Previously, Better Collective unveiled that it anticipates its revenue in 2023 to be between €305 million ($333.9 million) and €315 million ($344.9 million). Now, in light of the record-breaking Q1 2023 results, the company updated this expectation, setting it between €315 million ($344.9 million) and €325 million ($355.8 million). If indeed the projected revenue for the year hits those values, year-over-year revenue growth between 17% and 21% is expected.

The expectations for Better Collective’s EBITDA for 2023 also improved. The company previously anticipated EBITDA to be between €95 million ($104 million) and €105 million ($114.9 million). Judging by the recent report, the EBITDA expectation before special items changes to €105 million ($114.9 million) and €115 million ($125.9 million), which would represent growth on a year-over-year basis between 24-35%.

Strong Q1 Results Propel Q2 as Well

Earlier this month, Better Collective confirmed a new senior-level appointment. The company revealed it hired Terence Gargantini, who brings extensive experience within different verticals, to the role of country director for Brazil. At the time, the company confirmed that Gargantini will play a key role in its plan for further expansion into the region. Under his guidance, Better Collective is expected to forge new partnerships and strengthen existing ones.

The appointment came after the company unveiled record-breaking results for the three months ended March 31, 2023, or the first quarter. At the time, the company posted revenue of €88 million ($95.57 million), representing a solid 30% growth year-over-year when compared to the corresponding period in 2022.

Similar strong growth was observed in EBITDA before special items. In Q1 this year, Better Collective’s EBITDA before special items hit €33 million ($35.82 million), marking an increase of 44% when compared to the same period last year.

According to the company’s Q1 results, the growth was primarily driven by a strong performance of its Americas operations. Following the release of the Q1 2023 results, Better Collective confirmed that it anticipates the retain the positive momentum into the second quarter. The company’s Q2 2023 report is expected to be released late in August.