Better Collective AS has upgraded its financial targets for 2023 trading, as the Stockholm-listed media publisher continues to benefit from a record-breaking Q1 momentum.
Updating shareholders, Better Collective expects its FY2023 revenue target to stand in the €315m-€325m range, up from the previous target of €305m-€315m – results implying a growth of 17-21%.
Likewise, Better Collective anticipates its FY2023 EBITDA before special items to finish in the €105m-€115m range from its earlier guidance of €95-€105m, indicating a 24-35% year-on-year growth.
Revenue and EBITDA results will be achieved with Better Collective maintaining its net debt to EBITDA ratio at less than x2.0.
Q1 trading saw Better Collective set new company records, generating revenues of €88m, representing a 30% year-over-year growth and an EBITDA result of €33m (+44%).
The record momentum carried into Q2 trading, in which the company detailed that “May maintained the strong underlying growth across the group”, highlighting continued growth in “the Americas, media partnerships and the sports win margin all being above expectations”.
Further H1 highlights saw Better Collective acquire the media services of SkyCon Limited for €45m – a transaction undertaken to accelerate the development of Better Collective’s ‘Paid Media’ division and to continue diversifying its B2B services.
Investors were informed that Better Collective will release its Interim trading report on Wednesday, August 22, after market close.