SBC News ups 2023 guidance on strong US & UK growth ups 2023 guidance on strong US & UK growth Group has raised its full-year guidance as Q1 financial results outperform all business expectations. 

A strong opening to 2023 trading saw’s corporate revenues stand at $26.7m, up 36% on previous year comparatives of $19.5m.

Headline growth was attributed to the continued expansion of North American portfolio which generated a revenue contribution of $14.1m.

Period highlights saw the group declare hyper successful launches in the states of Ohio and Massachusetts, helping its media network generate over +88,000 new depositing customers (NDCs).

“The record first quarter 2023 results demonstrate both successful execution on our North American growth initiatives and our success in generating ongoing growth in more established markets,” commented CEO Charles Gillespie. 

In the UK and Ireland, with revenue increasing by 36% to $8.5m, marking a record  fifth consecutive quarter of growth. Additionally, the company saw a 51% revenue increase from other parts of Europe and the rest of the world.

US and UK growth helped net income rise by 47% to $6.6m, as Q1 adjusted EBITDA stood at $10.7m, up 49% on 2022’s results of $7.1m.

Given the impressive start to the year, Group raised its full-year 2023 guidance to a revenue range of $95-to-$99m, and Adjusted EBITDA of $33-to-$37m.

The revised guidance takes into account new investments for the development of and support for its media partners. It also presupposes no entry into additional North American markets or benefits from new acquisitions.

Group CFO Elias Mark, highlighted the importance of efficiency in expanding the Adjusted EBITDA Margin and growing Free Cash Flow by an astounding 352% year over year.

“We are able to continue to invest in our near- and long-term organic growth opportunities, including the development of and our new media partnership with Gannett while simultaneously delivering impressive top-line growth, Adjusted EBITDA and Free Cash Flow growth.

“Our strong cash generation and balance sheet also provides us with the flexibility to opportunistically evaluate value-enhancing strategic transactions.”

Check Also

SBC News finalises acquisition of XLMedia assets finalises acquisition of XLMedia assets 

The acquisition by Group of and all related assets from XLMedia has been …

SBC News clears 2023 high bar ahead of media expansion clears 2023 high bar ahead of media expansion Group has demonstrated its “capital-efficient business”, achieving all commercial and operating objectives for 2023. …

SBC News XLMedia sells Euro & CAD network to for $42.5m

XLMedia sells Euro & CAD network to for $42.5m

XLMedia Plc has informed the markets that it has reached a binding agreement to sell …