Better Collective to exceed revised FY2024 targets

Better Collective AS has revised its financial guidance for full-year 2024 trading, notifying investors that results are above previously revised expectations detailed to the market.

Updating investors, the Stockholm/Copenhagen-listed media group expects FY2024 revenues to stand at €371m.

Revenue performance will fall within the top range of Better Collective’s revised guidance issued in Q3 of €355m to €375m – reset from the previous target of +€395m.

EBITDA before special items will exceed the revised range of €100m to €110m, a forecast that was revised from the original FY2024 target of +€130m.

Targets were revised in H2 as Better Collective warned investors that its North American network had been impacted by a significant slowdown in U.S. commercial activities, forcing a revision of contracts with key partners.

Further impacts saw Better Collective cite significant changes to its M&A-acquired Brazilian media assets, in preparation for the launch of the regulated Brazil Bets market.

Last November, Better Collective commenced a €50m corporate cost-reduction program to “streamline operations and align its investment base with market dynamics.”

The update detailed: “The EBITDA before special items was driven by revenue reaching the upper end of guidance and an earlier-than-anticipated impact of the implemented €50m cost-efficiency program.”

Cost reductions saw Better Collective lay off 300 staff members (circa 15% of headcount), as revealed in a letter published by CEO Jesper Søgaard.

Søgaard underscored that the €50m cost-reduction program is engineered to “recapture growth in the U.S. and secure an early leadership position in Brazil.”

A streamlined approach was deemed necessary by leadership, as “Since 2017, Better Collective has grown significantly, both organically and through 35 acquisitions, expanding our team while adding increased complexity to our organisation.”