Digital sports media group Better Collective released preliminary financial results regarding the third quarter of the year along with an updated full year 2024 financial guidance.
The Company Remains Focused on Sustainable Long-Term Success
Focusing on the preliminary unaudited figures, the company confirmed it anticipates revenue in the realm of €81 million ($87.7 million) for the third quarter of 2024. On the other hand, EBITDA before special items is expected to be €22 million ($23.8 million), based on Better Collective’s update released on Thursday.
Jesper Søgaard, Better Collective’s CEO and co-founder, spoke about the exponential growth the company exhibited since 2017. While he pointed to organic growth, the executive admitted that Better Collective was also able to achieve growth through more than 30 acquisitions.
Pointing to the shifting market conditions, Søgaard highlighted the importance of recalibrating the company’s “spending and investment strategies to ensure sustainable long-term success.” He confirmed that Better Collective is undergoing adjustments and streamlining to prepare the company for the future. Still, the CEO and co-founder predicted that following the completion of those processes, the company would emerge stronger than before. Finally, Søgaard said he expects further growth for Beter Collective, thanks to its flexibility and adaptability.
“We operate in a market with strong underlying growth, despite being subject to volatility, and we are well-equipped to adapt and are strategically positioned to sustain our growth in the future.“
Jesper Søgaard, CEO and co-founder of Better Collective
Financial Guidance Undergoes Adjustments
Besides the preliminary unaudited financial figures, as noted, Better Collective released updated financial guidance for the full year 2024. Notably, the company adjusted its revenue in the range of €355 million ($384.2 million) to €375 million ($406 million), down from the previous expectation of €395 million ($427.6 million) and €425 million ($460.1 million).
Not unexpectedly, EBITDA before special items also saw a decrease in expectations. Per the recent update, Better Collective’s full year 2024 EBITDA before special items is between €100 million ($108.3 million) and €110 million ($119.1 million), down from the previous expectation of €130 million ($140.7 million) and €140 million ($151.6 million).
The adjusted financial guidance follows large acquisitions announced recently along with a reflection of the market outlook. As explained by Better Collective: “The financial downgrade primarily stems from a lower activity than expected from US partners.”
While the company pointed to a slowdown regarding the market in Brazil ahead of its transition to regulation at the start of next year, it remained optimistic about its long-term potential for development there and in other important jurisdictions.
