Better Collective set to exceed revenue target in 2023
For the year ended 31 December 2023, Better Collective said revenue will be approximately €327m (£279m/$353m). The group forecast revenue of between €315m and €325m for the full year.
As for EBITDA, this is likely to reach €111m for 2023. This, Better Collective said, is towards the higher of its target range of €105m to €115m.
In addition, the group says net debt to EBITDA before special items will be below 2.0, in line with guidance.
Surpassing full-year revenue expectations comes despite Better Collective having increased its guidance twice. The group began 2023 with revenue guidance of €290m to €300m but increased this after strong operational performance and accretive acquisitions.
The first adjusted guidance of €305m to €315m, this being increased again in June to €315m to €325m. As for EBITDA, guidance began at €90m to €100 before rising to €95m to €105 and finally €105m to €115m.
M&A mania for Better Collective
Last year proved busy for Better Collective in terms of M&A activity. Key deals during 2023 included advertising company Skycon Limited, acquired in April for up to £45m.
Also last year, Better Collective acquired Denmark-facing Tipsbladet.dk and Brazilian sports media platform Torcedores.com. It also acquired SvenskaFans.com, HockeySverige.se, Fotbolldirekt.se and InnebandyMagazinet.se, all of which are Swedish brands.
In addition, it acquired Playmaker HQ in July 2023 for $54m. Playmaker HQ creates original entertainment and sports content.
This week, Better Collective also closed its acquisition of Toronto-based digital sports media business Playmaker Capital. The group struck a deal to acquire Playmaker Capital, valued at €176m, in November.
Better Collective is due to release its Q4 and full year report on 21 February.