Better Collective's Impressive Q3 Growth Signals Strong Future Prospects
Date: 2023-11-17 Author: Dima Zakharov Categories: EVENTS
Transition Into Recurring Revenue, “Faster Than Expected”
Better Collective's CEO, Jesper Søgaard, expressed delight at the accelerated transition into recurring revenue in North America, surpassing expectations and promising long-term value. The company's global expansion involved strategic acquisitions of national sports media, culminating in the transformative Playmaker Capital acquisition.
Strategic Acquisitions and Global Growth
Throughout Q3, Better Collective expanded its influence globally by acquiring top national sports media in four diverse markets. The acquisition of Playmaker Capital, particularly, is anticipated to propel the company toward becoming the foremost digital sports media group, thanks to a robust strategy execution.
Major Acquisition from Everysport Group
In August, Better Collective announced the acquisition of several brands from Everysport Group, including SvenskaFans.com and Hockeysverige.se, in a multi-million-dollar deal worth €3.7 million ($4 million).
Impressive Financial Performance
The Nasdaq Stockholm-listed group reported a remarkable 26% increase in revenue, from €60 million ($65 million) in Q3 2022 to €75 million ($81.5 million) in Q3 2022. Notably, organic growth stood at 16%.
Recurring Revenue Surge
Better Collective reported a recurring revenue of $46 million, marking a substantial 49% increase from the same quarter in 2022, constituting 61% of total revenue.
EBITDA and Cash Flow Surge
The group's EBITDA prior to special items showed a remarkable 35% increase to €20 million ($21.7 million). Cash flow from operations before special items reached €14 million ($15 million), with a robust 63% cash conversion rate.
Strong Financial Reserves
As of the end of the quarter, Better Collective boasted €123 million ($133 million) in capital reserves, including €41 million ($44.5 million) in cash, €10 million ($10.8 million) in other financial assets, and €72 million ($78 million) in unused credit facilities.
Nasdaq Copenhagen Stock Exchange Debut
The group is set to debut on the Nasdaq Copenhagen stock exchange on November 17, 2023.
