The Stockholm/Copenhagen-listed media group now expects FY2024 revenue to reach €371m, aligning with the upper end of its revised Q3 guidance of €355m to €375m, though still below its initial +€395m target.
Better Collective AS has revised its full-year 2024 financial guidance, reporting stronger-than-expected results that surpass previous market forecasts.
The Stockholm/Copenhagen-listed media group now expects FY2024 revenue to reach €371m, aligning with the upper end of its revised Q3 guidance of €355m to €375m, though still below its initial +€395m target.
Similarly, EBITDA before special items will exceed the €100m to €110m range, revised from its original +€130m forecast.
The company adjusted its targets in H2 2024, warning investors that a slowdown in U.S. commercial activities had impacted its North American network, leading to contract revisions with key partners. Additionally, M&A-acquired Brazilian media assets required significant adjustments ahead of Brazil’s regulated betting market launch.
To address these challenges, Better Collective launched a €50m corporate cost-reduction programme in November 2024, aimed at streamlining operations and aligning investments with market conditions.
In a market update, the company stated:
“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.”
The cost-cutting measures led to 300 job cuts (approximately 15% of the workforce), as confirmed in a letter from CEO Jesper Søgaard. He emphasised that the programme is designed to “recapture growth in the U.S. and secure an early leadership position in Brazil.”
Søgaard explained the strategic shift, stating:
“Since 2017, Better Collective has grown significantly, both organically and through 35 acquisitions, expanding our team while adding increased complexity to our organisation.”
Looking ahead, Better Collective will publish its Q4 earnings report and provide financial guidance for 2025 on February 19, 2025, after market close.