The leading digital sports media group that owns national and international sports media, Better Collective, has published its interim report for Q3. The company reported “continued strong performance across the group”, as explained by the chief executive officer and co-founder, Jesper Søgaard.
Transition Into Recurring Revenue, “Faster Than Expected”
The group’s CEO also took the opportunity to express his pleasure in seeing that the transition into recurring revenue with their partners in North America was “moving faster than expected, which will provide strong value in the long run.”
The CEO further explained that, throughout Q3, the group kept growing globally by acquiring top national sports media across four different markets while also mentioning the “transformational” acquisition of Playmaker Capital toward the end of the quarter.
The acquisition is expected to help the company speed up its journey toward turning into the leading digital sports media group even more, especially with the help of the team’s strong strategy execution.
In August, Better Collective announced it would acquire multiple brands from Everysport Group (SvenskaFans.com, Hockeysverige.se, FotballDirect, and Innebandy Magazinet) via a multi-million-dollar deal assessed at €3.7 million ($4 million).
16% Organic Growth, 35% EBITDA Growth
The Nasdaq Stockholm-listed group with headquarters in Copenhagen, Denmark, has reported a revenue increase of 26%, from €60 million ($65 million) in Q3 2022 to €75 million ($81.5 million) in Q3 2022. The company reported an organic growth of 16%.
Better Collective also reported a recurring revenue of 46 million ($50 million), marking a 49% increase compared to the same quarter in 2022 and making up 61% of total revenue.
The group’s EBITDA prior to special items was €20 million ($21.7 million), signaling a 35% increase compared to Q3 2022’s €15 million ($16 million). The EBITDA margin prior to special items was 26%.
The group’s cash flow from operations before special items reached €14 million ($15 million), from €13 million ($14 million) in the third quarter of last. The group also reported a 63% cash conversion.
Before it reached the end of the quarter, the company whose portfolio includes HLTV.org, Action Network, VegasInsider.com, Playmaker HQ, and FUTBIN.com reached €123 million ($133 million) in capital reserves, with €41 million ($44.5 million) in cash, €10 million ($10.8 million) in other current financial assets, and €72 million ($78 million) in unused credit facilities.
The group’s first official day of trading on the Nasdaq Copenhagen stock exchange is November 17, 2023.
Melanie Porter
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