Better Collective Raises 2024 Financial Outlook
Better Collective has updated its financial guidance for 2024, projecting revenues and EBITDA above previous expectations. The media group anticipates strong results driven by revenue performance and cost-efficiency measures.
Revenue Expectations Exceed Initial Forecast
Better Collective now expects full-year 2024 revenues to reach €371 million.
This figure is at the high end of the revised guidance range of €355 million to €375 million issued in Q3, which was adjusted from an initial target of over €395 million.
The company’s revenue performance reflects a positive trajectory despite earlier challenges.
EBITDA Surpasses Revised Targets
The company’s EBITDA before special items is projected to exceed the revised range of €100 million to €110 million.
This forecast was previously adjusted from an original FY2024 target of over €130 million.
The improved EBITDA is attributed to revenues reaching the upper end of guidance and the early impact of a €50 million cost-efficiency program.
Cost-Efficiency Program Drives Improved Performance
Better Collective implemented a €50 million cost-reduction program to streamline operations and align its investment base with market dynamics.
This program included laying off approximately 300 staff members, representing about 15% of the company’s headcount.
CEO Jesper Søgaard emphasized that the cost-reduction program aims to “recapture growth in the U.S. and secure an early leadership position in Brazil.”
Strategic Realignment for Future Growth
The streamlined approach was deemed necessary due to Better Collective’s significant growth since 2017, both organically and through 35 acquisitions.
This expansion led to increased complexity within the organization. Better Collective will release its Q4 results, including financial guidance for 2025, on February 19, 2025, after market close.