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BETTER COLLECTIVE
A MIXED PICTURE
Assessing trading in the third quarter is necessarily tricky due to the ongoing Covid-19 uncertainties . As can be seen from Chart 1 , until the disruptions caused this year by the pandemic , Better Collective ’ s best quarter was the first quarter of 2020 , when it hit € 20.9m . Subsequently , we saw a drastic drop-off in the second quarter as its largely sports-based business fell off a cliff , before recovering as the quarter progressed and then moved into a more recovery-like third period .
The company noted that from mid-September , it had seen a rebound in activity , including in NDCs , which , it added , had returned to the levels seen in the first quarter . In fact , the company said October – outside of the reporting period – was particularly
Chart 1 : Better Collective revenues 3Q18-3Q20 (€ m )
20
15
10 11.1 12.1 14.9 15.8 17.1 19.6 20.9 15.3 18.3
5
0 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Q220 Q320 Chart 2 : Better Collective EBITDA 3Q18-4Q21 ( e ) (€ m )
20
15
10
5 4.8 5.4 6.7 6.8 7 7.1 9 6.7 8.3 13.1 13.7 15.1 16.4 18.1
0 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421
Source : Company reports and Redeye forecasts
January 2021