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Affiliate Monitor Company by company Q1 results analysis
company enjoyed an 8 % rise in Q1 revenues to € 95m and with the additional revenue from the recent AceOdds acquisition , it raised its 2024 target by € 5m at midpoint to € 395m- € 425m .
Yet , notably , the organic growth rate was minus 6 % in Q1 meaning that while the topline is still on the up due to acquisitions , it masks a more worrying trend in the underlying numbers .
Indeed , the organic growth rate has been negative for the past two quarters after a number of quarters when it regularly surpassed 20 %.
The cause identified by Søgaard for the poor organic revenue performance is the US where revenue was down 8 % in absolute terms and 22 % off on an organic basis . It was therefore slightly odd when , in the next breath , Søgaard stated that he was “ delighted with the performance ” saying the company achieved “ notable success ” with the launch in North Carolina and with the Super Bowl .
“ We have never been as strong commercially as we are right now ,” he added .
As with previous quarters , the company was keen to impress upon those listening in of the quality of the earnings , with CFO Flemming Pedersen saying the 56 % of revenues generated on a recurring basis meant the company was building “ sustainable future growth ”.
Søgaard was keen to stress that the latest acquisition , AceOdds ,
Chart 3 : Better Collective revenue Q222-Q124 (€ m )
110 100 90 80 70 60 50 40 30 20 10 0
56
59.7
86.1
Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124
Chart 4 : Better Collective YoY revenue growth Q222-Q124 (%)
80 70 60 50 40 30 20 10 0 -10 -20
40 31.5
65
88
Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124
Chart 5 : Better Collective YoY organic revenue growth Q222-Q124 (%)
40 35 30 25 20 15 10 5 0 -5 -10 -15
22 23
34
31
23
Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124
78.1
40
29
75
26
16
85.2
-1
-7
95
-8
-6
Source : company reports iGB Affiliate Monitor