Better Collective posts growth despite Covid-19 impact in Q1
Published 15th May 2020
Revenue for the three months to 31 March totalled €20.9m (£18.5m/$22.6m), up 40.3% from €14.9m in the same period in 2019 and higher than the group had initially anticipated.
Better Collective put this increase primarily down to strong sports win margins and high activity, up until when sports events worldwide were cancelled or suspended in mid-March due to the Covid-19, which in turn stunted further growth.
The outbreak also meant the number of new depositing customers remained level year-on-year at 116,000, with Better Collective saying the reduction in sporting activity in the latter part of March deterred players from signing up.
In terms of spending during the quarter, total costs excluding special items and amortisations amounted to €12.3m, an increase of 46.4% from €8.4m last year. Staffing costs were the main outgoing in Q1, with total spend up 59.5% to €6.7m, as the average number of employees increased from 268 to 416.