Believe jumps on H1 organic growth beat, raised guidance

Believe SA

04/08/2022 10:23

**Shares in Believe  BLV.PA  jump over 10%, on track for
their best day ever, after French digital music company beat H1
organic growth expectations and raised its 2022 outlook
 urn:newsml:reuters.com:*:nGNE9plYck
    ** The group, whose H1 revenues grew 35.6% organically,
expects annual organic growth to be around 29%, against the
previous guidance of 20% 
    ** "Revenue growth should drive operational gearing on
investment and platform costs, driving margin expansion in the
longer term", says JP Morgan in a note
    ** Acording to the broker, the global recorded music market
is set to see a decade of double-digit growth, driven by
streaming and the first time monetization of consumption in
emerging markets, a scenario where Believe "can outperform"
    ** Believe's existing portfolio of artists and labels posted
a strong performance in H1, the group said
    ** The stock is down around 37% year-to-date
    

    

 (Reporting by Diana Mandiá)
 ((diana.mandiaalvarez@thomsonreuters.com))