CTS Eventim H1 Normalised EBITDA, Revenues Climb; Sees Growth In FY23

CTS Eventim AG & Co. KGaA, (EVD.DE), a ticketing and live entertainment service provider, Thursday reported higher normalised EBITDA and revenues in the first half, with growth across all business segments.

For 2023 as a whole, the Executive Board expects both revenue and normalised EBITDA to increase compared with 2022.

For the first half, normalised EBITDA reached 170.8 million euros, a growth of 39 percent from the prior year. The normalised EBITDA margin remained at the prior-year level of 17 percent.

In the second quarter, normalised EBITDA was 94.8 million euros, down 5 percent year on year, reflecting prior year’s government subsidies under pandemic-related economic aid programmes.

Excluding these subsidies, normalised EBITDA increased 27 percent year on year in the second quarter. Compared with the corresponding period in 2019, normalised EBITDA grew 73 percent.

For the first half, the company for the first time exceeded the 1 billion euros revenue threshold.

Consolidated revenue came to 1.021 billion euros, a 39 percent increase compared with the prior-year period. The strong rise was partially attributable to the lifting of pandemic-related restrictions, which had still significantly impacted both segments in the prior year, especially in the first quarter.

Compared with the corresponding pre-pandemic figure from 2019, revenue was up by 47 percent.

Looking ahead, the company noted that the launch of presales for Taylor Swift’s ‘The Eras Tour’ – the absolute top seller for the current year – did not happen until July and will therefore not be recognised in profit or loss until the third quarter.

In addition, the high-volume business of French ticketing market leader France Billet will not be fully consolidated until the acquisition of the majority of shares that was announced in August has been completed.

In Germany, CTS Eventim shares were trading at 57.70 euros, down 1.11 percent.

Source: Read Full Article