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The company's live entertainment division saw the biggest gains, outstripping solid growth in web ticketing
By Molly Long on 23 Aug 2018
CTS Eventim released its latest financial results today (23 August), which indicate significant growth in revenue and earnings in the first six months of 2018. Of all its divisions, live entertainment saw the biggest gains with revenue rising 36 per cent to €429.1 million, and EBITDA (earnings before interest, taxes, depreciation and amortisation) up 57.4 per cent to €28.5 million.
The news follows an already successful first quarter, details of which were released back in May, and despite market conditions including fewer major tours and presales “due to the FIFA World Cup.”
In the first half of 2018, group revenue for the company rose to €606.6 million, up 24.2 per cent from €488.5 million over the same period in 2017. Normalised EBITDA climbed to €94.1 million, up 12.5 per cent on last year.
Eventim’s ticketing division reported revenue increases of 3.1 per cent to €183.4 million, and a normalised EBITDA of €65.6 million, slightly higher than last year. This, the company says, is despite the expense of implementing GDPR regulations throughout its operations. In all, the company sold 22.4 million tickets, with web ticketing volume up almost 10 per cent.
“This is a clear indication that we are well-equipped for further growth – not only in our present markets, but also beyond”
Commenting on the news, CEO Klaus-Peter Schulenberg explained the boost in revenue and earnings was down to both live entertainment and ticketing. “Our strong Live Entertainment business and our online ticketing operations played a major role here.”
Last year, the company hit revenue in excess of €1 billion for the first time ever. Commenting on the news, CEO Klaus-Peter Schulenberg says, “this is a clear indication that we are well-equipped for further growth – not only in our present markets, but also beyond.”
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