CTS Eventim’s share price has climbed by more than 10% on the back of the company’s Q3 financial results.
Shares in the Munich-headquartered pan-European ticketing giant, promoter and venue operator increased from €46.96 last Thursday to €51.90 yesterday after the firm recorded formidable business development in both ticketing and live entertainment.
In the third quarter of 2022, sales leapt from €115 million in the Covid-hit 2021 to €694m in the current financial year, based on preliminary figures. Quarterly sales in the last pre-pandemic year of 2019 were €378m.
Normalised group EBITDA was €130m compared to €26m in the same period of the previous year and €65m in Q3 2019.
In ticketing, revenues reached €137m – more than double the €61m achieved in the third quarter of 2021 and 29% above Q3 2019’s €107m. Normalised EBITDA was €65m (previous year €27m), 44% up on the €45m recorded in the same period in 2019.
Live entertainment revenues rocketed to €563m, dwarfing the €277m generated in 2019 and the €56m in 2021. Normalised EBITDA was €66m in the third quarter of 2022 – more than three times that of the third quarter of 2019 (€20m).
“The company expects consolidated sales of at least €1.7 billion and normalised EBITDA of at least €330 million”
“The company expects consolidated sales of at least €1.7 billion and normalised EBITDA of at least €330 million,” says management in its full year forecast for 2022. “The forecast is based on the assumption that there will be no significant impairment of business development in the remaining period of 2022 due to the Covid-19 pandemic or the effects of the Russia-Ukraine war.”
The full group quarterly statement will be published on 17 November .
CTS previously revealed its revenue increased to €734.4m in the first half of 2022, compared with €65.3m in the same period of 2021.
“We are very optimistic that our industry has now finally turned the corner after two very difficult years,” said CTS Eventim, Klaus-Peter Schulenberg following the second quarter results. “We believe that CTS Eventim is ideally placed to continue seizing opportunities in order to maintain its growth trajectory.”
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