The live entertainment giant's Q1 financial results show a substantial increase in revenue for ticketing and entertainment
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The pan-European giant's share price rises after it posted consolidated sales of €2bn - a 33% increase on the last pre-pandemic year
By James Hanley on 16 Feb 2023
Shares in CTS Eventim have risen after the pan-European giant posted record results for its 2022 financial year.
Consolidated sales soared by 372% year-on-year to €1.924 billion, compared to the €408 million garnered in the Covid-hit 2021, and 33% up on the Munich-headquartered company’s previous record year of 2019.
The growth, which was driven by both the ticketing and the live entertainment segment, was reflected in the share price, which opened at €63.20 on Monday (13 February) to €66.85 this morning.
The pan-European ticketing giant, promoter and venue operator also reported normalised Group EBITDA of €384m in 2022, compared to €208m in the same period in 2021 and €287m in 2019.
In the ticketing segment, sales reached €541m (2021: €224m/2019: €482m). Normalised EBITDA was €263m (previous year: €177m), which is up 20% compared to 2019 (€220m).
Revenues in the live entertainment segment climbed to €1.409m in the 2022 financial year
Revenues in the live entertainment segment climbed to €1.409m in the 2022 financial year (previous year: €191m), an increase of 43% on three years ago (€986m). Normalised EBITDA of €121m (previous year: €31m), meanwhile, was almost twice as high as in the 2019 financial year (€66m). The full annual report will be published on 23 March.
CTS surpassed its projections of “consolidated sales of at least €1.7bn and normalised EBITDA of at least €330 million”, made in the wake of its Q3 2022 financial results.
“Even in the face of new uncertainties caused by the high level of inflation and geopolitical factors, we will maintain this proven course in order to continue to drive our profitable growth, both at home and abroad,” said CTS chief Klaus-Peter Schulenberg at the time.
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