CTS Eventim reaches €1 billion revenue milestone
CTS Eventim has announced it has surpassed €1 billion revenue within the first six months of a financial year for the first time.
The pan-European giant’s H1 2023 results showed €1.021bn in consolidated revenue, up 39% year-on-year, part of which is attributed to the lifting of Covid restrictions. However, revenue was also up 47% on the pre-pandemic year of 2019.
The German-headquartered company reported growth across all segments for January to June 2023, with revenue in Eventim’s ticketing division climbing 41% year-on-year to €284.6 million. Online ticket sales increased 23% on the same period 12 months earlier. Normalised EBITDA rose by 48% to €122.3m. Its core markets in Germany, Italy and Austria remain the biggest growth drivers.
Revenue in the live entertainment segment reached €751m (up by 39%), while normalised EBITDA for the segment improved to €48.5m (up 21%). In excess of €50m was generated in the US in the first half of 2023, with revenue for the year as a whole expected to top €100m. Highlights for the first half of the year included tours by Hans Zimmer and Pink, as well as international sporting events such as the World Athletics Championships.
“In the first half of this year, CTS Eventim has demonstrated great flexibility and entrepreneurial ingenuity on all fronts”
“The breadth and depth of our portfolio and the successful internationalisation of our business are the key drivers of our strong and stable growth,” says CEO Klaus-Peter Schulenberg. “After the market distortions caused by pandemic-related catch-up effects, we are now back to ‘business as usual’ at CTS Eventim. And ‘as usual’ for us means healthy organic growth and the development and expansion of new and existing business segments.
“In the first half of this year, CTS Eventim has demonstrated great flexibility and entrepreneurial ingenuity on all fronts, enabling us to successfully navigate current macroeconomic challenges and stay on track for healthy growth. All relevant key figures confirm that both the wider market and our group continue to perform at higher levels than before the pandemic.”
The group’s normalised EBITDA reached €170.8m for the first half of 2023 (up by 39% year-on-year) and €94.8m for the second quarter of 2023 (down 5% year-on-year), although earnings in Q2 2022 were boosted by government subsidies of around €25 million under pandemic-related economic aid programmes.
The H1 figures do not include the presale for Taylor Swift’s The Eras Tour – comfortably the top seller for the current year – which did not happen until July. CTS’ executive board says expects both revenue and normalised EBITDA to increase in 2023 overall compared with 2022.
The company’s share price had dipped by around 1% today (24 August), standing at €57.40 at press time.
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