CTS Eventim’s first quarter shows significant growth
Live entertainment giant CTS Eventim posted earnings for the first quarter of 2018 last week, demonstrating strong growth in revenue and earnings. In a press release, the company said that group revenues increased by 32.5% year on year, to €274.5 million. Earnings before interest, tax, deductions and amortization (EBITDA) rose to €55.4 million – a 21.8% increase from the same period in the previous year.
CTS Eventim’s share price has risen by 8% over the past 30 days
SOURCE: Yahoo Finance
This impressive performance is directly attributable to both the company’s promotion and ticketing businesses.
In ticketing, CTS Eventim saw an increase in revenue of 9.9%, year on year, to €101.8 million. Meanwhile, EBITDA rose by a similar amount (10.6%) over the same timeframe, to €40.4 million.
Eventim said: “this purely organic growth was supported by a further increase in online ticketing volume.” The company sold 12.1 million tickets through its online shops during the quarter. That’s an increase of 12.5% in sales, and they were spread over 23 different countries.
The company’s promotion business grew even more impressively, by 50.8% to €175 million. This success constituted “surpassing expectations” according to a company statement. It added “normalized EBITDA rose disproportionately by 67.6% to €14.9 million,” and said:
“This achievement is attributable not only to various promoters from the CTS Eventim portfolio who organized many crowd-pulling concerts throughout Europe, but also to the latest ‘Holiday on Ice’ jubilee tour and to the recent acquisitions of Italian promoters.”
Dominion holds CTS Eventim in its Global Trends Luxury Fund.
If you would you like to receive the Newsfeeds daily, please click here to sign up now!Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
- Click here to print this story: Print
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.