CTS Eventim sees “significant growth” in first nine months of 2018
European live entertainment company CTS Eventim reported earnings for the first nine months of the year last week, demonstrating powerful top- and bottom-line growth. The company said that its impressive growth was the result of strength in both its ticketing and promotion businesses, and – as a result – it was in for a record year.
Eventim’s share price has increased by 1% over the past five days
Source: Yahoo Finance
CTS Eventim said that revenues for the first nine months of the year rose by 23.9% year on year to 922.5 million euros ($1.1 billion) while normalised earnings before interest, tax, depreciation, and amortisation, increased 17.1% year on year to 140 million euros ($159 million).
Revenue and earnings from ticketing both rose by 4% against the first nine months of 2017, as business picked up. The company’s report stated: “this was mainly attributable to a significant increase in online ticketing volume: no fewer than 33.7 million tickets were sold on CTS Eventim's webshops – a year-on-year growth rate of 8.7 percent (Q1-3/2017: 31.0 million).”
The stand out performer, however, was Eventim’s live entertainment segment, which saw its revenues increase by 34.9% against the previous year. A slew of successful shows – including Ed Sheeran’s wildly popular European tour – throughout 2018 has seen this segment already top 2017’s total revenue from live entertainment.
Eventim’s CEO, Klaus-Peter Schulenberg, said: “CTS Eventim is on course for another record year. We improved our online ticketing volume by almost nine percent, even though in many countries, also due to the Football World Championship, fewer highly profitable tours commanding higher price levels went on sale than the year before. The fact that we have ramped up our dynamic growth in recent months shows that we can be confident about the fourth quarter. We are looking forward to our Christmas business which has been and will be featuring a lot of presales for many attractive events.”
Dominion holds CTS Eventim in its Global Trends Luxury Fund.
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