CTS Eventim revenue rises as music and sport demand grows (updated)

CTS Eventim AG & Co KGaA

23/05/2024 07:08

(Recasts to focus on core profit, adds details in paragraphs 2
and 4, context in paragraph 3)
       May 23 (Reuters) - CTS Eventim  EVDG.DE  said on
Thursday its adjusted core profit rose by 36% in the first
quarter as it reported an increase in revenue from rising demand
for music and sports events and online tickets sales.
    The German ticketing firm has benefited from a revival in
demand for live concerts, festivals and sporting events after
the end of the COVID-19 pandemic, as well as ticket presales for
2024 tours of artists such as Taylor Swift in 2023.
    CTS said its earnings before interest, taxes, depreciation,
and amortization (EBITDA), adjusted for significant
non-recurring items, rose 36.3% to 92.2 million euros from 67.6
million euros in 2023, driven by the ticketing segment.
    It has launched ticket sales for shows of British
singer-songwriter Adele and Australian rock band AC/DC this
year. 
    Adjusted EBITDA in the highly profitable ticketing segment
rose by 24.9% to 83.3 million euros in the first three months of
2024, CTS said in a statement.
    Its revenue rose by 11.6% to 408.7 million euros in the
quarter from 366.2 million euros ($396.41 million) a year
earlier.    
($1 = 0.9238 euros)

 (Reporting by Linda Pasquini and Mateusz Dobrzyniewski; Editing
by Alexander Smith)
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