CTS Eventim tracks worst day in almost 5 yrs as Q3 profitability disappoints

CTS Eventim AG & Co KGaA

21/11/2024 08:46

** Shares of CTS Eventim  EVDG.DE  drop close to 10% after
the German ticketing group posted weak Q3 core profit
    ** Q3 group adjusted EBITDA falls 8% to 120.6 million euros 
($126.9 million), with that of Live Entertainment segment
dropping 25% year-on-year to 36.5 million euros
    ** "Profitability in the third quarter was disappointing,
particularly in Live Entertainment," mwb research analyst Oliver
Wojahn says, citing integration costs for the acquired SEE
Ticket and the ongoing cost pressure on promoters
    ** According to JP Morgan mixed Q3 raises questions on
margin
    ** "Management has highlighted economic conditions are
becoming increasingly challenging with upward pressure on costs
- which we expect to raise questions on the outlook and set-up
for 2025," the brokerage adds
    ** CTS Eventim is among top losers on pan-European STOXX 600
index  .STOXX , on track for its worst day in about 57 months if
losses persist

($1 = 0.9500 euros)

 (Reporting by Anastasiia Kozlova and Elizaveta Gladun)
 ((Anastasiia.Kozlova@thomsonreuters.com))