Ticketing firm CTS Eventim lifts earnings forecast for 2024 (updated)

CTS Eventim AG & Co KGaA

22/08/2024 07:41

(Adds details on outlook in paragraphs 1-3, context in
paragraph 6, Q2 results in paragraphs 7-9, shares in paragraph
10)
    By Anastasiia Kozlova and Amir  Orusov
       Aug 22 (Reuters) - German ticketing group CTS Eventim
 EVDG.DE  raised its full-year earnings forecast on Thursday
after a strong first half of the year, as it expects 2025 ticket
presales and live events in the third quarter to further boost
profits.
    Ticketing business is traditionally at its strongest in the
fourth quarter thanks to Christmas trade and advance ticket
sales for events in the coming year, it said.
    The world's second-largest ticket seller added that plenty
of summer shows, open air events and a variety of festivals were
taking place in the third quarter, providing a further boost for
the Live Entertainment segment, its biggest.
    It forecast a significant rise in 2024 adjusted core profit,
or earnings before interest, tax, depreciation and amortisation
(EBITDA), and a moderate increase in operating profit (EBIT). It
had previously said it expected earnings to remain at the high
level seen last year.
    It reiterated the forecast for a moderate year-on-year rise
in annual revenue.
    CTS Eventim has benefited from the resurgence of live
concerts, festivals and sporting events after the end of the
COVID-19 pandemic, and especially from ticket sales for concert
tours by international stars like Taylor Swift.
    It posted a 21.2% increase in second-quarter revenue to
793.6 million euros ($884.6 million), well ahead of analysts'
average forecast of 683.8 million in an LSEG poll.
    Its Live Entertainment business saw a 19.7% rise in
quarterly revenue to 631.1 million euros.
    Quarterly adjusted EBITDA rose 23.3% to 110 million euros,
also beating analysts' expectations of 105.7 million euros.
    The company's shares were up 5.1% in early Frankfurt trade.
($1 = 0.8971 euros)

 (Reporting by Anastasiia Kozlova and Amir Orusov in Gdansk;
editing by Milla Nissi)
 ((Anastasiia.Kozlova@thomsonreuters.com;
Amir.Orusov@thomsonreuters.com))