In an exciting development, CTS Eventim has announced a remarkable increase in adjusted pretax earnings and consolidated revenue for the first half of this year. The German event-ticketing company has also raised its sales outlook for 2023, indicating continued growth and success.
Impressive Revenue Growth
CTS Eventim witnessed a significant surge in consolidated revenue, reaching an impressive 1.02 billion euros ($1.11 billion). This marks a remarkable 39% increase compared to the previous year's first half. Such substantial growth is a testament to the company's robust performance and strong market position.
Surge in Adjusted Earnings
The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also experienced a remarkable boost. It rose to EUR170.8 million, reflecting a 39% increase from the previous year. Notably, the adjusted EBITDA margin stood at 17%, only slightly below last year's 18%.
Pandemic-related Restrictions Lifted
CTS Eventim attributes its success partly to the easing of pandemic-related restrictions. With the gradual return to normalcy, the company has experienced a resurgence in ticket sales and event attendance. Furthermore, it is important to highlight that the balance sheet has yet to include sales generated by Taylor Swift's highly anticipated tour, currently the top seller of the year.
Optimistic Sales Outlook for 2023
Considering the substantial growth witnessed in the first half of this year, CTS Eventim has adjusted its sales outlook for 2023. Originally expecting stable revenue, the company now anticipates even further growth in sales compared to the previous year. Additionally, it also expects an increase in EBITDA during this period.
These impressive results and optimistic projections demonstrate CTS Eventim's strong performance in the event-ticketing industry. With their solid financial foundation and promising growth outlook, the company is poised for continued success.