MyTicket owner DEAG saw huge growth in revenue and earnings thanks to a strong ticketing sales performance.
According to preliminary figures, the German entertainment group said revenue in the third quarter of 2018 rose significantly by 65% from €21.2m to €34.9m compared to the previous year. Earnings before interest and taxes (EBIT) improved significantly year-on-year from a loss of €1.2m to a profit of €100,000 – its first positive figure since 2012 in what is considered the weakest quarter annually.
The figures led to DEAG’s share price rising by more than 3% today.
DEAG said that in terms of strategy it “continued along its chosen path” and increased its stake in The Classical Company AG to 100% at the beginning of the fourth quarter. It said “this is another step towards successively reducing minority shareholdings by increasing the shareholding and thus increasing the earnings per share attributable to the shareholders.” In the reporting period DEAG had already taken over minority interests held by third parties in the Classics & Jazz and Ticketing divisions.
The company said in a statement: “In view of the fact that the calendar of events for 2019 is already filled to capacity, DEAG intends to continue to grow profitably and to profit from high-margin, high-turnover projects in all areas. In particular, the Arts+Exhibitions, Family-Entertainment and Ticketing business divisions offer above-average and highly profitable growth potential.”
The company said it expects EBIT of at least €10m for 2018 as a whole with sales revenues of over €200m. EBIT in 2017 was €7.3m with sales of just under €160m.
DEAG promotes around 4,000 concerts and events a year and currently sells more than five million tickets.