Deutsche Entertainment AG (DEAG), owner of MyTicket and Gigantic(.com), has revealed a significant boost in revenue during 2021 thanks to a positive fourth quarter and a near-return to pre-pandemic booking levels in key markets such as the UK.
Revenue in the fourth quarter rose approximately 82% to help the company reach a revenue of €91m (£76m/$100m) compared to €49.9m the previous year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €22.1m, roughly a 144% increase from €9m the year prior.
The increase in revenue can be attributed to the upturn in operating activities in the second half of the year, which witnessed several key DEAG markets like the UK open up and hold events again.
The fourth quarter was also spurred on by customers purchasing tickets in advance of shows and events in 2022.
DEAG received funding from subsidies and insurance payments in 2021 which bolstered the company’s performance. Earnings before interest and taxes (EBIT) amounted to €13m up from €1m the previous year and group earnings after taxes improved from -€2.9m to roughly €3m.
In the fourth quarter, sales revenue increased from €10.8m to around €66m, a significant boost compared to the same period the year before. EBITDA in the final quarter amounted to €8.8m, with the previous nine-month period amounting to €13.3m, bringing the total for 2021 to the €22.1m figure.
Ending December 31 2021, total assets rose to roughly €285m, a €98.5m increase from €186.5m the year prior. This can be attributed to ticket sales for future events.
The Group’s cash and cash equivalents more than doubled from €46 in 2020 to €118m in 2021. The increase in total assets means DEAG’s equity ratio was below 15% as of the balance sheet date, with a significant increase in equity.
Professor Peter L.H. Schwenkow, founder and chairman of the executive board, said: “DEAG has weathered the pandemic comparatively well over the past two years, which has not been easy for the entire live entertainment industry due to COVID-19.
“We stand on strong legs, have successfully continued our expansion course in Germany and Europe, and are currently experiencing an increasing return to normal for our business actives in all our core markets and high demand for tickets for concerts and events.”
He added: “We are excellently positioned for future growth with our broad portfolio of events and our strong financial position. Our ticket sales are at an above-average level and we have started the current year with plenty of tailwind.
“In the UK, booking levels are already back to pre-crisis levels and in our other core markets they are approaching 2019 levels again, the year before the corona pandemic broke out. We will offer visitors hundreds of events over the next few months and set off event fireworks.”