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DEAG has posted a revenue of approximately €313m (£268m/$337m) for the 2023 financial year with new sole chief executive Detlef Kornett predicting further growth on the horizon.
DEAG has posted a revenue of approximately €313m (£268m/$337m) for the 2023 financial year with new sole chief executive Detlef Kornett predicting further growth on the horizon.
While falling short of 2022 figures which saw revenue reach €352m, DEAG’s finances are still promising. This positive performance is claimed to have been achieved organically and without any significant catch-up effects as a result of COVID-19, as in the previous year.
“We are growing organically and with our buy and build strategy, the success of which we have already impressively demonstrated in recent years,” said Kornett
“Our ticketing is a dynamic driver of our growth. We are selling a steadily increasing number of tickets via our strong platforms and generating high margins. Accordingly, further sales growth and high profitability are our declared goals.”
Kornett has taken over from company founder Peter Schwenkow as chief executive after the latter announced his resignation last month.
DEAG’s development has also been put down to a ticketing business with an “increasing share of recurring, predictable revenue”.
The German company now generates around half of its consolidated revenue with its own event formats. For these, the majority of tickets are sold via the group’s own ticketing platforms.
It also achieved its forecast target of more than 10 million tickets sold in 2023, after nine million the year before. For the 2024 financial year, DEAG is aiming to sell around 11.5 million.
“We are once again very pleased with our development in 2023,” said Schwenkow who is now serving in the role of founder and senior advisor.
“DEAG has grown into a new dimension over the past two years and will continue on its successful path in an exciting and attractive market. I am proud to be able to continue to accompany its development as a relevant shareholder and advisor in the coming years. The captain is leaving the bridge, but not the ship!”
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