MUNICH (dpa-AFX) - Thanks to several major events and stronger demand for tickets, ticket marketer CTS Eventim has significantly increased its revenue and operating profit in the first nine months of 2023. However, growth for the third quarter was significantly lower. The company also benefited from a special payment. The figures were not well received on the stock market: The shares fell by around three percent in early trading on Thursday. JPMorgan analyst Karin So criticized the fact that the outlook for the current year was not raised despite solid figures.

Since the turn of the year, the company has only posted a meagre gain. However, anyone who bought CTS Eventim shares five years ago will be pleased to see an almost 80 percent increase in value in their portfolio.

In the three months from July to September, CTS Eventim's revenue rose by five percent year-on-year to around 730 million euros, as the MDax company announced in Munich on Thursday. This is noticeably less than the growth rate CTS Eventim had announced for the first nine months, when revenue increased by around 23 percent. However, the longer period also includes pre-sales of particularly popular events such as the long-awaited "The Eras Tour" by US singer Taylor Swift and the performances by Paul McCartney, both of which are scheduled for next year.

In the third quarter, earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for special effects increased significantly by almost 30 percent to 172.5 million euros. However, this figure includes compensation payments from the federal government to AutoTicket, a joint venture between CTS Eventim and the Austrian toll specialist Kapsch, for the collapse of the car toll. The bottom line for the Group's shareholders was a good 120 million euros after just under 65 million euros in the same period last year.

The Group reaffirmed its forecast for the year, which it had raised at the beginning of October. The Management Board expects sales of well over two billion euros. The operating result adjusted for special effects is expected to be well over 400 million euros. The many concerts and events planned for the end of the year should also help, it said./ngu/tav/jha/