BERLIN (CelebrityAccess) – German live events company DEAG Deutsche Entertainment Aktiengesellschaft (DEAG) has announced that it has achieved double-digit revenue growth in the first half of 2024 despite a challenging financial situation, including severe market shocks in the festival and open-air sectors. , as well as weather-related activity restrictions.
DEAG data shows that revenue increased by 8.2% in the first half of 2024, from 122.7 million euros to 132.7 million euros. At the same time, DEAG’s EBITDA fell from 5.1 million euros in the first half of 2023 to 3.1 million euros in the first half of 2024, affected by the reorganization of the company’s executive board following multiple acquisitions and the modernization of DEAG’s IT infrastructure plans.
Despite lower first-half EBITDA, DEAG said the results were in line with its planning guidance and despite the challenges, the company expects EBITDA to be at least at 2023 levels by the end of the year.
Other impacts cited by DEAG include an overall decline in German economic output, coupled with constraints on private consumption spending. In addition, DEAG’s profits were affected by the European Football Championship held in Germany in June and July, causing consumers to divert entertainment spending during the tournament away from other live events.
In addition, heavy rainfall and storms in Germany and much of Europe during the summer, coinciding with DEAG’s important annual festival season, affected many of the company’s large-scale events, resulting in their complete cancellation or reduced capacity.
“We overcame difficult market conditions in the first half of the year. Unfortunately, adverse weather impacted some of our activities, which was also reflected in our key financial figures. However, we remain confident in the second half of the year and throughout 2024. DEAG’s performance in the second half of the year is set to be strong and, as expected, our event program is more diverse and our events calendar is packed. Visitors can look forward to hundreds of exciting events of all types and sizes. We are also investing heavily in our employees, new technologies and platforms to further improve the customer experience and provide best-in-class entertainment to our customers. Despite the above challenges, we expect full-year revenue to continue growing and EBITDA to be at least at the level of the previous year.
