The º£½ÇÊÓƵ branch of Ticketmaster has bounced back into profitability in its latest financial year, buoyed by the expected uplift from handling ticket sales for Oasis' much-debated reunion tour.
Based in London, the company has disclosed a pre-tax profit of £19.7m for 2023, a significant turnaround from the pre-tax loss of £12m recorded in 2022, as reported by .
According to accounts recently submitted to Companies House, the firm's turnover also climbed from £126.6m to £153.5m during this interval.
These financials were released following Ticketmaster's role as one of the three vendors for tickets to Oasis' reunion tour earlier this year.
The return to profitability is attributed to an increase in events, as per a statement endorsed by the board: "Overall profitability significantly increased in the period, primarily due to the volume of events on sale in the year and both the business's ability to secure the related ticket allocations and successfully sell them through."
The statement further noted: "Additionally, in the prior year, the company abandoned its head office lease with two years remaining, which resulted in an accounting charge being booked to reflect this."
Over the course of the year, Ticketmaster º£½ÇÊÓƵ saw an increase in its workforce, growing from 573 to 660 employees.
This news arrives alongside revelations that the directors of SJM Concerts enjoyed a substantial pay day, sharing nearly £15m in dividends for the latest financial year, a notable rise from the £7.3m dividend distributed in 2022.
The remuneration was disclosed in the company's accounts filed with Companies House, which also indicated a pre-tax profit of £15.3m for 2023, a decrease from £17.7m.
However, the firm saw its turnover rise from £274.9m to £286.4m over the same year.
SJM, co-founded by Chris York and Simon Moran, has been behind shows for high-profile acts such as Take That, Spice Girls, Foo Fighters, Stormzy, Coldplay, Robbie Williams, Peter Kay, Billie Eilish, Adele and The Killers.
Moran also owns Super League team Warrington Wolves and holds shares in Manchester's Co-op Live arena.
