Ticket and events guide boosts revenues, but one-off write-off reduces profits

Preston-based ticket outlet and online events guide, Skiddle, has increased revenues in the year to March 31, 2024, but a one-off exceptional charge write-off has hit profits.

Turnover for the year rose 23% to £16.150m, but pre-tax profits fell from £3.978m in 2023 to £1.730m for the 2024 financial year.

Skiddle said revenues increased as a result of new promoter wins and a volume increase across its existing promoter base.

Revenue formed a part of the approximately £158m (£131m 2023) of gross transaction value on Skiddle throughout the year.

Gross margin decreased from 58.5% to 53%, as a result of the acquisition of high valued promoters over multi-year deals.

The business said these deals protect and grow revenue to achieve the future growth targets.

Admin expenses increased by £1,178,251 (30%) on last year, mainly due to an increase in headcount and advertising.

The company said it has continued to invest in its team, growing headcount from 73 to 82 full time employees.

Strategic hires have been made across the company to deliver growth and enhance the customer experience for all Skiddle stakeholders. This has put the company in a strong position for future growth, it said.

As a result of this, EBITDA is £4,776,551, being a 1.7% (£83,000) decrease on last year.

Below EBITDA, Skiddle has seen an increase in interest receivable and payable as a result of UK Bank of England base rate rises.

Skiddle revealed it incurred an exceptional cost of £2,221,160 relating to a related party under common control.

It said: “This is outside the normal course of business and no future costs are expected.”

It said its balance sheet remains strong with net assets at March 31, 2024, of £7,853,960.

It confirmed that it remains committed to never using third party cash to fund working capital and to always have enough cash reserves to meet the third party creditor balance.

The directors’ report in the company accounts said: “The primary aim for the company in 2023/24 was consistent with previous years in order to achieve the long range plan.

“This was to increase market share and sales volumes, by acquisition of new promoters and growing the existing promoter base.

“New promoters were targeted in growing sales channels, such as Culture, Sport and Attractions. This culminates in a wider variety of events listed on Skiddle and more variety and choice for the end customer.”

They added: “The company invested heavily in technological innovation to enhance user experience, key projects included; the continued improvement of the Promotion Centre, and enhancement of the platform to allow for Session Based Ticketing.”

Ordinary dividends were paid amounting to £400,000. The directors do not recommend payment of a final dividend.