Ticketing company CTS Eventim AG in Bremen has reported an increase of 27% in consolidated net income to €29.2 million ($39.65 million) in the 2008 business year, up from €23 million ($31.2 million) in the previous year.

The German company's CEO Klaus-Peter Schulenberg said that the results mean it intends to distribute a significantly higher dividend to its shareholders this year.

At the shareholders' meeting to be held on May 14, the management board and supervisory board will propose a dividend of €0.61 (83 cents) per share, compared to €0.49 (66 cents) in the prior year.

Around €14.6 million ($19.8 milion) is to be paid out in total, compared to €11.8 million ($16 million) in 2008. This will be the fourth dividend in succession that the group has paid.

"Ticketing for music, cultural and sports events is a booming trade, even in times of financial and economic crisis," said Schulenberg.

More than 70 million tickets were sold in 2008 using the systems developed and operated by the Eventim Group. Despite the difficult economic climate, in the 2008 business year the CTS group generated €404.4 million ($549.05 million) in revenues, up 5.2% from 2007's €384.4 million ($521.9 million).

The company's results for 2008 also show an EBIT of €50.3 million (€68.3 million), up 6.8% on the prior year's €47.1 million ($64.05 million), and an EBITDA of €57.8 million ($78.6 million), an increase of 7.3% on 2007's €53.9 million ($73.3 million).

CTS Eventim AG is Europe's market leader in the ticketing field with activities in 16 countries. Tickets for more than 100,000 events are marketed annually via Eventim group systems.

The company is also involved in the planning, organization and promotion of concerts, tours, festivals and other live events, and has majority stakes in several concert promoters in Germany, Austria and Switzerland.