The Event Hospitality and Entertainment Ltd (ASX: EVT) share price soared more than 10% higher in today's trading session.
Shares in the entertainment company have continued their momentum from yesterday, following the release of the company's results for FY21.
Here's a recap of what Event announced and why investors are bidding shares in the company higher.
Event share price soars on full-year report
Shares in Event stormed 5% higher yesterday after the company reported a promising result for FY21.
Despite the impact of COVID-19 restrictions, investors jumped to get their hands on shares in the entertainment company.
Highlights from Event's full-year report included:
- Earnings before interest, tax, depreciation, and amortisation (EBITDA) of $27.2 million – 71% less than FY20
- $653 million of revenue excluding government subsidies, down 45.4%
- Loss of $63 million before income tax
The company's entertainment and event segments weighed down EBITDA.
However, Event highlighted strong returns from its hotels and resorts segments.
In addition, the company's property and investments segment helped offset losses.
Vaccine rollout to determine outlook for Event
Despite various COVID-19 disruptions, the Event share price has performed remarkably well in 2021.
Including today's price action, shares in Event have stormed 50% higher year-to-date and are currently trading at a 52-week high.
In its full-year report, Event's management highlighted quality films had seen a strong return to cinemas.
In addition, the company noted that customers are spending more than they were pre-COVID which bodes well for Event's outlook.
The company also noted that given the current Delta variant outbreak, the speed of various government vaccine rollout programs will determine Event's timeline for recovery.
At the time of writing, shares in Event are trading 7.21% higher for the day at $14.20.
Earlier, shares in the entertainment company stormed ahead more than 10%, hitting an intraday and 52-week high of $14.67.
