Wanda Sports Group Company Limited announced the quarter first 2020 results. According to the details, the company has generated the total revenue from continuing operations up to €163.7 million in the Q1 2020 as compared to the previous quarter of €219.9 million. The loss for the period from continuing operation was €4.3 million in the first quarter of 2020 as compared to the previous quarter of €3.4 million of the previous quarter of 2019.
The adjusted EBITDA for the company from the continuing operation reached at €20.7 million in the Q1 2020 as compared to the previous quarter of €28.2 million of the previous quarter of 2019. During the Q1 2020, the company has successfully expanded its strategic partnership with the International Biathlon Union (IBU) for exclusive marketing and media rights until the 2020/30 season.
Chief Executive Officer of Wanda Sports Group, Mr. Hengming Yang said, “We started off the year with good momentum from all of our business segments. However, almost all major sporting events were postponed or cancelled starting in March of this year due to the global COVID-19 pandemic. Despite unprecedented market conditions, we still delivered revenue of €163.7 million, primarily driven by our resilient business model and long-term contractual agreements, especially from our Spectator Sports segment.”
“In facing the market challenges, we plan to leverage our advanced technology and to concentrate our innovative efforts for expanded and differentiated content and digital solutions to further drive the engagement of our athletes, fans and partners,” added Mr. Hengming.
“As we see the sport sector gradually re-open after the Covid-19 related lockdowns, we believe we are well-prepared to actively serve our partners and clients across our different markets based on our global diversity, expertise and broad capabilities continue to believe in the long-term global dynamics of the sports industry, and our ability to execute our growth strategies to further reinforce our strengths and competitive advantages.” Mr. Hengming concluded