I did some further testing (switching different combinations of settings) and identified if I set it to be based on local event listing in the plugin settings then it works. So evidently there is a bug in the timezone if you select “use the sitewide timezone everywhere” it adds the offset twice; thus creating the problem.
Workaround was by going to Events –> Settings –> General –> Timezone mode to “Use the local timezones for each event” then it appears to work.
I don’t mind leaving this setting, but it should be fixed in the code for future releases.