The NEC Group has reported revenue was up 1.7% on an underlying basis to £122.8m, making up an operating profit of £22.3m for the financial year to 31 March 2014.
The company consists of four event venues, including the NEC, the National Indoor Arena, the ICC and the LG Arena, as well as catering business Amadeus and ticketing agency The Ticket Factory.
During the financial year, Amadeus secured new contracts with the Library of Birmingham, Dudley Zoo, Stratford Riverside, Cadbury World and Birmingham’s Symphony Hall and Town Hall. Most recently, this division has won a new contract with London’s Camden Council.
The company attributed the £3m profit growth at the NEC to increases in revenues from existing exhibitions growing in size, new shows being developed with organisers, strong growth in returns from non-event business and the benefits of cost management initiatives.
The total number of events and visitors at the group’s owned venues remained steady during the period, with event numbers sitting at 762 (763 in 2012/13) and visitors at 3.8 million (3.9 million in 2012/13).
The arenas and The Ticket Factory businesses delivered an operating profit of £3.9m, down 31% on the previous year. The NEC Group said this was affected by constraints on venue availability due to the NIA redevelopment, the number of music concerts being down marginally compared to the previous financial year and a significant fall in the number of comedy events.