Bosses at an international conference centre have hailed record breaking profits – but warned that the results will not be repeated this year.
The Scottish Exhibition + Conference Centre (SECC) has posted the most successful financial results in the company’s history.
For the year 2014/5 the company reported a record pre-tax profit of £6.7m.
The increase in turnover of 50% to £34.9m was due to the first year’s trading of The SSE Hydro and the hosting the Commonwealth Games.
The 2014/5 results saw growth in the conference and exhibition sectors due to greater space availability brought about by the arrival of The SSE Hydro.
Conference turnover increased by 12% and turnover increased by 8% helped by the return of biennial shows and other new launches. Live Entertainment turnover increased by 44% with a full year of events hosted in The SSE Hydro.
Peter Duthie, chief executive, SECC said: “While this year’s results are exceptional we do not expect a repeat of this in the current financial year. While still showing overall underlying growth, next year’s results will be influenced by the major new investment programme already underway to ensure that The SSE Hydro is part of a truly world class campus.”
Councillor Gordon Matheson, leader of Glasgow City Council and Chair of Glasgow City Marketing Bureau, said: “The success of both the Glasgow 2014 Commonwealth Games and The SSE Hydro has been phenomenal and these figures give another indication of how the city has benefited. Glasgow is one of the UK’s outstanding performers in the tourism and events business and confidence in us is at an all-time high. What’s more, our forecast is that 2015 will be another high performing year for the tourist industry in Glasgow.”