The QEII Centre in London’s Westminster has announced increases of over 20% in both occupancy and revenue in 2015/16.
The results come two years after a major rebrand and the start of a £12m capital investment refurbishment programme.
The Centre has recorded its highest ever occupancy levels with growth over the two years of 20.1%, and a total revenue growth of 20.07%.
Management says the Centre now hosts a wider variety of exhibitions, awards ceremonies, fashion shows and banqueting events alongside its core conference business and reports QEII’s room hire income has grown by 22.74% over two years. The revenue generated by room hire increased on last year’s record rates by 5.25% and operational surplus 16% is better than budget, management claims.
The government-owned building has generated £1.7m in annual dividends to the Exchequer, an increase of 13% on 2014/15.
CEO of QEII Centre Mark Taylor said he was “thrilled” with the results. “We have once again exceeded our targets and continued the upward momentum of occupancy and revenue growth. The investment in refurbishing the building and rebranding has proved well worthwhile, resulting in increased new business for us as well as exceptional levels of client satisfaction and repeat business, with some contracts in place for the next decade.”
The QEII was contributing more than £122m annually to the UK economy and a 5-year business plan aimed to further increase profits and the dividend receipts, Taylor noted.
QEII Centre hosts more than 4,500 national and international events a year, with recent high profile events including the Government’s Supporting Syria and the Region 2016 Conference, the Global Law Summit and the International Liver Transplantation Conference. The diversification into a wider variety of events has included London Fashion Week shows for Topshop and Peter Pilotto.