Scottish Exhibition Centre Limited (SECC) has reported increased turnover and EBITDA¹ for the year to 31 March 2016, both increasing to £29.4m and £3.8m respectively. The results exclude the impact of the Commonwealth Games.
It was a record year for conferences, with 16 international events held and 18% revenue growth for the sector during the year.
Management attributed the growth in the conference and exhibition sectors (which grew 17%), in part, to greater space availability created by the majority of live entertainment activity moving into The SSE Hydro.
Live Entertainment turnover was in line with the previous year, with visitor numbers once again exceeding 1m.
The SSE Hydro was in third position in the Pollstar 2015 rankings for the busiest live entertainment arenas worldwide. It placed behind The O2 London and Manchester Arena, and just ahead of Madison Square Garden Arena.
SECC also reported a strong performance from its events subsidiary, QD Events, which added to its show portfolio during the period and increases were recorded in commercial income with additional sponsorship agreements signed during the year.
As a result of the business conducted by SECC during the year which delivered 1.8m visitors, the net additional expenditure in Glasgow was estimated at £411m, in Scotland £308m and in the UK £240m.
SECC chief executive Peter Duthie, said: “Whilst not repeating the record levels of the previous year, which were driven by the Commonwealth Games, these results are extremely encouraging.”
Duthie said trading profits would continue to be reinvested in the facilities “to meet the needs of our customers in an increasingly competitive market”.
Duthie added that a feasibility study would be undertaken to establish viable options for upgrading and enhancing the campus, to facilitate further growth in the conference and exhibition sectors.
¹ EBITDA is defined as operating profit from recurring operations before depreciation of assets and release of grants.