An interim report from Olympia London venue owner Capco claims a busy start to 2016 with over 90 events hosted to date, including two of the UK’s largest exhibitions, London Book Fair and Ideal Home Show.
Capco says a strategic review of its venues business has concluded that, while the business is not a long-term core holding for Capco, ownership will be retained as it offers a reliable and growing income stream.
The demolition of the former Exhibition Centres at Earls Court is well progressed and construction of Phase 1 of Lillie Square is on track and first completions are expected later this year, Capco reported.
The company also reported earnings (EBITDA) for the first half of £10.6m, up 19.1% compared to the first half of 2015.
The valuation of the venues business, which includes Olympia London property assets and Maclise Road, is unchanged at £295m.
The company also owns an estate at Covent Garden, where it concentrates on the retail market.
The company has vowed to progress with land enablement and planning activities at its Earls Court site, adding that its financial position remained strong, “and with low leverage, high liquidity and modest capital commitments, the business is well placed to withstand macroeconomic uncertainty”.
“Capco’s strategy remains unchanged as we aim to deliver value creation for shareholders over time from two exceptional real estate investments in the world’s greatest city,” the interim statement continued.