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2017/18 has been another very successful year for Scottish Event Campus Limited. Turnover increased by 1% to £29.1m, EBITDA* increased by 11% to £3.8m and Operating Profit increased by 19% to £1.3m.
Peter Duthie, Chief Executive, SEC commented:
“This has been a really encouraging year with solid performances across all the sectors in which we operate. The SEC continues to be an economic driver for Glasgow and Scotland and the results are measured not only in financial terms but also by the economic impact of the campus which generated net additional expenditure of over £1m per day in the Glasgow area, a total of £400m for the year.
“The results include the impact from the disposal of the second of two hotel sites on the campus. The development of the two hotels is expected to begin in the summer of 2018 with opening anticipated in 2019. This will increase the number of hotel bedrooms around the campus from 950 to almost 1,400 and will be an invaluable addition to support our growing Conference and Exhibition sectors as well as our Live Entertainment offering.
“In line with this, a key focus will be to secure funding for our expansion project which will be of significant benefit to the Glasgow, Scottish and UK economies. The development plans fit with the objectives of Glasgow City Council, as major shareholder, to ensure additional economic benefit across the city in terms of spend on hotels, restaurants, retail, and the related employment creation.”
“We continue to be recognised with a string of plaudits and major industry awards which reflect the increased standing which the SEC, including The SSE Hydro, has in the various sectors in which we operate.”
The SEC continues to win business and during the year a record level of future conferences was secured. Nine international conferences were held during the year and whilst conference turnover decreased by 2%, the lower level of turnover was expected and was in line with the cyclical nature of some national and international conferences. Looking ahead, stronger conference years are predicted in 2018/19 and 2019/20.
* EBITDA is defined as operating profit from recurring operations before depreciation of assets and release of grants. The increase in EBITDA was driven by efficient cost management in our event delivery and supply chain management whilst investing in additional staff in our event delivery teams.
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