Annual operating profits rose to a new high of £1.4 million, up £200,000 year-on-year and marking a significant turnaround from 2014 when the conference venue racked up a £1.5m loss.
Revenue also increased, to £11.8m and up from £11.2m in the previous year. More than 300,000 visitors visited the EICC over the 12-month period, resulting in an estimated £58.1m boost for Edinburgh and the regional economy (up from £55m in 2017).
We’ve increased our activities outside Europe...we have also worked hard to gain an even better understanding of our customer’s expectations...Marshall Dallas, Chief Executive, EICC
This metric combines sales at the venue with tourists’ associated spending elsewhere in the area, such as in hotels and restaurants.
The conference venue, which is gearing up to host the 2019 TEDSummit in July, pointed to an increase in business from professional industry associations, which now account for 60 per cent of total turnover. It also cited a surge in bookings from the international corporate market.
Chief executive Marshall Dallas credited this growth to the expansion of its sales arm in recent years. He said: “We have invested heavily in the sales team over the last couple of years and this is now paying dividends.”
Throughout 2018, in an effort to counter the potential affects of Brexit, the venue focused on building revenue streams outside Europe, such as in North America and China.
Highlights of 2018 included Michelle Obama speaking at an EICC event in July; the World Youth and Student Travel Conference in September; and the Linux Foundation’s EU Open Source Summit in October. This year’s TEDSummit is set to attract more than 1,000 guests and is expected to contribute around £5m to the local economy...
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