New events see cash roll in for NEC

REVENUE at the NEC Group has topped the £160 million mark as the company continues to attract major performers and new attractions.

The group owns and runs the National Exhibition Centre and Genting Arena in Solihull and the ICC and Arena Birmingham in Birmingham city centre.

Results for the year to Match 31, 2018, show turnover of £162.1 million, up £4.4 million in 2016/17.

Earnings before interest, depreciation and amortisation (EBITDA) were £54.7 million, up £4.9 million.

The company, which was bought by private equity firm LDC in 2015, said the revenue growth reflected its strategy to broaden the range of events across the venues following investment in facilities.

The group also benefited from increased levels of rent from entertainment complex Resorts World Birmingham which is operated by casino firm Genting.

In addition, revenue has begun to be generated from agreements with Merlin Entertainments for new visitor attractions – The Bear Grylls Adventure at NEC and Legoland at Arena Birmingham – and the new Moxy Hotel currently under development on the NEC campus.

Attendance at the group’s two arenas grew by 17 per cent against the previous year to more than 1.6 million with Drake, Ed Sheeran and Lady Gaga among the popular performers.

Chief executive Paul Thandi said: “This has been another exceptional year as we see further benefits of what is now a proven strategy.

“We have a clear plan to expand the leisure offer on our sites, building on the success of Resorts World Birmingham and our fantastic range of consumer exhibitions and arena shows.”