NEC Group adds £6m to revenue after takeover

NEC Group has added more than £6 million to its annual revenue following its takeover by private equity firm LDC.

The group, which owns live events venues such as the ICC and Barclaycard Arena, said turnover climbed by £6.4 million to £133.8 million in the year to March 31, 2016.

The deal to acquire the group from Birmingham City Council came into effect on May 1 last year, meaning these results represent 11 months under the new ownership.

NEC Group said the results had been adjusted to include one-off transactions related to the £307 million acquisition by LDC.

As a result, earnings before interest, taxation, depreciation and amortisation increased by £4.2 million to £31.8 million.

For the first time, the results include rentals from Resorts World Birmingham, which opened next to the NEC in Solihull last October, and new conference centre The Vox.

The group invested £16.6 million in its venues during the period, of which £6.2 million related to the completion of The Vox.

The filing of the group’s financial results follows the appointments of former ExCeL London chairman Sir David Arculus and former Reed Exhibitions chief executive Mike Rusbridge to its board.

NEC Group also owns the NEC and Genting Arena in Solihull, caterer Amadeus and national ticketing agency The Ticket Factory and is on the hunt for naming partners for three of its venues, including the Barclaycard Arena.

Chief executive Paul Thandi said: “This is a strong set of maiden financial results for the group under private-sector ownership and it’s very pleasing to see Resorts World make a financial contribution after considerable planning internally and with Genting UK.

“We continue to invest in our venues to improve our customers’ experience and within Resorts World, our new conference centre the Vox has been well received and is trading ahead of our expectations.”