GLASGOW, Scotland (CelebrityAccess) — The Glasgow-based venue operator Scottish Event Campus Limited, operators of the SSE Hydro Arena, reported “solid” financial performance across all sectors for the fiscal year.
Turnover, or how quickly a business converts accounts receivable into cash increased by 1% to £29.1m, while EBITDA* increased by 11% to £3.8m and Operating Profit increased by 19% to £1.3m, the SEC reported.
SEC also reported that their live entertainment business continued to be profitable and was in line the previous year’s results and general trends in the region. The SSE Hydro Arena in Glasgow drew more than 900,000 visitors during the period and hosted performances by artists such as Celine Dion, Bruno Mars and Ed Sheeran.
Peter Duthie, Chief Executive Officer of the SEC said:
“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 a major shareholder, to ensure additional economic benefit across the city in terms of spend on hotels, restaurants, retail, and the related employment creation.”