The Scottish Exhibition and Conference Centre (SECC) has revealed a record pre-tax profit of £6.7m, with a major financial boost from the SSE Hydro.
For the year 2014/5 the company reported its most successful financial results in the company’s history and an increase in turnover of 50 per cent to £34.9m.
Bosses said the SSE Hydro, which opened in 2013, had been the catalyst for the increase in turnover in 2014/15, coupled with the impact of the Commonwealth Games.
Peter Duthie, SECC chief executive said the venue hosted over 130 live entertainment performances in the year, with over one million visitors making it the second busiest live entertainment arena in the world in 2014.
The results also revealed significant increases in conference and exhibition revenues, which were up 12 per cent and eight per cent respectively, helped by the return of biennial shows, other new launches and greater space availability brought about by the arrival of the SSE Hydro.
Duthie also said: “These are outstanding results which should be measured, not only in financial terms, but also by the increased economic impact generated by the campus with over 2.15 million visitors and numerous prestigious events held during the year.
“As a result of the business conducted by the company the net additional expenditure in Glasgow was estimated at £485m, in Scotland £273m and in the UK, £117m.”
The profits generated during the year will be reinvested in the campus to ensure the existing facilities continue to meet the needs of our customers in an increasingly competitive market,” he added.
While the year’s results are “exceptional”, Duthie said the team do not expect a repeat of this in the current financial year. “While still showing overall underlying growth, next year’s results will be influenced by the major new investment programme already underway to ensure that rhe SSE Hydro is part of a truly world class campus."
