International integrated event industry group, GL events has posted 2023 Q1 revenue growth of 59% which, the Group says, keeps its momentum on track.
Revenues in Q1 were €351m, boosted by a gradual recovery of activities in China. The Group says it is confident of meeting its FY 2023 targets.
Sales in the Group’s Exhibitions division leapt from €40.4m in the same period of 2022 to €112.7m this year.
Revenues in Live and Venues divisions were up 20% and 61% respectively.
Olivier Ginon, chairman-CEO of GL events Group, commented: “GL events maintained strong momentum in the first quarter of 2023 with growth in revenue of nearly 60% to €351m, following a record year in 2022. This very high level of activity remains on track with last year’s fourth quarter performance and is explained by the confirmation of the recovery of our exhibition activities, the continuing strength of the Live division and pre-crisis revenue levels for Venues.
“Supported by the steadfast commitment of our teams to whom I express my gratitude, our business operations have continued to rebound, as exemplified by the success of Sirha, Global Industrie in Lyon and the Première Vision exhibition in France.
“The Chinese market, for its part, began its recovery in late March. And while, reflecting our disciplined management approach, we remain vigilant in the face of uncertainties with respect to the macroeconomic context and the banking sector, based on the positive indicators for GL events Group at the start of 2023, we confirm our confidence in the targets set for the year in progress.”
The latest Q1 figures highlight the continuing momentum following the rebound in Europe in 2022 and the strong upturn in the Group’s international activities, particularly in the Americas, Middle East and Asia, which are experiencing strong growth. In addition, GL events' activities in China are also gradually recovering, with revenue of €15.7m over the quarter under review.
In China, the Exhibitions division relaunched its Beijing exhibitions with encouraging performances in terms of attendance by B&D, Wallpaper Expo and Door Expo, despite an exhibitor offering still limited by a marketing period that was shortened by the health crisis in December and January.
The Group also reported reinforcing its ESG policy in three areas: reducing its carbon footprint, enhancing its circular economy performance, waste management, and promoting regional socioeconomic development through diversity, ethical practices and responsible purchasing. In the first quarter, with the assistance of the firm Ecoact, the Group completed the measurement of its carbon footprint for 2022. The results show a 22% reduction in emissions compared to the data published in 2019 for all three reporting scopes.
The Group confirms its guidance for 2023 with a target for growth in annual revenue of 5%, an improvement in its margin, a €80m-85m CAPEX plan and the continuing roll-out of its ESG policy.