Organiser GL events has released its financial results for the first quarter of 2021, showing a strong rebound for business in Asia but a slow start to the year.
It has also said that “discussions are continuing” with the French government, to determine how it will be compensated for the enforced closures which have impacted its business.
With business still largely on pause during the first part of 2021, GL events reported revenue for Q1 was €68.4 million. This was down from €113.4m during last year’s first quarter, which was only partially affected by lockdown restrictions.
However, new investment and an early return of business show promising signs for the Asia region.
Olivier Ginon, GL events' chairman, commented: “In this region, the recovery is now on track and sustained. Events recently held offer encouraging signs for 2021 by exceeding the performances of 2019.”
Ginon also pointed to a new investment in China: “Nexus Point has acquired a shareholding in GL events China, following the completion of the administrative formalities and the finalisation of the first part of its capital increase (€77 million - Nexus’ share).”
Big drop for GL events Venues
GL events Venues saw the biggest drop in revenue, with the widespread closure of sites during the current lockdown. Revenue was €10.4 million, down 81.8% from the first quarter of 2020.
GL events Live had quarterly revenue of €68.4 million, down 39.7% from last year. In the first quarter, the division delivered services to the Dakar Rally in Saudi Arabia and the FIFA Club World Cup in Qatar.
GL events Exhibitions had sales of €17.5 million in the first quarter of 2021, down 59.1% from last year.
GL events forecasted a “regionally differentiated” financial recovery in 2021.
It predicted that the improvement would “start in Europe at the end of the second quarter, then South America (with the lifting of restrictions in September).” The company added that “In Asia, business momentum is expected to be strong.”
Picture credit: ©Wilmotte & Associés. The Grand Palais Ephemere is a large temporary structure which GL events has almost finished constructing on the Champ des Mars.