Integrated event industry group GL events has announced H1 2024 results that show a 19% rise in revenue to €820.6m. Net profit was also up 11% at €45m, while the group raised its FY 2024 growth target raised from 7% to 9%.
Olivier Ginon (pictured), chairman-CEO of GL events Group, commented: “GL events’ strong growth momentum is continuing with revenue up 19% in the first half of 2024, driven by its strategy of combining the strengths of its three business divisions to provide an integrated offering: Live, Venues and Exhibitions. Building on the trend of previous years and highlighting the Group’s vitality, results thus improved in the period. The success of the Paris Olympic and Paralympic Games is the most striking example. The total value of the contracts signed for this event represents total revenue of €360m (Paris 2024, Coca-Cola, Sodexo, House of America, Ministry of the Armed Forces, etc.) with Group subcontractors receiving approximately €195m of this amount, 90% of which went to French companies. In this way, GL events has sought to ensure that as many industry stakeholders as possible were able contribute to the success of these Olympic Games.
“Our commercial efficiencies in all our markets laid the groundwork for good operating results, with EBITDA up 17% and current operating income up 20%. In this way, we were successful in maintaining our operating margin despite a less favourable business mix.”
Ginon went on to add that, based on performance, the Group had raised its target for growth in annual revenue from 7% to 9% in 2024.
“Looking to the future, GL events continues to invent sustainable worlds for the event industry, reflecting its ambitious ESG policy underpinning its strategy and commitments. During this period, work has begun on installing the photovoltaic shading systems which are scheduled to come online in Q1 2025. We also inaugurated in a country offering significant future potential for the Group, the Anhembi events space in Sao Paulo, a project in which we have invested more than €100m (over the years 2023 and 2024).
"By recently strengthening the shareholder base of the controlling holding company (Polygone), I have reaffirmed my confidence in our Group. Indeed, the dedication and quality of the services provided by all the Group’s employees over the last six months are a source of great pride. The teams are also working to ensure continuing growth in 2025 which will benefit from a favourable biennial effect for the Exhibitions division, a full year of operations for Anhembi, new sites for the Venues division and new contracts awarded to the Live division in Japan and the Middle East,” Ginon said.
In terms of the three Group divisions, GL EVENTS LIVE delivered a 35% growth in revenue to €496m (+38% like-for-like), driven both by mega events and also other business lines in a wide range of sectors. In addition, as of 30 June 2024, the Group had recognised €158m in revenue for services provided for the Paris 2024 Olympic and Paralympic Games (versus €51m recognised at the end of December 2023).
This division, which displayed the most resilience during the Covid-19 crisis, recorded growth in EBITDA of 70% compared with 2023, to €58m.
GL EVENTS EXHIBITIONS fared less well, reporting H1 2024 revenue of €113.4m, down in relation H1 2023 which benefited from a high comparison base and a favourable biennial effect (Sirha, Expomin).
The Group's exhibitions are recovering more slowly due to the difficulties in certain sectors (fashion in Europe, construction in China), management reported. However, the Group said it was continuing to allocate human and marketing resources to fully benefit from the rebound over the long term.
The division's profitability also decreased, with EBITDA of €23m compared with €33m in H1 2023.
GL EVENTS VENUES continued to perform well in H1 2024, with revenue up 18% to €211m. This division's momentum remains on track with good business growth and investments in line with the development plan.
GL events Venues reported 8% growth in EBITDA to €35m and a current operating margin down 2.3 points compared to H1 2023, due to an unfavourable biennial effect in France (Eurexpo) almost entirely offset by Europe (Italy, Hungary, Belgium), stable profitability in Brazil, a decline in Japan and Chile, and the containment of fixed costs, with an increase limited to 4% in relation to 2023.
