The Italian Exhibition Group (IEG) Board has approved first half results for the company to 30 June 2024 that signify a 13.2% leap in revenues to €131.9m compared to the first half of 2023.
Adjusted EBITDA is put at €36m, also up on the same period last year.
Corrado Peraboni, CEO of the IEG Group, said he was pleased with the results that showed stronger growth than expected, which he put down to the execution of the 2023-2028 Strategic Plan.
“The record results of the first part of the year are due not only to the growth of our core products in the organised events segment, such as VicenzaOro, Sigep, and RiminiWellness, but also to the development of our product portfolio both in Italy, with K.EY, and abroad with Sigep Asia in Singapore and DroneShow Robotics, MundoGeo Connect, Space BR, and eVTOL in Brazil," he said. "The related services segment also performed well in terms of revenue and margins. The investment plan supporting the growth of the Strategic Plan is proceeding on schedule, with the aim of creating temporary spaces as high-quality as the existing ones, to accommodate our exhibitors at VicenzaOro September and Ecomondo in the second half of the year. In the second half of the year, we expect to see the growth trends confirmed for the main events, for which we are already recording bookings higher than expected, allowing us to raise the guidance on the economic and financial results forecast for 2024.”
In terms of breaking down the Group's revenues: Organised Events contributed 57% of the Group’s revenues as of 30 June 2024 and were worth €75.6m, an increase of €15.3m compared to the same period of the previous year. The incremental change in turnover is driven by a widespread growth across all events, with a significant contribution from K.E.Y., while €1.1m is due to the change in the perimeter for the first edition of A&T Torino and calendar effects from the absence of the biennial events Koinè and Fieravicola, the rescheduling of Drone Show to May, and the postponement of JGTD to the fourth quarter. The Services segments, which represents the 9.3% of Group’s revenues, recorded double-digit growth, with event services in particular showing +36% increase compared to the same period of last year, while digital services revenue grew by +29%.
Hosted Events recorded total revenues of €3.5m, a decrease of €700,000 compared to the first half of 2023 due to different scheduling of some events.
The 64 Conferences held in the two locations of Rimini and Vicenza in the first half of 2024 reported revenues of €9.8m, compared to the 68 events recorded as of 30 June 2023 which brought in revenues of €11.6m, due to different scheduling of the events in the portfolio.
The IEG Board also noted that work has begun in Vicenza on the installation of three temporary pavilions, which will expand the exhibition area by 7,555 gross sqm until the reconstruction work is completed, allowing the 300 exhibitors previously located in the demolished pavilions to be accommodated starting from VicenzaOro September.
To secure the necessary financial resources for the ambitious investment plan, which is expected to involve an expenditure of approximately €165m between 2024 and 2028, the company signed a medium to long-term financing agreement totalling €70m with a maturity date of March 2032.
The company also reported it had created two new roles reporting directly to the CEO: the chief business officer and the chief corporate officer. The CBO is tasked with coordinating the Group's exhibition business and its digital developments, has been assigned to Marco Carniello effective 1 March, 2024. He has held the position of global brand director of the Company's Jewellery sector in recent years. The role of CCO, responsible for managing the Operations, Finance, HR, IT, Legal & Compliance sectors, and the corporate activities of the subsidiaries, has been assumed by Carlo Costa starting from 22 April 22, 2024. Until 2022, Mr Costa held the position of Group CFO.
Photo: Corrado Peraboni, CEO, left, with IEG president Maurizio Ermeti
