Integrated event industry group GL events has announced 2022 first quarter revenue of €220.3m, a figure more than double the amount registered for entire 2021 first half. This group points at momentum confirming the recovery of its activities despite what it calls an environment of “continuing uncertainties”.
“During the peak of the health crisis, we expressed our confidence that our activities would rebound as soon as the government-ordered restrictions were lifted, given their critical importance for the commercial development of our customers and the promotion of social ties,” the GL events financial update read.
“This quarter’s performance shows that this confidence was justified. We will continue to closely monitor the evolution of the health situation in China, inflation trends and geopolitical developments. We have the ability to adapt - as we have done for two years - to meet our targets, and in particular, achieve 30% growth in revenue at the end of 2022 in relation to the prior year,” the statement added.
2022 Q1 revenue
Q1 Revenue (€M) 2020 2021 2022 Change 22/20
Reported Reported Reported
LIVE 113.4 68.4 125.2 +10.4 %
EXHIBITIONS 42.8 17.5 40.4 -5.5%
VENUES 57.1 10.4 54.7 -4.1 %
CONSOLIDATED TOTAL 213.3 96.3 220.3 3.3 %
In Q1 2022, GL events reported revenue of €220.3m.
In terms of the divisions, GL events LIVE generated revenue of €125.2m, up from the pre-health crisis level (€124.2m at 31 March 2019).
In France, GL events Live contributed to the Saut Hermès international jumping show, the Dassault Convention, the Maison & Objet trade show, the Paris Agricultural Fair, the Christian Dior Homme & Haute Couture fashion shows and the MIPIM1, illustrating both the diversity of the industry sectors in which it intervenes and the overall recovery of events for all sectors combined.
In connection with the French presidency of the European Union, the Live By GL events agency organised 10 meetings, including five ministerial meetings, in Paris and in the French regions with various formats: in-person, digital or hybrid.
In international markets, the Group provided services for major events such as the Equestrian Saudi Cup in Saudi Arabia (structures and energy), the Indonesian Motorcycle Grand Prix (grandstands) on the island of Lambok and carried out studies in preparation for the 2022 Commonwealth Games to be held 28 July-8 August in Birmingham, UK.
GL events EXHIBITIONS had €40.4m in revenue in Q1 2022, up more than two-fold from €17.5m at 31 March 2021, and driven by contributions from French exhibitions.
At the beginning of February, Première Vision renewed its hybrid format, bringing together more than 1,080 exhibitors and 21,300 attendees (57% international) for its in-person version. This year’s programme focused on the transformation of the fashion industry with the development of relocalisation and eco-responsible design.
In March, the 25th edition of CFIA in Rennes, participation was back up to the level of 2019. This event brought together 1,600 exhibitors and 18,800 attendees, while increasing its visibility through a digital offer provided additional opportunities for remote access to conferences, keynotes, job dating and the presentation of innovations.
In Chile, the Group organised the Aquasur exhibition in Puerto del Montt, the largest aquaculture event in the southern hemisphere. Over three days, 1,000 brands from 35 countries and approximately15,000 attendees were introduced to new technologies required to further improve the industry’s sustainability, the Group reports.
Q1 2022 also marked the return of the Lyon International Fair, after a two-year absence due to the health crisis.
GL EVENTS VENUES had revenue in the first quarter of €54.7m, increasing more than five-fold from Q1 2021.
In Q1 2022, in France, the division hosted a number of events including the Worldskills, the Salon du Deux Roues for two-wheeled vehicles (Eurexpo Lyon), the Egast exhibition in Strasbourg, the 7th SMAHRT catering and food service event (in Toulouse) and the Crecendo Expo at the Parc Floral (Paris).
At Hungexpo, the Budapest convention and exhibition centre, the 5th regional edition of Sirha attended by 20,000 professionals on 30,000sqm demonstrated the group's ability to effectively replicate and export its events.
Sao Paolo Expo reopened in the quarter.
For 2022, the Group reports already signing contracts for more than €100m in business. These include the Football World Cup in Qatar, the Commonwealth Games in Birmingham and the World Athletics Championships in Eugene, USA.
In addition, the Group won a contract to provide temporary facilities for Formula E in Indonesia (US$3.5m). And finally, the Destrée/GL events Live.eu consortium won the call for tender for the organisation of events and meetings of the European Commission’s Directorate-General for Employment for the next four years. The value of this contract is estimated to represent a maximum amount of €60m and will be shared between the consortium members.
In February 2022, event industry stakeholders signed a commitment to support green growth with the French government, thus formalising their commitment to increased circularity in the use of resources for events. GL events Group contributes to this approach and a number of concrete actions have been taken and are continuing: the signature of the City of Paris Employment Pact, a partnership with the French blood establishments (etablissements français du sang) to organise blood drives when events are held at Group sites, resumption of the disability mission as a member of the Gesat network, a French national network of sheltered work establishments, to increase our use of solidarity-based partners.
Finally, to address the concerns of stakeholders, GL events EXHIBITIONS says it is expanding its offering with the launch of Horizonia, a sustainable tourism exhibition to be held at Eurexpo, 13-15 September 2022.
The Group notes that China’s ‘zero-tolerance’ Covid policy has impacted activities in this country. For that reason, activity in the first half will be down in China and GL events teams are now focusing on the organisation of events starting in the second half of the year.
In addition, GL events says it remains particularly vigilant with respect to the geopolitical environment and also the return of inflation. The Group confirms its 2022 targets for revenue growth of more than 30%, €20m-30m in fixed cost savings compared to 2019 and a return to operating cash flow generation of approximately €100m.
The Group announces also published its 2021 Universal Registration Document (URD), including the Annual Financial Report (in French). It may be consulted at the company’s website: https://www.glevents.com/fr/relation-investisseurs
In addition to the annual financial report, the URD also includes the Board of Directors’ report on corporate governance, a description of the share buyback programme and Corporate Social Responsibility information.
GL Events will holds its AGM on 22 June 2022, with H1 revenue and results published on 21 July 2022.
Pictured: GL events chairman and CEO Olivier Ginon
