GL Events revenues steady at €953.8m on back of strong first and final quarters - CMW
Global event organiser and venue group GL Events has reported “steady” revenues for 2017, despite jumbo events (the Rio Olympics, Euro 2016 and COP 22) that occurred in 2016 dropping out of the 2017 calendar. A total revenue figure of €953.8m for 2017 represented a slight -1.9% like-for-like dip although the company points to an adverse currency rate effect of €12m. Olivier Ginon, GL events’ chairman said he was “delighted” with the business performance overall. “Group revenue remained in line with the previous year despite the negative base effect linked to the absence of large events.” This year, 2018, represents a landmark year for the group, having marked its 40th anniversary and 20 years as a publicly traded company. The double anniversary coincides with a more extensive calendar than in 2017. The group is reporting €35m in new contracts for international events in 2018. In terms of the various GL divisions’ performances, GL Events Venues posted €316.7m, up 3% on 2016, while GL Events Exhibitions were up 14% to €165m. The GL Events Live portfolio dropped 5.7% to €471.9m. In the 2017 fourth quarter, GL Events Live delivered world-class services for events including the Sommet de L’Élevage, Europe’s leading livestock show in Clermont Ferrand, MIPCOM, the world’s entertainment content market in Cannes and the African Union – European Union (AU-EU) summit in Abidjan. The creation of the Sports division that includes Equita Lyon, the major equestrian event, and also LOU Rugby, generated new growth and as did PCO activity for medical conventions and institutional events in Turkey. Management says that acquisitions completed in 2017 have strengthened operations for the PCO business (the agency CCC in France). The 2018 pipeline of events in 2018 includes €35m in new contracts signed by the Live division – Ryder Cup in France, the Commonwealth Games in Australia, the Football World Cup in Russia, the Longines FEI World Cup™ Finals for Jumping & Dressage as well as the European Games in Scotland – may be expected to contribute to growth by this division in 2018.
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