Convention Centre Dublin on course for its most profitable year

The Convention Centre Dublin has said it expects this year to be its most profitable since it opened in 2010.

Stephen Meehan, chief executive of the centre, was speaking after it released figures for last year that show operating profits fell to €4.9 million in 2017, as against €5.59 million a year earlier.

Turnover declined marginally to €22.9 million from €23.6 million. At the pretax level, profits jumped to €17.4 million from €12.5 million, largely as a result of accountancy requirements relating to interest rates.

Advance bookings

Mr Meehan said advance bookings to date for this year were higher than for the whole of 2017.

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“The fact that 66 of the 155 events that took place in 2017 were repeat business is testimony to how well the centre is becoming established as a quality international venue,” he said.

“The healthy outlook for this year and next year is down to advance bookings secured over the past number of years and shows a very encouraging steadiness in the flow of business,” added Mr Meehan.

International exposure

The centre, which has hosted more than 1,600 events since opening in September 2010, will receive significant international exposure later this year as the venue for the Uefa 2020 qualifying draw. That event, which will be shown to an audience of 140 million, is expected to bring more than 70 broadcasters and 350 media representatives to Dublin.

Among the many events held at the Convention Centre last year were the Pendulum Summit, Dublin Comic Con, the 28th international nursing research congress, and the Global Airfinance Conference.

Net debt for the the centre fell from €92 million to €72 million last year.

Mr Meehan said all loans are being fully serviced and repayments are on schedule.