PRESS RELEASE
Immediate Release
RECORD PERFORMANCE YEAR FOR SECC
The Scottish Exhibition + Conference Centre (SECC) today announced the most successful
financial results in the company’s history. For the year 2014/5 the company reported a
record pre-tax profit of £6.7m.
The increase in turnover of 50% to £34.9m benefits from 12 months of The SSE Hydro
trading and the impact of hosting the Commonwealth Games. Commercial turnover for the
year also increased by 98% driven by the income stream from sponsorship and
hospitality. Overall operating costs increased by 21% from £23.1m to £27.9m as a result of
the enlarged business.
The scale of the Commonwealth Games overlaid on the first full year of operation of The SSE
Hydro together with development of the other sectors of the business led to a significant
increase in EBITDA to £9.1m.
The 2014/5 results reported growth in the Conference and Exhibition sectors due to greater
space availability brought about by the arrival of The SSE Hydro. The company also recorded
that Conference turnover increased by 12% and despite difficult conditions in the Exhibition
sector, turnover increased by 8% helped by the return of biennial shows and other new
launches. Live Entertainment turnover increased by 44% with a full year of events hosted in
The SSE Hydro.
Speaking at the announcement, Peter Duthie, Chief Executive, SECC said:
“These are outstanding results which should be measured, not only in financial terms, but
also by the increased economic impact generated by the campus with over 2.15 million
visitors and numerous prestigious events held during the year. We welcomed the 2014 MTV
Europe Music Awards ceremony, the Ryder Cup Opening Ceremony Gala Concert and the
BBC Sports Personality of the Year. As a result of the business conducted by the company
the net additional expenditure in Glasgow was estimated at £485m, in Scotland £273m and
in the UK, £117m. The SECC was a key venue for the Commonwealth Games however it is
important to note that these expenditure figures exclude any impact from this event.
“The SSE Hydro has been the catalyst for this success. The venue hosted over 130 live
entertainment performances in the year, with over 1 million visitors making it the second
busiest live entertainment arena in the world in 2014.”
Councillor Gordon Matheson, Leader of Glasgow City Council and Chair of Glasgow City
Marketing Bureau, said: “This is fantastic news and demonstrates exactly why we were right
to invest in the city’s world class venues.
“The success of both the Glasgow 2014 Commonwealth Games and The SSE Hydro has been
phenomenal and these figures give another indication of how the city has benefited.
Glasgow is one of the UK’s outstanding performers in the tourism and events business and
confidence in us is at an all-time high. What’s more, our forecast is that 2015 will be
another high performing year for the tourist industry in Glasgow.”
Peter Duthie concluded:
“The profits generated during the year will be reinvested in the campus to ensure the
existing facilities continue to meet the needs of our customers in an increasingly competitive
market.
“Whilst this year’s results are exceptional we do not expect a repeat of this in the current
financial year. Whilst still showing overall underlying growth, next year’s results will be
influenced by the major new investment programme already underway to ensure that The
SSE Hydro is part of a truly world class campus.
“Having a venue on the campus with 365 days a year availability has increased the number
of events hosted. Demand for future events in The SSE Hydro continues to be strong with a
host of international artists including Neil Diamond, Bette Midler, Fleetwood Mac and,
performing in one of only two UK venues during their world tour, U2. “
- ENDS For further information please contact:
Kirsten McAlonan, Head of PR
T: 0141 275 6215 E: kirsten.mcalonan@secc.co.uk
NOTES TO EDITORS:
The SECC is situated in the heart of Glasgow, Scotland’s cultural and commercial capital, and
is one of the UK’s largest integrated venues, purpose-built to provide exhibition, conference
and concert space. Capable of delivering events to well over 10,000 delegates, the SECC has
space with flexibility; from the iconic Clyde Auditorium to the Loch Suite of meeting rooms, all
joined to 22, 355m2 of exhibition space. The newest addition to the campus, The SSE Hydro,
SEC Ltd – Press Release
has a capacity of 13,000 and recently ranked third place in the Pollstar 'Top 100 Worldwide
Arenas'. For more information about the complex, visit www.secc.co.uk or
www.thessehydro.com
SEC Ltd – Press Release