NEC profits soar on higher visitor numbers as it prepares for sale
THE NEC Group, whose venues include the NEC Arena, saw its profits soar during the last year as Birmingham City Council prepares to sell it by the end of the year.
“The sale process continues on schedule and the aim is to complete a sale towards the end of 2014,” said chief executive Paul Thandi.
Revenues at the group jumped 1.7 per cent to £122.8m during the year to 31 March, with an operating profit of £22.3m. NEC said it welcomed a total of 3.8m visitors to its venues across 762 events.
“Our financial results and the way we have developed the businesses over the last few years have demonstrated the strength of our growth strategy, constrained only by the amount of capital we have available and the level of risk we can take,” added Thandi.
UPDATE: This article originally stated that the NEC Group owned Birmingham Symphony Hall, which is incorrect. The NEC Group owns the International Convention Centre, Birmingham, in which the Symphony Hall is located, but does not own the Symphony Hall itself. The Symphony Hall is managed by a registered charity called Performances Birmingham Ltd.