Published on : Friday, October 16, 2020
Convention Centre Dublin (CCD) experiences a sudden surge in revenue generation by 11% year-on-year to €28.63 million last year. According to a recent report published by the Irish Independent, CCD has earned maximum revenues last year since it opened in 2010.
However, pre-tax profits at the company that operates CCD, the Spencer Dock Convention Centre Dublin DAC, decreased by 86% to €2.29 million last year. The sudden decrease in this pre-tax profits was mainly due to a once-off refinancing charge of €12 million on the debt attached to the company.
Besides these the convention centre’s expenses have also increases by 78% to €34.5 million last year, also primarily due to the €12 million refinancing charge; event expenses increased by 13% to €18.45 million; administrative expenses increased almost threefold to €1.25 million; staff costs amounted to 4.7 million; and the company experienced an operating loss of €5.5 million, however, net interest receivable of €7.8 million resulted in a €2.29 million pre-tax profit. CCD hosted 190 events and 28,536 international conference delegates in 2019.
The Irish Independent chief financial officer Killian Carroll happily opined that the 2019 witnessed a record revenue generation that other previous years and 2020 brought several challenges with the surge in virus spread.