Convention Centre profits rise to €5m
Published 04/10/2016 | 02:30
Operating profits at the company behind the Convention Centre in Dublin doubled last year to just over €5m, accounts for the business show.
And the company - Spencer Dock Convention Centre Dublin (SDCC) - said the venue is performing "above expectations", with "significant year-on-year growth in its order books".
Turnover rose to €22.7m from €19.2m in 2014. Revenue this year is expected to increase by about 5pc. The firm recorded a pre-tax profit of €17.8m.
That was due to the fair value movement of derivative financial instruments used to hedge interest rates on bank borrowings, due to changes in swap rates in the market.
Its net debt was slashed from €149.4m to €103.4m between 2014 and 2015, the accounts show. "Loans are being fully serviced and repayments are on schedule," according to the company.
Chief executive Nick Waight said 2014 had been challenging, but that the business had experienced a "strong recovery" in 2015. He added that the pipeline of business for 2017 is good.
The centre hosted 164 events last year.
Events next year include the Dublin Tech Summit, and the 7th World Congress on Family Law and Children's Rights.