Convention Centre Dublin (CCD) revenues increased by 11% year-on-year to €28.63 million last year.
As reported by The Irish Independent, CCD's revenues last year were its highest annual revenues 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.
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The decrease in pre-tax profits was primarily due to a once-off refinancing charge of €12 million on the debt attached to the company.
Additionally, CCD's expenses increased 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.
"A Record Year In Terms Of Turnover"
The Irish Independent quotes CCD chief financial officer Killian Carroll as saying, "We had a record year in terms of turnover in 2019 on the back of a previous record year in 2018… 2020 has brought significant challenges arising from COVID-19."
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.