As Manchester prepares to welcome Conservatives, council owned venue posts record figures
Council owned exhibition venue Manchester Central has reported record numbers for its latest financial year, hosting over 190 events from the Wheelchair Rugby World Cup Final to a small animal veterinary convention.
In accounts for the year ending March 2023 the city-centre based venue, still widely known as GMEX, reported a turnover increase from £16.9m to £25.6m and record high occupation (number of events), while profit for the year after taxation amounted to £2,015,000 (2022: £765,000).
But costs soared from £5.3m to £8.0m and administrative expenses climbed from £9.6m to £13.1m, in part due to extreme rises in utility costs.
Spend per delegate stood at £17 on average per head, a figure which exceeded pre-Covid figures by 27%, signalling further continued recovery for the region post-pandemic.
The accounts also confirmed continued and increased investment in the 140-year old venue itself with significant maintenance taking place to preserve the building and maintain the unique characteristics in line with guidance from Historic England.
The venue and the holding company, Destination Manchester Limited, are wholly owned by Manchester City Council.
In the period to the end of March 2023, the venue hosted 190 events, including HYROX, the Wheelchair Rugby World Cup Final, Manchester Art Fair, BSAVA Congress, One Young World and the British Insurance Brokers Association’s (BIBA) annual conference.
Forecasts predict a further uptick in utilisation for 2023, with over half a million delegates expected at the venue.
Over 2,500 visitors attended the veterinary event, BSAVA Congress, each day, while a further 1,000 delegates attended the North of England Dentistry Show in March.
Meanwhile, the Northern Restaurant & Bar showcase welcomed over 8,700 attendees through its doors during the two-day event in celebration of the hospitality sector.
Chief Executive Shaun Hinds said his team have worked hard to mitigate the unprecedented cost increases by driving activity, focusing on venue utilisation and creating efficiencies wherever possible.
“We have also invested heavily in our facilities, workforce and product development to ensure we set the company apart from our competitors,” he said.
“These results continue to reinforce our position as the leading event venue in the North West and highlight the impact our business has on the local region.
“As I’m sure all businesses will agree, the current economic situation is one that needs careful navigation. Our energy costs alone are up 128% on pre-Covid costs, an increase which is inevitably having a huge impact on our bottom line.
“Live events are an integral part of the economic growth of both the city-region and the wider UK and while we operate in a competitive and evolving environment, we are extremely pleased with current business performance and our ongoing impact on the wider community.
“On average, for every £1 spent at Manchester Central a further £6 is spent in the wider city – in hotels, restaurants, bars, shops and taxis. Being able to support the region in this way is something we are extremely proud of, and we look forward to continuing to support the growth of the North West and the events sector in the years to come.”
The company also provides retail catering, hospitality and event services to Manchester Town Hall and Central Library, and is also contracted to run catering and event services at Runway Visitor Park at Manchester Airport.
