City centre events venue reports record figures in latest financial accounts

Event venue, Manchester Central, has posted record turnover in the year to March 31, 2024.

It achieved revenues of £27.2m, up 6.2% on the previous year.

The city centre site also recorded a profit before tax of £3.8m, up from £3.2m, despite rising operating costs and continued pressure on utility costs, in line with wider economic turbulence and market rates.

Manchester Central welcomed almost half a million visitors and said it contributed £137m to the regional economy over the course of the year, where for £1 delegates spend at the venue, £6 is spent in the wider city in its hotels, restaurants, bars, shops and transport networks.

The positive trading performance has been attributed to increased event bookings, particularly from larger organisers and international attention.

The site held more than 150 events across the year including The Conservative Party Conference, The Interflora World Cup (a first for the UK) and the 2023 Hyrox World Championships.

Looking ahead, it is predicted that the prestigious international music convention, WOMEX later this month, will generate a total value of business of £28.3m.

The accounts also referenced a continued commitment to investing in staff wellbeing including ensuring salaries meet the Real Living Wage as a minimum and training initiatives, as well as significant spend on the transformation of its ground floor meeting rooms into its new bar, restaurant and social space, Junction, which opened in July 2024, to cater to event delegates and the general public. 

Lori Hoinkes, Manchester Central chief executive, said: “I’m pleased with our latest financial results. We have seen a remarkable year of events at Manchester Central, and the increase in both turnover and profitability is testament to our agility as a business and the strong offering we can provide to event organisers who wish to host with us.”

She added: “Despite navigating an unsettled economic climate with rising costs, particularly in energy and utilities, our strategic focus on long term profitability has allowed us to confidently invest in our venue. This ensures we continue to meet modern expectations both in terms of our facility offering, and also amongst our team, and I’m pleased to carry this commitment forward into the coming year.

“We also continue to liaise with brands to create long term partnerships and secure multi-year contracts, leveraging the quality of our service, the strength of our business and the increasing interest from international organisers in the economic growth of the North West.”

She also pledged to work with other venues across the region to realise full value: “Operating in a heavily competitive landscape, it could be easy to assume a nervousness or apprehension of new entrants, however we aim to work in conjunction with our fellow venues, including the Co Op Live and Aviva Studios (Factory International) to ensure that, together, we are firmly positioning Manchester on the map as one of the key global cities of choice for events and entertainment.”