Dublin's Spencer Dock doubles profit

Dublin’s Spencer Dock Convention Centre has posted profits of €5m, reports the Irish Times. Turnover is reported to have grown by 158% to €22.7 million last year from €19.3 million in 2014. The conference centre doubled the venue’s operating profits to €5m, generating almost €30 million in cash. Profits posted before tax for 2015 were €17.8m, a massive improvement on €5.8m loss recorded in 2014. It is reported that this is attributed to a profit on financial instruments used to hedge the company’s bank interest liabilities. Net debt was down to €103.4m from €150m, while net assets totalled €18m on 31 December 2015. Chief executive Nick Waight told the Irish Times that 2015 had been a good year for the company, adding: “2014 was a challenging year for the business, however there has been a strong recovery in 2015 with revenue over 18% higher than in 2014. “This year will show a further revenue increase or around 5 per cent and the pipeline of business in 2017 also looks good.” Spencer Dock Convention Centre welcomed 384,000 delegates across 164 events in 2015, providing boosts to hotels and the local economy.