Central London conference venue the QEII Centre has reported its most successful financial year to date, with significant increases in revenue, occupancy and turnover.
The 2017/18 financial year saw QEII achieve a £14.23m (US$19.66m) turnover, which is an increase of 23.5% (£2.71m) on the previous year.
Thanks to an increase in occupancy ratio of 15% year-on-year, revenue through room hire reached £7.01m, a 20.9% increase on last year, and secondary income was up by 28.8% to £6.89m.
The centre’s operating surplus increased to £2.6m – a big 76.9% increase on 2016/17.
This record-breaking year for the QEII Centre is the culmination of five years of rapid growth, since a £15m capital investment project and rebrand began in 2013. Over this period, turnover has increased by 48% in total, and the occupancy ratio has grown by 38% in the same time.
Complete refurbishment of the centre’s flagship event spaces, along with a completely remodelled foyer and major investment in AV and technology across the centre, management says, has attracted a wider variety of clients to the centre.
Over the past year, the centre has welcomed high-profile international events including the World Congress of the International Federation for the Surgery of Obesity and Metabolic Disorders, Hong Kong Trade Development Council’s ‘Think Asia’ and the Norwegian Developers Conference.
Mark Taylor, CEO of the QEII Centre, said: “The 2017/18 financial results are exceedingly impressive and demonstrate that our overall strategy of improving the venue, fine-tuning our operations, creating superb food experiences and delivering service excellence, all combined with enhanced sales and marketing, is really delivering. The momentum of this high level of success is continuing, with room hire for 2018/19 already £1.5m ahead of the previous year.”