SMG Europe, which operates entertainment venues across Europe, has boosted its turnover by 54 per cent to £69.6m (€77m/$85m) in the results for the 2015 financial year.
The company – which operates the likes of Manchester Arena (pictured) and Bridgewater Hall in Manchester, the Leeds First Direct Arena, the York Barbican, the Metro Radio Arena in Newcastle and the SSE Arena in Belfast – generated £63.6m of its sales through UK venues.
However, it is the £11.5m acquisition of catering business CGC Events’ parent company, Value Catering, that has been credited as the main reason for the increase in revenues.
Pre-tax profits increased by nine per cent to £5.7m with operating profits rising by 12 per cent to £5.7m.
“The results this year have seen the inclusion for the first time of 11 months of trading of CGC Events, an event catering and hospitality specialist acquired on 30 January 2015,” the directors said in their statement. “There has also been a different events mix at Manchester Arena during the year, which has led to an improved performance at the venue.
“The above factors have been the main contributors to the group's turnover increasing from £45.3m to £69.8m, a rise of 54 per cent, and the resultant improvement in operating profit from £5.1m to £5.8m.”
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