etc.venues - Trading results for year end June 30th 2008

Summary

  • 36% increase in annual turnover year on year
  • 51% increase in earnings (EBITDA)
  • Significant increase in capital Investment in new and existing venues
  • Private equity backing strengthens ability to make acquisitions
  • Order book for first half is 20% ahead of prior year

Results (unaudited) for year-end June 30th 2008 will report a full year increase in turnover of 36% to £14m and an increase in EBITDA of 51% to £3.4m.  Capital Investment in new and existing venues increased 400% to £4.2m with a further commitment of £1.3m being made into existing venues summer 2008. 

etc.venues’ Managing Director, Alastair Stewart comments, ‘‘our success is down to the specialist nature of our business which makes us easy to buy when training or event budgets are squeezed. Our bookers know they are going to get a dedicated environment with everything they need for a first class training or meeting outcome all included in a very cost effective rate.

The fact that we are non-residential and always positioned in city centre locations close to public transport strengthens the offering even further as companies seek to reduce residential training, save cost, time and carbon footprint when organising off site meetings.’’

“ On the back of a strong trading performance and the capital resources available through our private equity owners Dunedin Capital Partners we are well placed to take advantage of market turbulence which I believe is bound to start affecting less well financed venue businesses and lead to further consolidation “

“I am positive about the short term as our order book for the next six months is 20% ahead of last year and we have benefited from very high levels of client retention and a major new client won from a serviced office group.’’

INVESTMENT IN UPGRADING LONDON VENUES AND THE START OF REGIONAL EXPANSION

Avonmouth House
etc.venues continues to deliver on its commitment to upgrade its existing venues with a £1m summer refurbishment programme at its City and London Bridge located venues.  Avonmouth House in Southwark will close for a major refurbishment over August.

Maple House
Maple House, Birmingham which opened in June 2008, has been described as “incredible” by Marketing Birmingham and a “little gem” by its largest new client. The venue has taken £300k of bookings in its opening 5 weeks. Stewart comments “ I’m delighted by the reaction of Birmingham to our new venue, it felt like a huge step for us and the early signs are really encouraging that the attention we pay to locations by stations, abundant natural light, vibrant design and high levels of service are going down well in the local business community”

Dexter House
Dexter House will expand by 30% in September 2008 to provide over 30,000sqft of dedicated training, meeting and conference space. The additional floor space will reflect the fresh, modern look encapsulated elsewhere in the venue and will comprise nine new rooms taking the capacity of the venue to over 600 delegates. 

For images, media information and interviews please contact Laura Sinclair, PR & Marketing Executive, etc.venues, on 020 7105 6079 or via email at lsinclair@etcvenues.co.uk