Italian Exhibition Group (IEG) has reported record Q1 results with revenues of €77m. The Board of Directors released the figures in a statement, 10 May, approving its Interim Management Report as at 31 March 2023.
IEG Group CEO, Corrado Peraboni, said: “In the first quarter 2023 the IEG Group achieved extremely positive results, with record turnover, the comeback to profitability and cash generation. The signs of post-pandemic restart, which made themselves known at the end of 2022, were further reinforced and allowed the Group to recover the turnover of some events that have been postponed in the first quarter 2022, but above all to observe a solid organic growth, together with an expansion of the product portfolio with the first editions of K.EY, after its spin-off from Ecomondo, and My Plant & Garden, at the first edition after its acquisition. We will continue the pursuit of our strategic goals in 2023 by accomplishing our investment and development plans, both domestically and internationally, through strategic partnerships, new acquisitions and expansions of our products, keeping our focus on margin recovery.”
While the revenues rose €39m, profits in Q1 were up to €13.9m from €1.8m a year ago.
Organic revenue growth in the first quarter was €15.5m (+40.6% compared to first quarter 2022), driven in particular, the Group said, by higher volumes and price effects.
IEG reported that its own organised events made up 69% of its revenues in Q1. The figure of €52.8m represented an increase of €26.9m compared to first quarter 2022.
A standard pre-pandemic schedule of the most important events organised by the Group – ‘Sigep’, ‘Vicenzaoro January’ and ‘T.Gold’ – was restored in the first quarter 2023.
IEG’s hosted events, meanwhile, recorded revenues of €400,000, up from the first quarter 2022.
Conferences at Rimini Convention Centre and Vicenza Convention Centre (VICC) totalled 25 in Q! 2023, bringing revenues of €3.8m, up €2.3m compared to the same period in 2022.
IEG said there were still elements of uncertainty in the economic outlook. Continuing inflationary pressure, consequent restrictive monetary policies, as well as global geo-political tensions still lead to uncertainties about growth, the Group noted, but said it was confident in pursuing the margin targets set out in its business plan, to improve the turnover and to reinforce the cash generation capability to support investments.
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