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Italian Exhibition Group: revenues of 88.9 million euros in the first quarter of 2023

Board of Directors approves consolidated interim management report: results growing on an annual basis

The Board of Directors of Italian Exhibition Group SpA (Ieg), a leading company in Italy in the organization of international trade fair events, met today and approved the consolidated interim management report as of 31 March 2024. The CEO of the Ieg Group Corrado Arturo Peraboni commented as follows: “The results of the first quarter of 2024 are extremely positive both in terms of turnover and, above all, margins. Performance was higher than expected in a key quarter for the Ieg Group, in which the portfolio's flagship events, including Sigep, Vicenza Oro January and Key, also drove volumes in the related services sector. To these was added the first edition of 'A&T Torino' held under the control of Ieg. The results achieved so far confirm the Ieg Group's ability to pursue the objectives for the current year set in the 2023-2028 Strategic Plan and have animated further awareness that in order to achieve the ambitious goals we have set ourselves for the next years, a more structured managerial structure is needed, which the Group has interpreted by introducing the figure of a Chief Business Officer to oversee the growth of our products and a Chief Corporate Officer to support all corporate activities. both figures will report directly to the CEO".

The Group closes the first quarter of 2024 with revenues of 88.9 million euros, an increase of 11.9 million euros compared to the 77.0 million euros recorded in the same period of the previous year. The Group grows as a result of the organic component generated by the greater volumes achieved through the development of the organized events business line, which has positively influenced the captive activity of the related services line, compared to substantially homogeneous results achieved, in the two periods, by conference sector.

Adjusted Ebitda is equal to 34.3 million euros, an improvement of 9.6 million euros compared to 31 March 2023, when the Group recorded a gross operating margin of 24.7 million euros, confirming the ability of the Group to generate value for the communities of the reference industrial sectors. The Ebitda margin settled at 38.6%, improving by 6.5 percentage points compared to 31 March 2023, thanks to an increase in volumes sold, with particular reference to the line of organized events, against a more limited increase in operating costs. The Adjusted Ebit amounts to 30.0 million euros, an increase of 9.6 million euros compared to the first quarter of 2023, achieving the best operating profitability achieved by the group, with an incidence equal to 33.8% of revenues, compared to 26.6% as of 31 March 2023. The group closed the period with a profit of 23.3 million euros, an increase of 9.4 million euros compared to the same period of the previous financial year, in which it stood at a profit of 13.9 million euros.

Revenues from the business line represented by Organized Events, which represent 73% of the Group's turnover as at 31 March 2024, amounted to 64.8 million euros, an increase of 12.0 million euros compared to the same period of the previous financial year. The main driver of the incremental change in turnover was the organic component which amounted to 10.9 million euros (+20.7%), while 1.0 million euros represents the joint effect of the change in the perimeter for the creation of the first edition of A&T Torino and a calendar effect due to the lack of the biennial Koinè event and the postponement of Jgtd to the fourth quarter. Hosted Events recorded overall revenues of 0.5 million euros with an organic growth of 0.1 million compared to the first quarter of 2023 (0.4 million euros at 31 March 2023). Congress Events welcome the results deriving from the management of the structures of the Rimini Palacongressi and the Vicenza Convention Center (Vicc).

In the first quarter of 2024, a total of 27 conferences were hosted in the two locations which generated revenues of 2.9 million euros, while as of 31 March 2023, 25 conferences were held which generated revenues of 3.8 million euros. The decrease in terms of turnover achieved in this first part of the year is attributable to the absence of two important conferences held every four years, held in 2023 at the Rimini Palacongressi and, without which, the division would have achieved overall revenues increasing by 0.8 million euros. Revenues at 31 March 2024 attributable to the Related Services segment amounted to 20.0 million euros (19.3 million euros at 31 March 2023), an increase of 0.7 million euros compared to the same period of the previous financial year , of which 1.5 million euros linked to organic growth and -0.7 million euros to the postponement to the second quarter of two events organized by FB International Inc..

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