Paul ColstonGlobal event services group GL Events has announced 2022 first quarter revenue of €220.3m (£186m), more than double the amount it reported for the first half of 2021.
The company said the figure reflects the recovery of its activities despite what it calls an environment of “continuing uncertainties”.
“During the peak of the health crisis, we expressed our confidence that our activities would rebound as soon as the government-ordered restrictions were lifted, given their critical importance for the commercial development of our customers and the promotion of social ties,” the GL events financial update read.
“This quarter’s performance shows that this confidence was justified. We will continue to closely monitor the evolution of the health situation in China, inflation trends and geopolitical developments. We have the ability to adapt – as we have done for two years – to meet our targets, and in particular, achieve 30% growth in revenue at the end of 2022 in relation to the prior year,” the statement added.
2022 Q1 revenue
Q1 Revenue (€M) 2020 2021 2022 Change 22/20
Reported Reported Reported
LIVE 113.4 68.4 125.2 +10.4%
EXHIBITIONS 42.8 17.5 40.4 -5.5%
VENUES 57.1 10.4 54.7 -4.1 %
CONSOLIDATED TOTAL 213.3 96.3 220.3 3.3 %
In Q1 2022, GL events reported revenue of €220.3m.
In terms of the divisions, GL events LIVE generated revenue of €125.2m, up from the pre-health crisis level (€124.2m at 31 March 2019).
In international markets, the Group provided services for major events such as the Equestrian Saudi Cup in Saudi Arabia (structures and energy), the Indonesian Motorcycle Grand Prix (grandstands) on the island of Lambok and carried out studies in preparation for the 2022 Commonwealth Games to be held 28 July-8 August in Birmingham, UK.
GL Events Venues had revenue in the first quarter of €54.7m, increasing more than five-fold from Q1 2021.
For 2022, the Group reports already signing contracts for more than €100m in business. These include the Football World Cup in Qatar, the Commonwealth Games in Birmingham and the World Athletics Championships in Eugene, USA.