Monday, October 19, 2020
The Convention Centre Dublin (CCD) experienced record breaking revenue generation last year. It enjoyed earnings of about €28.63m before the grave impact of Covid-19 on business. The €28.6m in revenues represents an 11% increase on the €25.8m in revenues recorded in 2018 and the highest annual revenues since the CCD opened in 2010.
Cvid-19 since March 2020, affected most of the events planned in the year. Events were either cancelled or postponed and this decision of event organisers affected the revenue earnings. Only a part of business remained active with the Oireachtas staging Dáil and Seanad sittings at the Convention Centre. It is costing the Oireachtas €25,000 per day to hold sittings at the Convention Centre.
The Convention Centre is not charging the Oireachtas for use of the building and the costs mainly relate to staffing and broadcast technology. In 2019, the pre-tax profits at the company that operates the CCD, the Spencer Dock Convention Centre Dublin DAC declined by 86% to €2.29m. This was due mainly to a once off €12m refinancing charge on the debt attached to the company. The firm crafted, designed and operates the centre as part of a deal with State agency, the Office of Public Works (OPW) and the State recorded a €12m gain as part of the refinancing of the debt.
Chief Financial Officer of the CCD, Killian Carroll mentioned that they had record breaking revenue earning in 2019 and in 2018. Back to back two years they enjoyed impressive earnings. During 2019, the CCD hosted 190 events attracting 28,536 International Conference Delegates (ICDs). Mr Carroll stated that 2020 has brought significant challenges owing to the spread of Covid 19.
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