Published on : Tuesday, October 20, 2020
Pre-pandemic period was a happy time for business and for Convention Centre Dublin (CCD) 2019 was one of the best years for revenue generation. They enjoyed a record breaking business and earned revenues of €28.63m before the world was hit by the Covid-19 in 2020, and experienced its impact on business growth.
The €28.6m in revenues represents an 11pc increase on the €25.8m recorded in 2018 and the highest annual revenues since the CCD opened in 2010. However, due to Covid-19, several events at the CCD since March 2020 was either cancelled or postponed, while some businesses however remained active with the Oireachtas staging Dáil and Seanad sittings at the venue and the Oireachtas €25,000 per day to hold sittings at the Convention Centre.
The CCD did not charge the Oireachtas for using the building the costs however included expenditure on staffing and broadcast technology. Pre-tax profits at the company that operates the CCD, in 2019 the Spencer Dock Convention Centre Dublin DAC declined by 86pc to €2.29m.
This was due mainly to a once-off €12m refinancing charge on the debt attached to the company. The company constructed, designed and now 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 enjoyed a record breaking revenue generation in 2019 and 2018, but at present the situation is completely different.