For the international contemporary live music industry
LiveUK

NEC plays down sale speculation

UNITED KINGDOM -
World News
July 15, 2018
Arena-Birmingham

A spokeswoman for arena operator NEC Group tells Audience that publication of strongearnings for the 201702018 financial year  and its ownership by private equity company make speculation of a possible sale of the business “inevitable”.

NEC, which owns Arena Birmingham (cap. 15,800), Genting Arena (15,700), ticketing agency The Ticket Factory and caterer Amadeus, reported revenue of £162.1 million ($ 212.9m) for the year ending 31 March 2018, a £4.4 million ($5.7m) or 2.8 per cent increase on the previous year.

Paul Thandi

The group’s earnings were up 9.8 per cent or £4.9m ($6.3m) on the previous year to £54.7m ($70.9m) before interest, taxation, depreciation and amortisation.

“This has been another exceptional year as we see further benefits of what is now a proven strategy,” says NEC Group CEO Paul Thandi

The group’s two arenas also saw their attendance levels grow by a total of 17 per cent to 1.6m compared to the previous year, helped by performances from Ed Sheeran, Drake and Lady Gaga.

NEC’s majority shareholder is Lloyds Development Capital (LDC), which completed its acquisition of the company for £307m ($398m) in 2015.

As Audience went to press, LDC had not responded to requests for comment on speculation about a possible sale.

Other Stories

AEG Europe makes new appointments

December 4, 2018
EUROPE        AEG Europe has confirmed a trio of appointments, including a newly-created role of vice-president of programming across its European portfolio of…
Read more

Banks are still monitoring Ticketmaster hack impact

December 4, 2018
UNITED KINGDOM         Banks are continuing to monitor customer accounts for the potential fraud attempts, following the security breach at Ticketmaster (TM)…
Read more