Convention Centre Dublin sees profits surge

Some €9m of increased profit due to favourable changes in interest rates on centre’s debt

The Convention Centre Dublin has reported an overall profit of €15.37 million for the 10-month period to end December 2013, compared to €3.52 million for the full year to February 2013.

About €9 million of the increased profit was due to favourable changes in interest rates on the centre’s debt, with the remainder due to improved trading as the centre hosted 235 events in 2013, versus 212 the previous year.

Operational revenue for the 10 months to December 2013 was €19.6 million, compared to €24.15 million in the 12 months to the end of February 2013.

When calculated on a full-year basis, the Convention Centre said it expected its turnover to be “virtually unchanged”.


Bank debt

Bank debt, raised to finance the construction of the Convention Centre, fell significantly from €210 million to €188 million between the two accounting periods.

“Loans are being fully serviced and repayments are on schedule,” the centre said.

"CCD continues to trade well and to add significant benefits to the overall economy," Nick Waight, chief executive of the centre said.

“The 235 events in 2013 were responsible for 275,000 delegate days, tens of thousands of hotel bed nights and substantial spending by visitors in the broader economy.

“The vision for the Convention Centre saw it as a strategic national asset rather than simply a business, and we are pleased to be delivering both a profit for the business itself, and wider benefits to the economy as a whole,” he said.

Investment bank

The liquidator of

Treasury Holdings

, which originally built the centre, has appointed an investment bank to sell the income stream of the Convention Centre Dublin to a pension or sovereign wealth fund.

This stream is believed to be worth between €80 million and €150 million, and the sale also includes a plot of land nearby which has planning for a new hotel.

Grant Thornton's Paul McCann and Michael McAteer are the joint liquidators of the company called Spencer Dock International Convention Centre Ltd which is to be sold.

The sale will not impact trading at the Convention Centre and it is continuing to be operated by its existing management team.