Leading central London events venue the QEII Centre has reported its most successful financial year to date, with significant increases in revenue, occupancy and turnover across the board.
The 2017/18 financial year saw QEII achieve a £14.23m turnover, which is an increase of 23.5% (£2.71m) on the previous year.
Thanks to an increase in occupancy ratio of 15% year-on-year, revenue through room hire reached £7.01m, a 20.9% increase on last year, and secondary income was up by 28.8% to £6.89m.
The centre’s operating surplus increased to £2.6m – a staggering 76.9% increase on 2016/17.
This record-breaking year for the QEII Centre is the culmination of five years of rapid growth, since a £15m capital investment project and rebrand began in 2013. Over this period, turnover has increased by 48% in total, and the occupancy ratio has grown by 38% in the same time.
Complete refurbishment of the centre’s flagship event spaces, along with a completely remodelled foyer and major investment in AV and technology across the centre, has attracted a wider variety of clients to the centre and customer satisfaction ratings continually exceed targets. In the past year alone, the centre has welcomed numerous high-profile international events including the World Congress of the International Federation for the Surgery of Obesity and Metabolic Disorders, Hong Kong Trade Development Council’s ‘Think Asia’ and the Norwegian Developers Conference.
Since the refurbishment project began, QEII has received 21 industry awards, highlighting the centre’s exceptional customer service as well as its industry-leading facilities.
Mark Taylor, CEO of the QEII Centre said: “The 2017/18 financial results are exceedingly impressive and demonstrate that our overall strategy of improving the venue, fine-tuning our operations, creating superb food experiences and delivering service excellence, all combined with enhanced sales and marketing, is really delivering. The momentum of this high level of success is continuing, with room hire for 2018/19 already £1.5m ahead of the previous year.”
For more information about the QEII Centre, visit www.qeiicentre.london.