The Convention Centre Dublin (CCD) last year enjoyed record revenues of €28.63m before the economic impact of Covid-19 hit the business this year,new accounts show.
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.
However, due to Covid-19, all major events at the CCD since March of this year have been cancelled or postponed, though the business has 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.
Last year, pre-tax profits at the company which 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 company constructed, 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 said: "We had a record year in terms of turnover in 2019 on the back of a previous record year in 2018."
During 2019, the CCD hosted 190 events attracting 28,536 International Conference Delegates (ICDs).
Mr Carroll stated: "2020 has brought significant challenges arising from Covid 19."
"While we have had cancellations and postponements for 2020, 60% of these are rescheduling with us for future dates," he said.
"We are seeing a healthy pipeline of business for 2021 and 2022, despite the uncertain environment."
A note attached to the accounts states that the company has implemented cost controls to ensure that the company can trade through the current economic climate.
Underling the value of the Convention Centre to the Dublin economy, Mr Carroll pointed out that every business delegate is worth in the region of €1,600 to the economy which is three times more than the average leisure tourist.
The company's revenues were last year made up of €19.9m from event services and €8.68m in unitary payments from the Office of Public Works (OPW) as part of the 25 year concession deal which ends in 2035.
Last year, expenses at the CCD last year increased by 78% from €19.2m to €34.5m due mainly to the €12m refinancing charge.
The CCD's event expenses increased by 13% from €16.34m to €18.45m as administrative expenses almost tripled from €469,354 to €1.25m.
The company recorded an operating loss of €5.5m but net interest receivable of €7.8m resulted in the pre-tax profit of €2.29m.
The staff costs for the CCD are charged to a separate company, the Spencer Dock Convention Centre Dublin (No 2) DAC and they last year totalled €4.7m as staff numbers remained at 73.
Eight directors sat on the board last year of the operations company and shared €603,769 in emoluments including €38,453 in pension contributions.
