Latest News
HomeRegional NewsEuropeIEG: The Board of Directors approves the consolidated interim report as of March 31, 2024 – Revenues at 88.9m. euros
MICE

IEG: The Board of Directors approves the consolidated interim report as of March 31, 2024 – Revenues at 88.9m. euros

IEG
IEG Group CEO Corrado Arturo Peraboni, with Chairman of the Board of Directors Maurizio Renzo Ermeti.

Revenues are+15.4% compared to first quarter 202; Adjusted EBITDA at 34.3 million, Adjusted EBITDA margin at 38.6%, +6,5 pts compared to March 31, 2023.

RIMINI – The Board of Directors of Italian Exhibition Group S.p.A. a leading company in Italy in the organization of International trade fair events and a listed company at Euronext Milan of Borsa Italiana S.p.A., approved its Quarterly Financial Report as at 31 March 2024.

IEG Group CEO Corrado Arturo Peraboni commented: “The results of the first quarter of 2024 are extremely positive in terms of both revenue and, above all, profitability. The performance exceeded expectations in a key quarter for the IEG Group, during which main events in the portfolio, including ‘SIGEP’, ‘VicenzaOro January’, and ‘KEY’, boosted volumes in related service sectors as well. Additionally, the first edition of ‘A&T Torino’ held under IEG’s management contributed to the success. The results achieved so far confirm the IEG Group’s ability to pursue the goals set for the current year in the 2023-2028 Strategic Plan and have reinforced the awareness that achieving the ambitious targets we have set for the coming years requires a more complex managerial structure. The Group has introduced the role of a Chief Business Officer to oversee the growth of our products and a Chief Corporate Officer to support all corporate activities. Both job figures will report to the CEO.”

Group Revenues in the first quarter 2024 were 88.9 million euros, increasing by 11.9 million euros compared to 77.0 million recorded in the same period of the previous year. The Group grew as a result of the organic component generated by the higher volumes achieved through the development of the organized events business line, which has positively influenced the captive activity of the related services business line, while the results recorded in the two periods from the congresses business line are substantially the same.

Adjusted EBITDA amounted to 34.3 million euros, an improvement of 9.6 million euros compared to 31 March 2023, when the Gross Operating Margin was 24.7 million euros. This confirms the Group’s ability to generate value for the communities of the respective industrial sectors. EBITDA margin stands at 38.6%, an improvement of 6.5 percentage points compared to 31 March 2023, attributable to higher volumes, particularly from the organized events business line, and a smaller increase in operating costs. Adjusted EBIT amounts to 30.0 million euros, an increase of 9.6 million Euros compared to the first quarter 2023, achieving the highest operating profitability reached by the Group, with an incidence equal to 33.8% of revenues, compared to 26.6% as of 31 March 2023.

Group’s net profit equal to 23.3 million euros, an increase of 9.4 million euros compared to the same period of last year, when it amounted to 13.9 million euros.

With reference to the Group’s sole operating segment namely “Hosting of trade fairs, events and related services”, revenues breakdown by line of business as of 31 March 2024 is shown below:

Revenues from Organized Events, which represents 73% of the Group’s revenues as of 31 March 2024, were 64.8 million euros with an increase of 12.0 million euros compared to the same period last year. The incremental change in turnover has mainly been driven by the “Organic” component, which was equal to 10.9 million euros (20.7%), while the combine effect from the changes in the scope of consolidation with the first edition of ‘A&T Torino’ and the ‘Calendar’ effect due to the absence of the biennial show Koinè and the postponement of ‘JGTD’ to the fourth quarter.Hosted Events recorded total revenues of 0.5 million Euros, with an organic increase compared to the first quarter 2023 (0.4 million euro sas of 31 March 2023) of 0.1 million euros.

Revenues from Conferences were generated by the operation of the Rimini Convention Centre and the Vicenza Convention Centre (VICC). In the first quarter of 2024 a total of 27 conferences were held in the two locations, with revenues of 2.9 million Euros, while as of 31 March 2023 there were 25 conferences held, generating revenues of 3.8 million Euros. The decrease in turnover in the first quarter 2024 is attributed to the absence of two main quadrennial conferences, which were held in 2023 at the Rimini Convention Centre, and despite their absence, revenues from the business line would have grown by 0.8 million Euros.

Revenues from Services as of 31 March 2024 amounted to 20.0 million euros (19.3 million euros as of 31 March 2023), an increase of 0.7 million ruros compared to the same period last year. The increase includes 1.5 million euros from ‘Organic’ growht and a decrease of 0.7 million Euros from the postponement of two events set up by FB International Inc. to the second quarter.

Publishing, Sports Events and Other Activities, through the publishing activities carried out for tourism sector (TTG Italia, Turismo d’Italia and HotelMag) and for the gold sector (VO+ and Trendivision), the sports events and other residual revenues, have developed total revenues for 0.7 million euros, which remains consistent with the result recorded at 31 March 2023.

Adjusted EBITDA amounted to 34.3 million euros, an improvement of 9.6 million euros compared to the same period of 2023, when it was 24.7 million euros. Adjusted EBITDA Margin stood at 38.6% of revenue as of 31 March 2024, compared to 32.1% recorded in the first quarter 2023. The profitability improved by 6.5 percentage points attributed to the reasons previously explained.

Adjusted EBIT amounted to 30.0 million euros as of 31 March 2024 and marks an improvement of 9.6 million euros compared to the first quarter of 2023. The expressed profitability is of 33.8% of revenue, the best of all time, with an increase of 7.2 percentage points compared to 31 March 2023.

Strategic Plan 2023-2028

On January 25, 2024, the Board of Directors of Italian Exhibition Group S.p.A., given the significant results achieved by the Group during 2023, which show an acceleration in the Company’s post-pandemic recovery process compared to sector forecasts, approved the new Strategic Plan 2023-2028. This document updates the previous Strategic Plan 2022-2027, which was developed in a context of deep uncertainty due to the post-pandemic scenario. The strategic lines in the new Strategic Plan do not diverge from those in the previous Plan and focus on the growth of the product portfolio, the consolidation of international expansion, investments in exhibition facilities, and the creation of value for stakeholders.

Outlook

Based on the performance of the first three months of 2024 and the progress of the confirmed portfolio for the Group’s main events, the Company is confident in achieving the targets set in the Strategic Plan 2023-2028 for the fiscal year 2024. It expects to confirm a revenue between 234 and 239 million euros and an operating margin between 56 and 58 million euros.

Co-Founder & Managing Director - Travel Media Applications | Website | + Posts

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

18/06/2024
17/06/2024
14/06/2024
13/06/2024
12/06/2024