GL events revenue ahead 10% in Q1 on back of Live events division results and growth in China

Global venue and events management group GL events has announced Q1 revenues for 2024 moving ahead 10% to reach €386m. The result was partially driven by strong growth in China.

There was 28% in revenue growth (€192.4m) for the Live division compared to Q1 last year, while the Group’s Venues division posted a 7.1% rise to €94.2m for the period. GL events' Exhibitions division reported a 11% drop in Q1 earnings (€99.8m) this year over the 2023 figure, however.

Olivier Ginon (pictured), chairman-CEO of GL events Group, commented: “Building on the strong momentum of the last few quarters, GL events is off to an excellent start in 2024 with strong growth in the first quarter. This performance has largely been driven by gains in France, China, the UK and Chile.

“By division, Live and Venues reported higher sales whereas the Exhibitions division was impacted by an unfavourable biennial effect in an even-numbered year.

“This solid double-digit growth has further bolstered our strategic position in the universe of major events worldwide. This year’s Olympic Games in France will provide us with a new showcase on the global stage for the complete range of technical services offered by our three divisions – Venues, Live and Exhibitions – but also the ability of all GL events employees to offer the public truly memorable, festive and sustainable events.

“In the meantime, GL events is continuing to invest in all its businesses, highlighted by ambitious projects like the brand-new Anhembi site in São Paulo, which will be delivered on schedule. For these reasons, we are confident in our ability to meet our 2024 targets. Our vision and ambitions thus remain unchanged as we continue to pursue the best opportunities for all our stakeholders and shareholders.”

Maintaining the positive trend of the prior year, GL events reported Q1 2024 revenue of €386.5m, up 10% (+11% LFL1). Revenue in China rose by 81% in the first quarter to €31m as activities gradually regain their previous momentum.

The Group's targets remain unchanged. GL events anticipates growth in revenue (7%) driven by Live activities (mega-events) and Venues (continuing development of the main venues operated by the Group), a Capex programme of around €115m and stable net debt at the end of 2024 compared to one year earlier.

With less than a hundred days to go before the opening ceremony of the Paris Olympic Games, a number of GL events projects are currently underway, with the safety the utmost priority, the Group reports.

From the equestrian events in Versailles to the installation of temporary structures and grandstands in the heart of Paris (Eiffel, Concorde, Trocadéro, etc.) as well as equipping regional venues, the Group says its teams are currently focused on contributing to the success of the Olympic and Paralympic Games.