Italian Exhibition Group (IEG) has posted consolidated total revenues of €38m for the first quarter of 2022. The figures compare with €2.5m in the first quarter of 2021. The group’s Board approved the latest interim report to 31 March 2022 at its 10 May meeting.
EBITDA came in at €7.0m (-€7.2m in the first quarter of 2021) and the group declared a net financial position of €73.3m.
IEG noted its revenues had still been impacted by the effects of the latest wave of the pandemic caused by the Omicron variant, which peaked in January and made it necessary to reschedule all the events traditionally held in January and February. Nevertheless, compared to the first quarter of 2021, in which only digital events (Sigep EXP and We Are) were held, revenues increased to €35.6m.
The pre-tax result is €3.3m, up approximately €15.2m compared to the first quarter of 2021. The Group reported current liquidity stocks and unused credit lines totalling not less than €62m.
Leading events held for the Group in the first quarter included Vincenzaoro in January, along with Tgold and Sigep at the same time.
IEG revenues from events organised in the first quarter of 2022 amounted to €25.9m, up €25.3m on the same period of the previous year, when only the Sigep EXP and We Are digital events were held.
The Congress Events include the results deriving from the management of the structures of the Palacongressi of Rimini and the Vicenza Convention Centre (VICC). Twelve congresses were held between the two venues in the first quarter of 2022, generating revenues of €1.5m, showing a recovery of €1.3m compared to the same period in 2021.
IEG’s revenues from so-called ‘related services’ in the first quarter of 2022 came to €10m, up €9m on the same quarter in the previous year.
IEG’s interim report added: “The participation recorded during the events of this first quarter and the results attained, both in terms of volumes and, above all, in terms of maintaining the pricing applied, suggest that the worst of the pandemic can be considered to be over. More encouraging signs can be seen in the behaviour of government authorities, who are continuing to gradually lift the restrictions previously imposed.”