Italy’s IEG Group has reported revenues at €152.4m, which represent a record third consecutive quarter for the Group. Adjusted EBITDA came in at € 33.8m. Profit was €9.6m.
The trade fair organiser’s Board approved its quarterly financial report as at 30 September 2023.
Corrado Peraboni, IEG Group CEO, said the results confirmed “the positive performance in the current year, with a record turnover for the third consecutive quarter and an increasing profitability, that allowed the Group to carry on acquisitions and investments in order to expand our product portfolio, both domestically and internationally”.
The CEO continued: “This year we have been launching new shows, such as KEY, an international show based on renewable resources and a spin-off from Ecomondo and My Plant & Garden, the most important show on floriculture, horticulture and gardening in Italy. We have successfully launched CARA – Cafè and Restaurant Asia abroad in Singapore, a show in the Food & Beverage sector, and later SIJE – Singapore Jewelry Expo, MundoGEO and DroneShow in Brasil (that achieved extraordinary results above expectations).
“We have been pursuing our 4x4 strategy by realising Ecomondo in Mexico and Sigep in China, two of the main products in our portfolio… “We foresee for 2023 results exceeding strategic goals set in our business plan, which will be the basis for 2024 supporting growth and investments.”
Revenues from Organised Events, which represented 53.2% of the Group’s revenues in the nine months of 2023 were €81m – an increase of €30.2m compared to 30 September 2022. The nine months were characterised by the return to pre-pandemic calendar of some main events organised by the Group, such as ‘Sigep’, ‘Vicenzaoro January’ and ‘T-Gold’.
The Hosted Events recorded total revenues of €4.3m, with an increase compared to the same period in 2022 (€3.2m as of 30 September 2022).
Revenues from conferences held at Rimini Convention Centre and Vicenza Convention Centre (VICC) grew in the nine months of 2023 when a total of 91 conferences were held in the two locations. Revenues were €14.3m, an incremental growth of €5.3m compared to the same period in 2022.
The Group forecast to close the financial year 2023 with improving results compared to the business plan, with higher volumes in turnover and improving profitability.