Manchester Central, has announced record turnover of £27.2m, up 6.2% on the previous year, in its latest accounts.
Documents filed this week with Companies House for the year to 31 March 2024 showed the city-centre venue achieved a profit before tax of £3.8m, up from £3.2m, despite rising operating costs and continued pressure on utility costs, in line with wider economic turbulence and market rates.
As one of the UK’s leading events venues, Manchester Central welcomed almost half a million visitors and contributed an estimated £137m to the regional economy over the course of the year, where for £1 delegates spend at the venue, £6 is spent in the wider city in its hotels, restaurants, bars, shops and transport networks.
The positive performance has been attributed to increased event bookings, particularly from larger organisers and international attention. The site held over 150 events across the year including The Conservative Party Conference, The Interflora World Cup (a first for the UK) and the 2023 Hyrox World Championships. It is also predicted that the prestigious international music convention WOMEX this month (October) will generate a total value of business of £28.3m.
The accounts also referenced a continued commitment to investing in staff wellbeing including ensuring salaries that meet the Real Living Wage as a minimum and training initiatives, as well as significant spend on the transformation of its ground floor meeting rooms into its new bar, restaurant and social space, Junction, which opened in July 2024 to cater to event delegates and the general public.
Lori Hoinkes, chief executive of Manchester Central, said: “We have seen a remarkable year of events at Manchester Central, and the increase in both turnover and profitability is testament to our agility as a business and the strong offering we can provide to event organisers who wish to host with us.
“Despite navigating an unsettled economic climate with rising costs, particularly in energy and utilities, our strategic focus on long-term profitability has allowed us to confidently invest in our venue. This ensures we continue to meet modern expectations both in terms of our facility offering, and also amongst our team, and I’m pleased to carry this commitment forward into the coming year.
“We also continue to liaise with brands to create long-term partnerships and secure multi-year contracts, leveraging the quality of our service, the strength of our business and the increasing interest from international organisers in the economic growth of the North West.
“Operating in a heavily competitive landscape, it could be easy to assume a nervousness or apprehension of new entrants, however we aim to work in conjunction with our fellow venues, including the Co-op Live and Aviva Studios (Factory International) to ensure that together, we are firmly positioning Manchester on the map as one of the key global cities of choice for events and entertainment.”
The company also provides retail catering, hospitality and event services to Manchester Town Hall and Central Library, and is contracted to run catering and event services at Runway Visitor Park at Manchester Airport.
