Operator of the M&S Bank Arena and Exhibition Centre Liverpool, ACC Liverpool, cuts annual losses to under half a million and reports a record £34.7m turnover. Tony McDonough reports
Liverpool’s waterfront arena and exhibition centre complex, ACC Liverpool, is reporting record annual revenues of £34.7m and has slashed its losses.
ACC Liverpool, which is entirely owned by Liverpool City Council, said the best-ever revenues were achieved despite rising energy and business costs. Its net loss of just under £430,000 was a big improvement on the previous year’s loss of £1.8m.
These figures, covering the 12 months to March 31, 2024, have just been published on Companies House. The accounts also reveal net current assets rose to £3.5m compared to net current liabilities of £1.3m in the prior year.
In January 2024 LBN reported that ACC’s owner, the city council, was to spend £11m on essential upgrades to the complex including power supply, air conditioning, heating, sound proofing, drainage.
ACC Liverpool Group comprises the M&S Bank Arena, ACC Convention Centre, Exhibition Centre Liverpool and Pullman Hotel. Its ticketing agency TicketQuarter provides ticketing solutions to third parties alongside its own box office operation.
A breakdown of the revenues shows £26.4m was generated directly by events, compared to £22.6m the year before, and the Pullman Hotel contributing £8.3m, up from £7.5m in the previous year.
These accounts also revealed director’s remuneration, including salaries and pension contributions, totalled more than £236,000. The highest paid director received just over £195,000.
In both the financial period reported on, and the trading period since, the group has successfully hosted a broad range of high-profile events, including Eurovision 2023, two Labour Party Annual Conferences, and the FIFAe World Cup.
READ MORE: Liverpool Airport breaks 5m passengers barrier in 2024
Faye Dyer, chief executive ACC Liverpool, said: “While we know the current financial year is likely to be one of consolidation, we have firm plans afoot to help realise our growth ambitions in 2025 and beyond.
“Order books are healthy. We are focusing on key differentiators such as our interconnected waterfront campus, outstanding client experiences, experienced and committed team and strong city-wide network of supportive partners.”
ACC Liverpool also benefits from a subvention fund operated by Liverpool BID Company via its Accommodation BID, which in turn is funded by local hoteliers. This offers financial support to major events and conferences.
Liverpool City Council considers the £11m of upgrades money well spent give how much ACC generates for city centre businesses. The Labour Party conference alone generated an estimated £30m.
Liverpool City Council leader, Liam Robinson, added: “The arena, convention and exhibition centre complex is an integral part of our visitor economy, bringing conferences, events and concerts to the city, and supporting many thousands of jobs.”