Manchester Central has reported a record turnover, reflecting its robust position in the events industry amidst economic challenges.
- The venue achieved a turnover of £27.2 million for the year ending March 2024, marking a 6.2% increase from the previous year.
- Despite rising operating and utility costs, Manchester Central posted a profit before tax of £3.8 million.
- The venue attracted nearly half a million visitors, contributing £137 million to the Greater Manchester economy.
- Strategic investments in staff wellbeing, infrastructure, and partnerships have furthered Manchester Central’s success.
For the financial year ending March 31, 2024, Manchester Central reported a record turnover of £27.2 million, a notable increase of 6.2% from the previous year. This achievement is significant given the broader economic challenges, including rising utility and operating costs that have affected many businesses.
Despite these challenges, Manchester Central’s profit before tax rose to £3.8 million, an improvement from the previous year’s £3.2 million. This success was realised through strategic management and a focus on maintaining long-term profitability, even amidst financial uncertainties driven by economic turbulence and market fluctuations.
The venue, recognised as one of the UK’s leading locations for events, drew almost half a million visitors over the course of the year. These visitors significantly contributed to the regional economy, with an estimated £137 million generated. The economic impact is substantial, with data indicating that for every £1 spent at Manchester Central, an additional £6 was spent in the city’s hospitality and retail sectors.
Manchester Central hosted more than 150 events during the year, including high-profile gatherings such as the Conservative Party Conference, the Interflora World Cup, and the 2023 Hyrox World Championships. The venue continues to attract international attention, with the upcoming WOMEX music convention anticipated to generate business valued at £28.3 million.
Investments in staff wellbeing, including initiatives ensuring salaries meet the Real Living Wage and enhancements in training, have been highlighted as pivotal to the venue’s operational strategy. Moreover, the transformation of the ground floor meeting rooms into a new social space, Junction, signifies its commitment to modernising facilities to meet both public and delegate needs.
Lori Hoinkes, the chief executive of Manchester Central, remarked on the venue’s adaptability and strong service offerings. She indicated that these factors play crucial roles in attracting event organisers. Hoinkes emphasised the strategic focus on partnerships and long-term contracts, viewing these as essential to leveraging the venue’s strong market position.
Manchester Central is also collaborating with local venues like Co-op Live and Aviva Studios to establish Manchester as a premier global destination for events and entertainment. This collaborative approach aims to enhance the city’s profile on the international stage and secure its status as a preferred location for future events.
Manchester Central’s strategic initiatives and robust event offerings reinforce its status as a leading venue within a competitive global market.
