A good year for The QEIICC

£4.5M paid back to the Exchequer. Turnover up 7.3 percent to £11.5M

The Queen Elizabeth II Conference Centre (QEIICC), London’s most prestigious purpose built centre for professional meetings and events, today announces successful financial results for 2008/09, enabling the Centre to pay back a dividend of £4.5million to the Government’s Exchequer.

Turnover for the 2008/09 financial year was over £11.5million – an increase of 7.3 percent. The QEIICC hosted 384 meetings and events during the year, with room hire increasing by 8.7 percent, the in-house production unit by 7.8 percent and the IT sales unit and rental income from non-conference space remaining constant.

A major achievement was the first phase of a digital signage system, incorporating large flat screen displays at strategic positions throughout the Centre, which became operational in September 2008. A project was also undertaken to improve the Centre’s electrical infrastructure by replacing the low voltage distribution boards. In total £1.223million has been spent on improvements to the building and its equipment in the financial year.

The Centre will continue to invest in the building with its annual refurbishment programme scheduled for August. This will include refreshing the new foyer area, new stage lighting in the Whittle conference room and a new energy efficient computer system to control air conditioning and heating.

Commenting on the results, chief executive, Ernest Vincent, said: “A very strong trading performance during the financial year 2008/09 and an indication that the first quarter of 2009/2010 is likely to meet target will enable us to continue to invest in The QEIICC for the benefit of both our long standing clients and those coming to us for the first time.

“The Centre will continue to invest in a state of the art digital signage system; new energy lighting will be installed in the main conference hall; new computer programmes will be installed to better regulate the heating and cooling systems; and the main registration foyer will be redesigned to provide clients and delegates with a new welcoming experience. This is all in addition the recent renewal of all soft furnishings throughout the Centre which has refreshed the interior of The QEIICC with a similar feel to London’s South Bank.

“Whilst the Government, owners of The QEIICC, has indicated that it will, in time, sell its interests in the Centre, the business of operating The QEIICC as a going concern is very much a priority. More work needs to be done to consider how to realise maximum benefits for the British taxpayer and the Westminster community from what is a premiere location right in the heart of London. The process may take years and not months to complete. The Centre will continue to operate successfully on the basis of making certain our clients receive first class service and excellent value for money.”