EICC annual profit slips despite record income – Daily Business

Edinburgh International Conference Centre (EICC) saw its profit fall last year despite a record revenue.

The venue posted a profit for the 2024 calendar year of £2.1 million, down on he £2.6m reported in 2023. Revenue was up 25% to a record £16 million (2023: £12.8m).

New figures show it has contributed £930 million in economic impact to Edinburgh and the surrounding area since opening 30 years ago, with a higher economic impact of £78 million last year over 2023 [£58m]. 

The statement said the search for a successor to departing CEO Marshall Dallas is ongoing.

Lezley Marion Cameron, EICC board chair said: ”The conference and events industry, and the overall business events sector, continues to be a highly competitive market in which the EICC is competing against cities around the UK and across the world.

“The EICC board is therefore delighted to report another year of increased revenue and economic impact for Edinburgh, led by our CEO Marshall Dallas, our EICC team and our partners.  Initiatives by our EICC Sales team have also contributed hugely to this success” 

Over 79,000 delegates attended events at the EICC during the year, up by about 4% on the previous year, while the number of events fell slightly to 164, with delegate days up at around 180,000 against approximately 146,000 in 2023. 

Mr Dallas commented: “Our focus has always been to position the EICC as one of the world’s leading and most sustainable conference centres, with a mission to inspire ideas that change the world.”

“While the number of events we held last year was moderately down, delegate days were up due to multi-day conferences, with increased attendance at those events, and we see that as the key metric.” 

Major events last year included the UK COVID-19 Inquiry, the Pensions and Lifetime Savings Association Investment Conference, the International Electrotechnical General Meeting, and the 36^th International Papillomavirus Society (IPVS) Conference.

“UK and international association conference business continues to be core, while we have also continued to diversify the range of events held at the venue,” said Mr Dalla. “Scotland’s leading conference venue also has a strong pipeline of events lined up this year and next.”

Mr Dallas announced last November that he was leaving his £159,000-a-year post.

It came amid concern over the stalled 350-bed hotel development at Haymarket which the hotel has been sponsoring. There was also disquiet over the council’s refusal to provide funding for the EICC-supported  Edinburgh Convention Bureau, which was ultimately taken in-house by the authority.

Mr Dallas’s remuneration came under scrutiny when it was revealed he had been handed a £72,000 bonus in 2022-23 which, together with pension benefits, made him the highest paid public sector employee in Edinburgh with a total package of £231,000.

He was also awarded a further bonus for this year of around £50,000 at a time when the council was facing cuts to its budget of more than £100m.

Today Ms Cameron said “Marshall leaves EICC following one of the most successful years in our history – a year in which the EICC has also faced serious, significant challenges – testimony to the determination, resilience, and resolve of Marshall and the EICC team.

“We thank Marshall for transforming, through innovation and diversification, the financial stability and performance of EICC from what it was when he was appointed in 2014, to the success story it is today, and wish him well for the future.”

“Meantime, our search for a new EICC CEO is well underway and we shall be making further related announcements in due course.  I look forward to working closely with EICC board colleagues and our new CEO as EICC heads into our next exciting decade.”