from GL EVENTS (EPA:GLO)
GL events announces 18% growth in Q3 2024 revenue
GL EVENTS ANNOUNCES 18% GROWTH
IN Q3 2024 REVENUE
GL EVENTS (FR0000066672, GLO), THE INTEGRATED EVENT INDUSTRY GROUP, ANNOUNCES ITS 2024 THIRD-QUARTER REVENUE.
Q3 2024 revenue: €384m, up 18% (+20% like-for-like(*))
Consolidation of the portfolio of event destinations operating in 2025 2024 annual guidance for revenue growth raised to +10%
2024 Q3 & 9-month revenue:
GL events revenue
2024 2023 Change
(€m, pre-IAS 29)
Q1 | 386.5 | 351.0 | 10% |
Q2 | 434.1 | 339.2 | 28% |
Q3 | 384.0 | 325.0 | 18% |
2024 9-MONTH CONSOLIDATED TOTAL | 1,204.6 | 1,015.2 | 19% |
Olivier Ginon, Chairman-CEO of GL events Group, commented:
“GL events maintained its momentum in the third quarter of 2024 with an 18% increase in revenue driven by strong gains in France, the United Kingdom and Latin America. We would like to express particular congratulations to the teams in Brazil for the successful launch of the Anhembi events complex, confirming the potential of this new growth driver for our activities in Latin America.
The Paris Olympic and Paralympic Games were among the major successes in 2024, illustrating the Group's key role in staging and the successful organisation of the world's most important events. We applaud the remarkable work accomplished by all the teams mobilised during the site installation and operation phases, and now focused on dismantling the structures and restoring the sites to their original state.
Based on the above, we are confident that GL events' annual revenue will grow more than 10% in 2024 compared to 2023, driven by the performances of the Live and Venues divisions. We are also looking forward with confidence to 2025, a year that will benefit not only from favourable biennial effects but also growth of the Anhembi event venue, the addition of new sites and the signature of contracts for major world events.
Our vision, ambitions and strategy for long-term, sustainable growth remain unchanged as we continue to pursue the most promising opportunities in France and international markets.”
REVENUE BY DIVISION
(€m) pre-IAS 29 | Q1 2024 | Q2 2024 | Q3 2024 | 9-month 2024 | 9-month 2023 |
Change |
GL events Live | 192.4 | 304.0 | 250.2 | 746.7 | 568.6 | 31% |
GL events Exhibitions | 99.8 | 13.5 | 25.4 | 138.8 | 180.4 | -23% |
GL events Venues | 94.2 | 116.6 | 108.4 | 319.1 | 266.2 | 20% |
Consolidated total | 386.5 | 434.1 | 384.0 | 1,204.6 | 1,015.2 | 19% |
GL EVENTS LIVE reported growth in revenue of 24% to €250.2m, up from €201.2m in Q3 2023. At the end of September 2024, the division generated revenue of €746.7m, up 33% LFL from one year earlier. GL events is proud to have contributed to the worldwide success of the Paris 2024 Olympic and Paralympic Games by delivering services of the highest quality and meeting its customers' expectations. The structures are now in the process of being dismantled and the sites are being restored. Total revenue for the quarter from the Paris 2024 Olympic Games amounted to €100.1m. During this period, GL events Live contributed to other major events in France, such as the Cannes Yacht Festival, Monaco Yacht Show, Maison & Objet, Batimat Paris, Tax Free World Exhibition in Cannes, the French 14th of July Bastille Day ceremonies and the Paris Fashion Week shows. In international markets, Group business remained sustained in South America and the United Kingdom. GL events provided a range of services for major events which included the Silverstone Grand Prix and the Carrefour Group trade shows in Milan and Brussels. In China, following a slowdown in the summer, business in September was in line with our expectations, with services provided for a number of exhibitions (Global Digital Trade Expo, China International Optoelectronic Expo, ASEAN Expo, International Digital Energy Exhibitions...). The last quarter of the year will remain dynamic for GL events Live with services to be delivered for the sixteenth Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification (UNCCD), to be held in Riyadh (Saudi Arabia) from December 2 to 13, 2024.
GL events Venues reported revenue of €25.4m in Q3 2024, down 31% from last year's third quarter. The decline in revenue at the end of September 2024 (-23%) was largely attributable to unfavourable biennial effects (SIRHA, Expomin, the Biennial Rio de Janeiro International Book Fair...) as well as adverse sector-related and short-term economic difficulties impacting textile exhibitions in France and construction exhibitions in Asia. In the third quarter, the main events organised by the Exhibitions division in France were Première Vision and Tranoï in Paris for the textiles division, and CFIA and Sepem in Toulouse for the industry division. In South America, the Estetika, Expo Postos and Hyvolution Chile exhibitions all reported growth in revenue compared with recent years.
GL EVENTS VENUES continued to display strong momentum in Q3 2024, with revenue up nearly 25% compared with Q3 2023. At the end of September 2024, GL events Venues reported revenue of €319m, up 21% LFL compared to the same period in 2023. Growth in business in Q3 in France was driven by the strong performances of Lyon, Paris, Toulouse Clermont Ferrand and Strasbourg. In Lyon, Eurexpo and the Cité Internationale successfully hosted respectively the Worldskills International finals and the International Congress on Catalysis. The Paris venues (the Invalides and Palais Brongniart sites) benefited in particular from the effect of the Paris 2024 Olympic Games. In Toulouse, the 3rd Rose Festival and the International Education Conference were held at the MEETT exhibition and convention center. The autumn exhibitions in Caen, Strasbourg and Saint-Etienne also registered growth in activity. In international markets, the division's growth is driven by sites in Sao Paulo
Congress on Ultrasound, Sigma Est Europe, etc.) and Brussels.
GL events Venues is continuing to rollout a high-quality offering with the objective of increasing the number of venues under management. In China, GL events was awarded new contracts that will take effect on 1 January 2025:
a management contract for the new Beijing exhibition centre (China International Exhibition Center - Shunyi Hall - 200,000 sqm), in partnership with Capital Exhibitions Group, for a period of 5 years,
a contract to operate the new Guangzhou exhibition centre (106,000 sqm after completion of phase 2 in 2026) for a minimum of 16 years through our subsidiary GL events Yuexiu Guangzhou Développement.
Finally, the Group responded to the 2nd call for tenders for the management of the Parc Chanot in Marseille and submitted its final proposal for the Stade de France concession.
2024 TARGETS
The Group’s new targets for FY 2024 are:
Growth in full-year revenue above 10% (up from 9% previously);
growth in EBITDA and Net Profit Attributable to Group shareholders of at least 13%; a CAPEX programme of around €115m; net debt at year-end to remain stable.
The Group's teams are continuing their work to prepare for 2025, which for the three divisions will include the following:
Live: services for the International Paris Air Show (SIAE), the Osaka World Expo, contracts in the Middle East, and the UN Ocean Conference in Nice,
Exhibitions: SIRHA, Expomin, the Rio Book Biennial, among others, which will contribute to a favourable biennial effect; the reconfiguration and the beginning of a rebound in China for construction industry exhibitions,
Venues: the full-year impact of the Anhembi events space (São Paulo) and the addition of new destinations for the division.
UPCOMING EVENTS
FY 2024 revenue: 23 January 2025
FY 2024 results: 5 March 2025
About GL events: The Group is a world-class provider of integrated solutions and services for events operating across the three main market segments: conventions, conferences, congresses; cultural, sports and political events; trade shows / B2B and B2C exhibitions and consumer fairs. GL events' activities are organised into three major business divisions. GL events Live provides a complete range of services for corporate, institutional and
sports events, and offers turnkey solutions from consulting and design to staging the event itself. GL events Exhibitions manages and coordinates the Group's portfolio of more than 200 proprietary trade fairs covering a wide range of sectors: food industry, culture, textiles, manufacturing… GL events Venues manages a network of 57 venues (convention and exhibition centres, concert halls and multi-purpose facilities) in France and international destinations. Present on five continents with operations in more than 20 countries, GL events has 5,800 employees. GL events is listed on Euronext Paris, Compartment B (mid-caps).
INVESTOR RELATIONS MEDIA RELATIONS
GL events FTI Consulting
Sylvain Bechet Julien Durovray
Tel.: +33 (0)4 72 31 54 20 Tel.: +33 (0)6 25 04 57 73
infos.finance@gl-events.com glevents@fticonsulting.com
ISIN FR0000066672 - BLOOMBERG GLO FP - REFINITIV GLTN.PA - FTSE 581 LEI 9695002PXZMQNBPY2P44
POST-IAS 29 PRESENTATION
(€m) Q1 Q2 Q3 9-month
incl. IAS 29 2024 2024 2024 2024 GL events Live 192.2 303.8 249.1 745.2
GL events Exhibitions 99.8 13.5 25.4 138.8
GL events Venues 94.2 116.5 108.3 319.1
Consolidated total 386.3 433.9 382.9 1,203.0
DEFINITIONS
Constant exchange rates: average exchange rate of N applied to the previous period (N-1)
Organic growth: growth in revenue excluding changes in the scope of consolidation
Constant structure o For acquisitions of the period: by adding to revenue of prior periods the sales of the acquired company
o For disposals of the period: by subtracting from revenue of prior periods the sales of the company sold
LFL: like-for-like defined as at constant structure and exchange rates (see the definitions above for
"constant structure" and "constant exchange rates")