The Daily Star Ireland
The company behind the Convention Centre Dublin (CCD) recorded its highest-ever pre-tax profits of €18.23 million in 2023, according to new financial filings. These profits represent a 20% increase from the previous year’s €15.24 million, while revenue surged by 37%, rising from €23.9 million to €32.65 million.
2023 marked the first full year of operations for the 8,000-capacity venue after the lifting of COVID-19 restrictions. During the pandemic, the CCD suffered a total revenue loss of €34.5 million over the years 2020 and 2021.
In 2023, event-related income rose by 67%, reaching €25.6 million, with 159,396 attendees across 131 events, compared to 95,002 attendees at 109 events in 2022. The company also received €7 million from unitary charge payments made by the Office of Public Works (OPW), in line with its 25-year operational contract established in 2010.
The CCD’s operating profits saw a significant increase of 121%, jumping from €3.8 million to €8.45 million. Additionally, net interest payments of €9.28 million contributed to the pre-tax profit of €18.23 million.
CCD’s CEO, Stephen Meehan, praised the centre’s strong trading performance, emphasizing the growing demand for in-person events. He noted that Dublin’s appeal as a location for international conferences remains high, driven by a continued desire for quality venues like the CCD.
In June 2023, the John Laing Group, a major infrastructure investor, completed its acquisition of the CCD from the Irish Infrastructure Fund. Following the purchase, the new owners received a dividend of €18 million in October, reflecting a 63% increase from the previous year’s €11.1 million dividend.
Meehan also reported that business for 2024 is off to a strong start, with 91 events already held and 105,683 attendees. He noted robust demand for future bookings, with significant interest for 2026 and 2027.
A related company, Spencer Dock Centre Dublin (No 2) DAC, employs the staff who manage the CCD, with the workforce remaining steady at 76 employees. Staff costs rose slightly to €4.97 million, while director compensation increased by 58%, totaling €545,536.
