Highlights from the financial statements include:
– Record Turnover: The group achieved an impressive turnover of £34.74 million, a 15% increase compared to the previous year and the group’s highest turnover level to date.
– Significant Reduction in Year-on-Year Losses: Net losses were reduced from £1.8 million in the year ended March 2023 to under £430,000, despite rising energy and business costs.
– Strengthened Financial Position: Following the signing of new long-term tenant and operator agreements with Liverpool City Council in December 2023, the group’s net current assets rose to £3.5 million, compared to net current liabilities of £1.3 million in the prior year.
– Social Value Contribution: A remarkable £6.4 million contribution to social value was reported, reinforcing the group’s commitment to delivering positive impacts for businesses and residents of the Liverpool City Region.
The group’s strategic report reflects cautious optimism while embracing ambitious goals. Despite facing fresh challenges in the current financial year, the group remains focused on achieving its long-term growth plans in 2025 and beyond.
In both the financial period reported on, and the trading period since, the group has successfully hosted a broad range of high-profile events, including Eurovision 2023, two Labour Party Annual Conferences, and the FIFAe World Cup™. These events underscore the venue’s reputation as a leading destination for world-class entertainment, business and sporting events. Looking ahead, the group is committed to developing an increasingly diverse and inclusive calendar of events.
Despite a challenging landscape, including heightened competition from new northern venues and the trend of artists playing fewer but larger gigs, the ACC Liverpool Group remains confident in its strategic vision. By capitalising on its unique differentiators, and continuing to focus on innovation and collaborative leadership, with the group recently announced as a key industry partner and hub for the region’s new creative cluster – MusicFutures, the group is well poised for future success.
Liverpool City Council Leader, Cllr Liam Robinson, said: “The arena, convention and exhibition centre complex is an integral part of our visitor economy, bringing conferences, events and concerts to the city, and supporting many thousands of jobs. I very much welcome its strengthened financial position, which reduces the risk to Council Tax payers, and places it on a stable and secure footing to deliver on its ambitions for the future.”
Learn more about ACC Liverpool here.
