UK: Edinburgh Centre Posts Losses of More than £1 Million
|The atrium at the new extension, which has doubled the size of the EICC|
Trading losses of more than £1 million have been revealed at Edinburgh International Convention Centre for the year ending December 2013.
The building of a £30m extension, coupled with the continued effects of the recession, left the venue with a loss from continuing operations before tax of £1,011,393 - after adjustments, the total loss was £921,096. But the board has denied claims it is in need of a council bailout with cash reserves of £1.2 million at the end of 2013.
According to accounts filed with Companies House, turnover grew almost 14 per cent from £4.8m to £5.5m last year, but a 20 per cent hike in the cost of sales and administration expenses (from £5.6m in 2012 to £6.7m in 2013) badly hit the bottom line.
But management of the EICC, which is owned by the City of Edinburgh Council, has vowed that the "longer-term outlook... remains very positive" and denied needing a helping hand from its owners.