IEG: The Board of Directors approves the consolidated interim report as of March 31, 2024 - Revenues at 88.9m. euros

22.05.2024 - 11:57 / traveldailynews.com / Theodore Koumelis

Revenues are+15.4% compared to first quarter 202; Adjusted EBITDA at 34.3 million, Adjusted EBITDA margin at 38.6%, +6,5 pts compared to March 31, 2023.

RIMINI – The Board of Directors of Italian Exhibition Group S.p.A. a leading company in Italy in the organization of International trade fair events and a listed company at Euronext Milan of Borsa Italiana S.p.A., approved its Quarterly Financial Report as at 31 March 2024.

IEG Group CEO Corrado Arturo Peraboni commented: “The results of the first quarter of 2024 are extremely positive in terms of both revenue and, above all, profitability. The performance exceeded expectations in a key quarter for the IEG Group, during which main events in the portfolio, including ‘SIGEP’, ‘VicenzaOro January’, and ‘KEY’, boosted volumes in related service sectors as well. Additionally, the first edition of ‘A&T Torino’ held under IEG’s management contributed to the success. The results achieved so far confirm the IEG Group’s ability to pursue the goals set for the current year in the 2023-2028 Strategic Plan and have reinforced the awareness that achieving the ambitious targets we have set for the coming years requires a more complex managerial structure. The Group has introduced the role of a Chief Business Officer to oversee the growth of our products and a Chief Corporate Officer to support all corporate activities. Both job figures will report to the CEO.”

Group Revenues in the first quarter 2024 were 88.9 million euros, increasing by 11.9 million euros compared to 77.0 million recorded in the same period of the previous year. The Group grew as a result of the organic component generated by the higher volumes achieved through the development of the organized events business line, which has positively influenced the captive activity of the related services business line, while the results recorded in the two periods from the congresses business line are substantially the same.

Adjusted EBITDA amounted to 34.3 million euros, an improvement of 9.6 million euros compared to 31 March 2023, when the Gross Operating Margin was 24.7 million euros. This confirms the Group’s ability to generate value for the communities of the respective industrial sectors. EBITDA margin stands at 38.6%, an improvement of 6.5 percentage points compared to 31 March 2023, attributable to higher volumes, particularly from the organized events business line, and a smaller increase in operating costs. Adjusted EBIT amounts to 30.0 million euros, an increase of 9.6 million Euros compared to the first quarter 2023, achieving the highest operating profitability reached by the Group, with an incidence equal to 33.8% of revenues, compared to 26.6% as of 31 March 2023.

Group’s net profit equal to