On April 21 local time in France, GL events Group officially announced its Q1 2022 financial results, reporting revenue of €220.3 million, representing a year-on-year increase of over 100%. At constant exchange rates, Q1 2022 revenue amounted to €222.9 million.
Breakdown by business segment:
- LIVE: €125.2 million in Q1 revenue, exceeding pre-pandemic levels (compared to €124.2 million as of March 31, 2019).
- EXHIBITIONS: €40.4 million in Q1 revenue, more than doubling (compared to €17.5 million as of March 31, 2021), benefiting from the gradual recovery of France's exhibition industry.
- VENUES: €54.7 million in Q1 revenue, a five-fold increase compared to Q1 2021.
Commentary by Olivier Ginon, Chairman of GL events Group:
"The Q1 2022 revenue of €220.3 million exceeded the total revenue of the entire first half of 2021. This momentum confirms that our business is gradually recovering in the current uncertain environment. Even during the peak of the COVID-19 crisis, we remained firmly convinced that our business would rebound once government restrictions were lifted, as the exhibitions and events industry is vital to our clients' business development and social connections. The business performance in Q1 this year has proven that our persistence was correct. Meanwhile, to achieve the set target of 30% year-on-year revenue growth by the end of 2022, we will continue to make adjustments and adaptations, just as we have been doing over the past two years, in order to deliver high-value services to our clients."
Positive Business Momentum
In 2022, the Group has signed business contracts totaling over €100 million, including the FIFA World Cup in Qatar, the Commonwealth Games in Birmingham, UK, and the World Athletics Championships in Eugene, USA. Additionally, the Group will provide temporary facility construction services for the Jakarta E-Prix of the ABB FIA Formula E World Championship, and through a joint venture between GL events LIVE Belgium and Destrée, has successfully won the bid to organize events and conferences for the European Commission's Directorate-General for Employment over the next four years.
Corporate Social Responsibility of the Group
For over a decade, the Group has actively practiced corporate social responsibility: with localization as the foundation, people-oriented principles, environmental protection as the core, ethical business practices, and safety as the priority. In February 2022, enterprises in the events industry signed a Green Growth Commitment with the French government, formally pledging to enhance the circularity of resource usage in events. GL events Group participated in this initiative, and will support and commit to promoting green circular development through its regional institutions and concrete actions.