Global exhibitions revenue to soar 17% and hit record high in 2024 - UFI
In this week's event newsletter, we put the spotlight on the exhibition industry's continuous revenue growth. According to UFI's latest Global Exhibition Barometer, the global exhibitions market is projected to soar 17% yearly and hit a record high in 2024, after increasing 20% year-on-year (y-o-y) in 2023. Read below for your full weekly events roundup.
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Exhibitions revenue to soar 17% and hit record high: UFI
Global exhibition industry revenues are projected to jump 17% and hit a record high in 2024, according to UFI, The Global Association of the Exhibition Industry .
The industry group’s 33rd Global Exhibition Barometer confirms a second consecutive year of revenue growth, after rising an expected 20% y-o-y in 2023.
UFI CEO Kai Hattendorf said: “This edition of UFI’s flagship Barometer research confirms our early data from January that 2024 will be a record year for industry revenues globally.
“This edition shows how this growth translates into new jobs in our sector as well as in expansion plans from the majority of businesses – aiming both at new business activities as well as new geographies.
“Against a complex global backdrop, the global exhibition industry is bullish about its short and mid-term prospects.”
Here are the other highlights from the report:
Workforce plans:
👉 48% of companies plan to increase staff in the next 6 months.
👉 48% plan to maintain current staffing levels.
Top concerns:
👉 State of the home economy is the primary concern (22%).
👉 Global economic developments are the second biggest worry (15%).
AI impact:
👉 90% of companies believe AI will affect the industry.
👉 Growing number of companies are using AI.
UFI’s latest bi-annual industry report, released in July 2024, analyzed data from 453 companies across 68 countries and regions.
The study offers in-depth insights into 19 key markets, including Argentina, Australia, Brazil, and China, as well as aggregated data for five regional zones.
IEG revenue grows 13% to hit €131.9m in H1
The Italian Exhibition Group Spa reported a strong first half of 2024, with revenue soaring to €131.9 million compared to the same period last year.
The company attributed the 13.2% growth to the robust performance of its domestic and international events business.
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CEO Corrado Peraboni said: “We are particularly pleased with the results of the first half of the year, which show signs of stronger growth than expected, thanks to the actions taken in the execution of the 2023-2028 Strategic Plan.
“The record results of the first part of the year are due not only to the growth of our core products in the organized events segment, such as VicenzaOro, Sigep, and RiminiWellness, but also to the development of our product portfolio both in Italy, with K.EY, and abroad with Sigep Asia in Singapore and DroneShow Robotics, MundoGeo Connect, Space BR, and eVTOL in Brazil.
“The related services segment also performed well in terms of revenue and margins.”
Key highlights
⭐ Revenue: Jumped 15.3% to €131.9m from €116.6m in H1 2023.
⭐ Adjusted EBITDA: Increased by 8.2% to €36.0m, with a margin of 27.3%, up 3.4 percentage points.
⭐ Adjusted EBIT: Rose by €8.2m to €27.8m, with a margin of 21.1%.
⭐ Net Profit: Climbed 9.5% to €20.1m from €10.6m in H1 2023.
⭐ Monetary Net Financial Position: Stood at €43.5m.
Business performance
The organized events segment contributed 57% to total revenue and witnessed a 15.3% growth to €75.6m.
Key drivers included strong performance across events, notably K.E.Y., and the inclusion of A&T Torino. However, the absence of biennial events like Koinè and Fieravicola impacted the topline.
Services revenue, accounting for 9.3% of the total, surged by 29% to €40.8m, primarily driven by catering services.
Corradu Arturo added: “The investment plan supporting the growth of the Strategic Plan is proceeding on schedule, with the aim of creating temporary spaces as high-quality as the existing ones, to accommodate our exhibitors at VicenzaOro September and Ecomondo in the second half of the year.
“In the second half of the year, we expect to see the growth trends confirmed for the main events, for which we are already recording bookings higher than expected, allowing us to raise the guidance on the economic and financial results forecast for 2024.”
Outlook
IEG has raised its full-year guidance, encouraged by the robust H1 performance and positive booking trends.
The company now expects revenue between €240m and €244m, with adjusted EBITDA ranging from €60m to €63m.
ICCA to advance business events in China
ICCA has officially opened its office in Beijing – marking a significant step in strengthening ties between China and the global business events industry.
The Beijing Municipal Commerce Bureau and Beijing Municipal Bureau of Culture and Tourism invited ICCA to establish a presence in the city.
The step was taken after the municipalities acknowledged the impact of association conferences in driving economic growth and community development.
ICCA’s new office will serve as a platform to connect ICCA members with Chinese businesses, facilitate knowledge exchange, and promote Beijing as a leading destination for international conferences and events.
By collaborating closely with local stakeholders, ICCA aims to contribute to the sustainable growth of China’s meetings industry.
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