Arena Events Group has signed a multi-million pound contract extension for the rental of 26,000 seats to the Tokyo Olympic Games, as well as supporting the re-opening of various sporting events during the coronavirus pandemic.
Announcing an operating loss of £3.3 million in the six months to the end of September on revenue of £42.8 million, the group said that in the UK & Europe as well as working on sporting events, it had delivered numerous structures for temporary Covid-19 medical facilities and testing centres.
In sport, Arena supported the reactivation of the European Tour golf at numerous venues including in Spain, Portugal and at Wentworth (UK); completed the installation of new seating systems at the north and south stands at the London Stadium; and commenced build of a new stadium for Edinburgh Rugby Club at Murrayfield.
In the US it supported the reactivation of the NBA season in Orlando and provided facilities for the US Open golf and PGA Championships.
The company also signed a multi-million pound contract extension for the rental of 26,000 seats to the Tokyo 2020 Olympics, now due to be held in 2021.
Greg Lawless, CEO, commented:
We are at the epicentre of the economic destruction that the COVID-19 pandemic is causing to the hospitality sector worldwide with virtually no live audience participation at any event over the last six months. However we have been proactively working to reduce the impact on our business as much as possible by securing extensive non-event revenues, reducing our cost base and raising funds from both our bank, HSBC, and shareholders to be able to put the Group in a solid financial position to trade through these very difficult times and emerge in a stronger, more cost efficient position.
The fact that we have delivered a positive EBITDA out-turn for these first six months, taking everything into consideration, reflects a robust performance that demonstrates the benefits of a global platform and, in particular, the tremendous tenacity, agility and positive attitude of the senior executives and their teams across all of our business units.
Image: Edinburgh Rugby Stadium