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IMEX America set to expand as Regent Exhibitions posts £3.6m profit

IMEX founder Ray Bloom reveals Las Vegas show will grow into third hall in 2018 due to increased demand

Pictured: Ray Bloom

IMEX organisers Regent Exhibitions saw turnover rise by more than £2 million to £25.1m in 2016.

And pre-tax profit at the Hove-based firm rose by almost £70k to £3.61m.

Chairman Ray Bloom said: “We’re pleased with the results, but we’re more pleased with the success of the shows. Every business has to be successful financially, but the success of the shows is more important than anything else to me. In both cases, both shows went well and resulted in a predicted growth for this year.”

And Bloom also revealed that IMEX America is set to expand to a third hall in 2018 to satisfy growing demand.

He said: “The show is growing due to demand and we won’t be able to satisfy everyone this year, so in 2018 we will be expanding into a third hall.”

The 2016 edition of IMEX America was the largest to date and saw the number of visitors and buyers increase by more than 700 year on year to 5,796, while appointments rose from 57,000 to 60,000.

IMEX Frankfurt in 2016 saw 8,928 trade visitors and buyers and 67,000 appointments made, a slight increase on 2015’s figures of 8,887 and 65,000 respectively.

Gross profit at the firm was up year-on-year from £9.7m in 2015 to £10m in 2016, while operating profit increased by 1 per cent to £3.48m.

However, the firm’s use of hedging accounting meant that total comprehensive income fell by almost £2m, thanks to the fluctuating exchange rate. The figure fell from £2.34m in 2015 to £413k last year.

The directors’ report said: “The company adopts hedging accounting under FRS102. During 2016 exchange rates were extremely volatile.

“While the current revalued loss appears large, the trades have been factored into future budgets and are not expected to have an adverse effect on the future profitability of the businesss.”

During the year the company made charitable donations of £1.2m, the bulk of which was made up of a £1.1m payment to the Bloom Foundation, which supports the prevention or relief of poverty in developing countries and protects the health of disabled and terminally ill children and soldiers disabled or made ill by conflict.

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