Outlook for Southwater Event Group remains strong despite dip in profits

Southwater Event Group saw profits fall from to £1 million for the year to March 31 2019, compared with £2.2 million in the same period last year.

The group saw turnover remain largely flat, rising slightly from £18.4 million last year to £18.5 million this year.

In a statement accompanying the group's accounts, it said: "The market for exhibitions and conferences remains competitive, with several competitor venues coming on stream each year.

"The company seeks to manage the risk of losing its key customers, whilst also attracting new customers, by providing high quality facilities through continual investment in both new and existing facilities and high levels of customer service and support.

"The company continues to actively seek new and repeat business via its sales and marketing efforts."

The company also runs a number of hotels around the centre of Telford, including the Ramada, the Holiday Inn and the International Hotel.

The group said: "The market for hotel accommodation in the Telford area remains highly competitive.

"The hotels have made steady progress throughout the year in relation to the key sales elements of their strategy.

"Room revenues have increased year-on-year, mainly due to an increase in occupancy levels as a per centage of total bedrooms available.

"Associated food and beverage revenues increased year-on-year, despite stiff competition from local high street branded restaurants and bars."

The International Centre is continuing to draw events into the town, including the annual UK Dairy Day, which draws thousands of people, as well as the annual Shropshire Chamber Business Awards.

In terms of staff, the average number of people employed by the group increased from 484 last year to 486 this year.

It added: "The outlook for the company remains strong, once again supported by high levels of forward-contracted businesses at the end of the year."