OVO Arena Wembley has reported a doubling of its profit and the creation of over 250 jobs during its latest financial year. AEG Facilities º£½ÇÊÓƵ, which operates the iconic London venue, disclosed a pre-tax profit of £2m for 2023, significantly up from £1m in 2022.
According to documents recently submitted to Companies House, the company experienced a turnover increase from £12m to £15m over the corresponding period. Furthermore, employment figures have risen, with an average headcount in 2023 expanding from 1,398 to 1,660, as reported by .
Over the course of the year, OVO Arena Wembley hosted 127 events, compared to 103 the previous year.
Part of the global entertainment conglomerate AEG, AEG Facilities º£½ÇÊÓƵ sits within a group recognised as the world's second-largest live music and entertainment provider, surpassed only by Live Nation.
The uplift in revenue at OVO Arena Wembley has been attributed in part to increased pricing strategies.
The board explained in a statement: "This year has seen very good event numbers and quality of events, combined with the positive impact of our internal initiatives, particularly across our food and beverage operations and hospitality offerings within the venue, where we have looked at both enhancing existing premium spaces and developing additional ones, whilst also re-defining some of our packages."
"These are clearly evident in our performance for the year."
"We have, like business in general, also had the co tinted challenge of huge inflationary pressures, particularly relating to our labour and energy costs, but we have managed these closely with mitigation measures wherever possible, but inevitably also had to correspondingly pass some of the costs on in the form of price increases."
The financial results for OVO Arena Wembley follow AEG Presents, the º£½ÇÊÓƵ touring and festivals division of the group that owns The O2 in London, celebrating its full recovery from the Covid-19 pandemic despite a decrease in its turnover and profit during 2023.
AEG Presents' º£½ÇÊÓƵ venues include the Hammersmith Apollo, currently known as Eventim Apollo, Indigo at The O2, University of Wolverhampton at The Halls and Olympia West Hall in London.
The division is also involved in BST Hyde Park, All Points East, Eden Sessions, Country To Country and Forwards.
AEG Presents reported a turnover of £178.3m for 2023, down from the £223.7m it posted in 2022. Its pre-tax profit also fell from £11.1m to £5.6m.
