The NEC Group posted a leap in profits today after cashing in on surging ticket sales and sellout shows at the newly-refurbished LG Arena.

The group made an operating profit of £29.4 million in the year to March, 22 per cent, or £5.3 million up on the previous financial year, with revenues up 12.8 per cent to £123.9 million.

But after meeting long-term venue upgrade costs and counting the cost of interest payments on historic loans to build the venues, there was a deficit for the year of £7.7 million, down from the previous year’s figure of £12.3 million despite a £2 million increase in investment.

The company operates four of the country’s leading exhibition and events venues and owns national ticketing agency The Ticket Factory and catering business Amaedus.

The LG Arena, the NIA and Ticket Factory business delivered a record operating profit of £5.2 million, up 36.8 per cent.

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