Convention Centre in the red with €6m loss

Net debt linked to the Convention Centre Dublin (CCD) declined by almost €20m last year.

However, the four year-old venue slipped into the red, recording a pre-tax loss of just under €6m.

Newly filed accounts for Spencer Dock Convention Centre Dublin Ltd — the company which developed, built and operates the venue — show that net debt fell from €169.1m to €149.4m last year.

They added that outstanding loans are being fully serviced and repayments are “on schedule”.

The accounts note that the CCD made an operating profit of €2.46m in 2014.

This was the year in which it hosted its one millionth delegate since opening in September 2010.

That was down from an operating profit of €3.6m in 2013. Overall turnover was flat at just over €19.25m.

However, 2013’s pre-tax profits of just over €16.1m were eroded and losses of €5.8m were noted instead.

“An accounting loss before tax of €5.8m was made in 2014, due primarily to changes in the mark-to-market value in relation to the interest rate swaps,” the accounts stated.

In July, the liquidator of the venue’s ultimate parent company, Spencer Dock Development Company, sold the businesses to the Irish Infrastructure Fund.