Main Event continues resurgence
Main Event Entertainment Group (MEEG) continues to rise from the ashes of COVID-19 delivering much improved revenue and earning performances up to the first half of its financial year ended April.
For the six-month period, revenues for the company rose to $1.2 billion — 189 per cent above the $492.5 million it was able to secure in the prior year period. This, while profits also returned at $192.4 million, moving from a loss position of $19.8 million during the corresponding period of 2022.
Similarly, revenues for the second quarter rose by $241.1 million to $531.9 million which the company’s directors attributed to strong growth in its core business activities which it continues to improve through innovation and brand alignment. Quarterly profits also more than tripled increasing to $74.4 million or 258 per cent more than the corresponding quarter of last year.
“The company’s performance for the second quarter ended April 30, 2023 reflects its continued resurgence following the inactivity which plagued the entertainment sector from the start of 2020 to the first quarter of 2022,” an interim report to shareholders accompanying its latest financials signed by Chairman Dr Ian Blair and president and CEO Solomon Sharpe stated.
Driven by significant upticks in its receivables, up 152 per cent as well as its cash and short-term deposits, up 83 per cent — the company’s asset base also grew by $426.2 million or 52 per cent to total $1.2 billion at the half-year mark.
“This shows a strong performance in business activities year-over-year. These business activities led to cash generated from operating activities of $131.7 million versus $53 million generated in the first six months of the 2022 financial year,” the report further stated.
For the second quarter ended April 30 earnings per share also improved from $0.07 last year to $0.25, representing a 257 per cent increase. Shareholders equity on the other hand rose by more than 60 per cent amounting to $863.4 million.
MEEG, whose primary business spans event management and production, also provides services in digital signage and equipment rental for a number of occasions through its M-Style division. The company, which has been hit hard by a series of losses during the height of the COVID pandemic, following more than two years of closure of the entertainment sector which hurt its business, now continues to witness a steady rebound, especially as large events get underway islandwide.
“We are grateful to our entire team, who continue to be the driving force behind our strong recovery and success. We thank our stakeholders and clients for their continued support, confidence and loyalty in making us their partner of choice for delivering exceptional experiences,” the directors said.