AEG Presents: Covid rebound hailed by Hammersmith Apollo owner despite sales and profit dip
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AEG Presents, the UK touring and festivals arm of the group that owns The 02 in London has hailed its full recovery from the Covid-19 pandemic despite a fall in its turnover and profit during 2023.
The company, which is headquartered in the capital, is part of the wider LA-based AEG group which is the world’s second-largest presenter of live music and entertainment venues, behind Live Nation.
AEG Presents’ UK venues include the Hammersmith Apollo, which is currently called 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.
According to newly-filed accounts with Companies House, 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.
During the year the number of touring shows the company was involved in fell from 1,071 to 1,302.
However, despite the fall in its turnover, profit and the number of shows it was involved in, AEG Presents said it remained in a “strong position”.
A statement signed off by the board said: “The business has fully rebounded in 2023 following Covid-19 with the touring and festivals divisions returning to profitability and a strong position.
“The company continues to direct its resources to build up the level of larger tours both in the UK and internationally, whilst furthermore developing none-core events and investment strategy.
“We would hope to see the benefits of continued growth from these activities in 2024 and beyond.”
Earlier this year, in separately filed accounts, it was revealed that the company behind the The 02 increased its turnover from £108.2m to £121.9m in 2023 while its pre-tax profit rose from £43.4m to £52.6m.
Its record turnover was boosted by high-profile tours from Elton John and Madonna as well as Peter Kay.