My noble Friend the Parliamentary Under-Secretary of State for Communities and Local Government (Lord Ahmad of Wimbledon) has made the following Written Ministerial Statement:
I am today announcing Key Performance Targets that have been agreed for the Queen Elizabeth II Conference Centre for the period 1 April 2015 to 31 March 2016.
The agency’s principal financial target for 2015/16 is to achieve a minimum dividend payment to the Department for Communities and Local Government of £1.7 million as proposed in the business plan for the year.
The agency also has the following targets to achieve:
· Room Hire – To achieve a Capacity Utilisation ratio of 53%.
· To generate secondary revenue from Audio Visual & Information Technology services and Catering royalty which in total equates to a ratio of 90% of room hire revenue.
· To achieve an overall score for client satisfaction of at least 90%.
· To receive less than 2 complaints per 100 events held.
The Centre is forecasting an increase in its annual dividend payment to the Exchequer from £1.5 million in 2014/15 to £1.7 million in 2015/16 which is projected to rise further over its corporate plan period.
I am also delighted to announce that the Centre has delivered significant improvements and enjoyed considerable success over the course of the last two years.
· For the year ending 2014/15 the Centre delivered a growth in room hire revenue of 17.3% in comparison to the previous year, a substantial achievement.
· For 2014/15 the Centre also delivered the best trading results across all income streams since 2009/10 and in one month, June 2014, delivered the highest occupancy level and revenue generating month since it opened 29 years ago.
· In economic terms it is estimated that the Centre delivered an economic impact to the London and UK economy of £122 million in 2014/15.
· The Centre remains fully self funding and has invested wisely in improving its facilities and services and as a result was awarded the 2014 Gold Award for Best Large Venue by EVENTIA, the UK’s largest event industry association.
· The Centre is an increasingly successful profit making agency, paying an annual dividend which is forecast to increase again in 2015/16 and in each of the years covered by its corporate plan.
I would like to offer my congratulations to the Centre’s management team for their proactive and determined efforts in modernising and improving this agency and its performance.
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