100 Workers Axed by NEC; EMPLOYMENT: Jobs on the Line with Slump in Revenue
MORE than 100 jobs face the axe at the NEC Group following a dramatic slump in revenue from exhibitions.
The West Midland group, which runs the NEC, ICC, LG Arena and NIA, announced the job cutbacks today and warned the short-term outlook for the exhibitions and conference market was "poor".
Group chief executive Paul Thandi said in a statement: "The NEC Group is not immune from the downturn in the economy and we have seen a significant drop in revenues in some areas of our business, particularly exhibitions.
"A number of our large trade exhibitions have reduced in size over the last few years due to long-term changes taking place in the industries that these shows serve.
"In the shorter term, some of our other trade and consumer exhibitions are also shrinking due to the economic slowdown.
"As a result, our revenue expectations from the exhibition business over the next few years are signifi- cantly lower.
"As around 60 per cent of The NEC Group's revenue and an even bigger slice of its profit comes from the exhibition business, this has a considerable impact. …