Excel posts its first profit since opening

Excel, the exhibition centre in Docklands, has filed its first operating profit since opening in 2000.

The latest accounts for the 65,000 square metre venue show that in the 11 months to the end of December 2008 turnover was £37.2 million compared with £40.3 million for the previous 12 months. But through cost-cutting it posted a £6.9 million operating profit, up from a £4.6million operating loss in 2007.

Excel recently lost the Motor Show, one of its biggest events, which was cancelled for 2010 because of the economic downturn. However, it still hosts seven of London's top 10 trade shows including the Boat Show and the Defence Systems and Equipment International arms fair and it will be home to seven of the 20 events at the 2012 Olympics.

To prepare for the Olympics it is doubling its floor-space and has so far drawn £37.6 million of a £160 million loan. After interest payments Excel made a pretax loss of £1.1million. It also owes £140 million to its parent the Abu Dhabi sovereign wealth fund which bought Excel last May.