The Cape Town International Convention Centre (CTICC) has reported its financial results at the annual meeting 2020/21. Against a backdrop of severe travel restrictions and regulations limiting the size of indoor gatherings, the CTICC leadership team and staff faced a challenging year in 2020/2021.
The venue in Cape Town has seen an annual turnover of R43m with an annual revenue of R52.1m. An EBITDA loss of R93.7m was reported, equalling a 32% improvement on the target set for the financial year. During the 2020/21 financial year, the CTICC only hosted 53 events (a decrease of 86.6% from the 2019/20 financial year), with a 98.3% drop in the in-person attendance rate from the 2019/20 financial year). Many of these events were hybrid, showcasing the CTICC's ability to seamlessly integrate in-person and virtual events.
„We used these hardships as opportunities to trigger growth. “
While 2021 saw the start of the vaccine roll-out and the easing of some restrictions, the CTICC's business was still severely curtailed. This called for agility and forward thinking to mitigate the restrictions' financial impact on the CTICC. "Like many businesses, we were faced with uncontrollable challenges and obstacles, but we used these hardships as opportunities to trigger growth", explained the CEO of the CTICC, Taubie Motlhabane.
Based on the lessons learnt in the past financial year, the CTICC team made several improvements to their existing policies, and the implementation of new ones. The changes included: The upgrade of their health and hygiene protocols in line with Covid-19 best practice, the implementation of a mandatory Covid-19 vaccination policy, the launch of the Covid-19 screening app that all staff and visitors to the CTICC use as part of their sign-in process, and the development of their proprietary Venue Capacity Management tool that adapts capacities of event space within the CTICC to the changing Covid-19 regulations and ensures that the correct social distancing is adhered to.www.cticc.co.za