The QEII Centre has had its most successful financial year to date, achieving £14.2 million in turnover - an increase of 24 per cent year-on-year.
The news comes after MPs voted in February for a Parliament refurbishment programme that could see the House of Lords occupy the venue for six years from 2025.
Thanks to an increase in occupancy ratio of 15 per cent year-on-year, revenue through room hire reached £7m in 2017/18, a 21 per cent increase on last year, and secondary income was up by 29 per cent to £6.9m.
Mark Taylor, CEO of the QEII Centre, said: “The 2017/18 financial results are exceedingly impressive and demonstrate that our overall strategy of improving the venue, fine-tuning our operations, creating superb food experiences and delivering service excellence, all combined with enhanced sales and marketing, is really delivering.
"The momentum of this high level of success is continuing, with room hire for 2018/19 already £1.5m ahead of the previous year.”
A £15m capital investment project and rebrand began at the venue in 2013, since when turnover has increased by 48 per cent in total and the occupancy ratio has grown by 38 per cent.
In the past year, the centre has welcomed high-profile international events including the World Congress of the International Federation for the Surgery of Obesity and Metabolic Disorders, Hong Kong Trade Development Council’s ‘Think Asia’ and the Norwegian Developers Conference.