Conference, exhibitions and events venue Manchester Central is preparing to face competition from the new £365m Co-op Live arena when it opens in December this year.
The city centre venue is continuing its recovery from the Covid-19 pandemic when it served as a Nightingale Hospital until returning to normal trading in June 2021.
In recent years Manchester Central has also faced increased competition from the likes of Manchester City's Etihad Stadium and Lancashire Cricket's Old Trafford stadium hosting events and concerts.
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The AO Arena is also undergrowing a major investment project in order to enhance its offer to customers.
The Co-op Live arena, a joint venture between Oak View Group, Manchester City's owner and pop star Harry Styles, is expected to open by the Etihad stadium at the end of 2023.
On the competition, Manchester Central said: "The business operates in a competitive and evolving environment.
"There are new entrants to the conference and exhibition market from other sectors through the repurposing of space to accommodate events in non-traditional venues, for example sports stadia.
"Traditional venues are also investing in their facilities to meet the evolving needs of customers as the event landscape changes.
"The principal competitive risk is the possibility of business being lost to these venues both in the UK and internationally."
According to newly-filed accounts for Manchester Central, the business increased its turnover from £11.3m to £16.9m in the year to March 31, 2022. Its pre-tax profits also rose from £755,000 to £2m.
A statement signed off by the board said: "The company will continue to invest in maintaining and improving event delivery standards and booking levels to increase sales and profitability and generate enhanced shareholder return.
"The company will also continue to operate in a manner which is sensitive to its position within the city of Manchester, as a key driver of business tourism, with appropriate consideration given to its social and environmental responsibilities."
Manchester Central also provides retail catering, hospitality and event services to Manchester Town Hall and Central Library as well as catering and event services at the Runway Visitor Park at Manchester Airport.
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