Positive revenue forecasts and confirmed
future business provide an optimistic financial outlook for the sector, but
more work needs to be done to prepare for the introduction of Martyn’s Law,
says the Meetings Industry Association (mia).
The trade body’s
latest quarterly mia Insights report reveals nearly three-quarters (73 per cent) of
organisations are forecasting greater revenue in 2024 compared to last year,
while 59 per cent are reporting more confirmed future business than they did in January
2023. However, overall costs rose last year by 14 per cent, which 87 per cent are combatting by
raising their prices by an average of 10.5 per cent.
Across the
sector, average lead times are now 11 weeks, down from the 15-week average
reported in October. Cited reasons for the reduction include long-term
confidence being impacted by the continued rail strikes, which have negatively affected 52 per cent of respondents. In January alone they resulted in an average
£37,413 being lost per organisation in cancelled business.
Almost half
(49 per cent) state their organisation’s workforce is now bigger than last year, yet
vacancies remain for 72 per cent - an increase of 11 per cent since October. To overcome the
shortages, currently only 15 per cent of organisations are offering Returnerships – the
government’s return to work scheme for over 50s – compared to 47 per cent who are now
employing an apprentice.
Looking ahead,
just half consider themselves prepared for the introduction of Martyn’s Law.
Figen Murray OBE, the driving force behind the new legislation and mother of
Martyn Hett, who was tragically killed in the terrorist attack at Manchester
Arena in May 2017, said: “A key part of the necessary preparations for Martyn’s
Law is to create a good security culture with processes clearly communicated to
all staff, so it is disappointing to see that 43 per cent are currently unsure if their
organisation is prepared.”
She added: “The
terrorist threat picture is complex and ever evolving. While we do not
currently know what the new legislation will exactly look like, there’s
lots the sector can be doing to ensure their venues are better prepared to
protect lives from the horrific impacts and effects of terrorism.”
Meanwhile, artificial intelligence (AI) is still in the early stages of being adopted by
the sector. It seems 87 per cent of organisations do not currently use its
capabilities and, those who are, largely use it for copywriting and image
generation.
Chief executive
of the mia, Kerrin MacPhie, said: “The mia Insights paint a positive financial
picture for the sector with increased revenue forecasts and business on the
books. However, there are still a variety of matters that we, as a sector, must
keep on the radar. Rail strikes are still impacting the sector and we cannot
ignore this in light of the significant evolution of events that we are anticipating
taking place over the next 12 months.
“More work
clearly needs to be done to prepare for the impending Martyn’s Law, which is
why we will be continuing to support the sector with events and guidelines. AI
will also be a key topic at our forthcoming mia Summit to help the sector in
understanding this technology. We cannot afford to be left behind and need to
embrace and start experimenting with its capabilities.
“Similarly, we
will be working to support DWP 50PLUS champions to engage with industry and
help more to take advantage of Returnerships by highlighting the benefits and
facilitating adoption of utilising this government initiative.”
To download the report, visit https://www.mia-uk.org/Insight-Surveys
