Viad Q2 Revenues Surge Nearly 24 Percent to $317 Million
The second quarter of 2015 was a good one for Phoenix-based Viad, the parent company of Global Experience Specialists, with revenues surging 23.7 percent to $317 million, compared with $256.4 million during the same time period the year before.
GES had a particularly strong quarter, with revenues increasing to $286.6 million, a 26.5 percent increase, compared with $226.6 million during the same time period the year before.
“GES delivered much stronger results in the second quarter than we had previously expected,” said Steve Moster, president and CEO.
He added, “The upside came from a number of areas, including same-show revenue growth, a near historic level of revenue from short-term bookings and a significant increase in sales to our corporate clients. The team did a great job driving this additional revenue to the bottom line.”
U.S. organic growth for GES in Q2 was $196.9 million, a 16.6 percent increase, compared with $168.8 million during the same time period the year before. International growth was even higher up to $85.7 million, compared with $63.4 million during the same time period the year before.
Moster said same-show growth of 7 percent in the second quarter was higher than the 5 percent that was expected, adding that it was a “positive sign for the industry.”
He also said that the company did “very well in short-term bookings”, which were contracts that came in since the beginning of the year.
“It really points back to the value proposition we have for our clients,” Moster said.
A big part of that value proposition is being a full-service destination for all of their client’s needs, which the company has striven for with the acquisition of companies such as onPeak, N200 and Blitz Communications. Moster said the acquisitions have “delivered as expected. “
He added the second quarter saw a lot of “great activity with cross-selling.” For example, existing shows, such as HAI HELI-EXPO and SIA Snow Show, to name a few, added additional services GES offered.
As to overall 2015 expectations, consolidated revenue is expected to be comparable to 2014 full-year revenue, despite negative show rotation of approximately $70 million and unfavorable currency translation of approximately $40 million.