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Main Event revenue drops 87%, expects unchanged environment

Main Event Entertainment Group (MEEG) Limited indicates that results for the quarter and for the nine-month period ended July 31, 2020 have been significantly impacted by the on-going global pandemic.

Main Event provides solutions for event management in the region.

Revenue for the quarter was JM$59.78 million compared to JM$468.61 million last year, down 87 per cent.

Operating loss for the quarter was JM$42.78 million compared to JM$23.16 million in operating income last year; and net loss for the quarter was JM$45.54  million compared to net income of JM$14.73 million in 2019.

Earnings Per Share (EPS) was 3 cents, down 92 per cent.

Year to date, nine-month revenue is JM$944.58 million compared to JM$1.364 billion in July 2019, down 31 per cent.

Revenue for the quarter ended July 31 was down 87 per cent compared to the corrsponding period of the previous year.

In October 2019, the company ended the year with JM$.1.799 billion in revenue.

Management said in statements attached to the results, “We have been challenged to weather a very unfavourable environment for our industry, with government imposed social distancing protocols and the shutdown of outdoor events

“As a result, both revenues and profitability have retracted significantly. Year to date revenues and gross margins are down 31 per cent and 30 per cent respectively; but our profits have been substantially reduced in this pandemic-marred quarter.”

MEEG offers turnkey solutions for event management, digital signage and promotions services in Jamaica and the Caribbean.

Principals Richard Bair and Solomon Sharpe launched in 2004, tapping the need for brand experiences. In 2006 associate company I-Print Digital was created and later MStyle, which offers wedding services. The company employed around 200 in 2019 operating from offices on Lady Musgrave Road in Kingston and the company warehouse in Newport West.

Ian Blair and Solomon Sharpe said in their comments that the company has cut costs in order to preserve liquidity. They said the company continues to operate with an appropriately trimmed workforce.

They outlined expectations that they expected current conditions to continue for the remainder of the year.