The SECC includes concert, exhibition and conference facilities

Results for the 18-month period from October 2003 to 31 March 2005 showed turnover of �21.7m, up 75% on the 12 months to September 2003.

Net profit before taxation was up 71% from �1.29m to �2.2m.

The 376 events held at the SECC during the 18-month period attracted almost 2.5 million visitors.

Spending by visitors, delegates, exhibitors and organisers brought an economic benefit to the Greater Glasgow area of more than �169m, the SECC claimed.

The AGM heard that the conference sector performed well, despite holding fewer national association events than in 2002/2003.

As we move forward, there will be greater emphasis on expanding our core business and the construction of our 12,500-seat purpose-built arena is key to this SECC Chairman Ian Grant

A total of 91 conferences were staged including the European Respiratory Society, Scotland's largest ever medical conference.

The exhibition sector remained steady, staging 69 exhibitions.

The events sector, consisting of concerts and special events, generated 34% of turnover and 28% of gross profit.

A total of 172 music concerts were staged in the 18-month period in comparison to 88 in the previous 12 months.

The Box Office, which sells tickets for SECC events as well as events throughout the UK, was the fastest growing sector of the business.

It sold 1.29 million tickets with a face value of almost �30m.

'Excellent progress'

SECC Chairman Ian Grant said: "As we move forward, there will be greater emphasis on expanding our core business and the construction of our 12,500-seat purpose-built arena is key to this.

"Not only will it free up Hall 4 for conferences and exhibitions, it will remove the costs involved in building and dismantling temporary seating and allow us to capitalise on the buoyant concert arena market.

"I'm pleased to say that we are making excellent progress with our plans, which will help secure the long-term growth of the SECC."