NECC reports losses but predicts return to profit

THE North East Chamber of Commerce has reported a third year of losses but says it is well placed to return to profit in coming years.

- GRAEME WHITFIELD

Accounts for the Chamber for 2024 have been published which show that its revenues grew from £2.86m to £2.98m, but that its operating loss grew from £214,000 to £278,000.

Overall loss for the year was reported at £164,000.

Chamber membership fell slightly to stand at 2,009, but chief executive John McCabe said that included more than 300 new members and that it hoped a refreshed membership strategy would attract more firms to join. The Chamber said that its membership retention rate of 82% was "a positive achievement given a significant degree of change and uncertainty in the businesses' economic environment".

The year saw the Chamber refurbish its offices in Newcastle city centre to make them available as flexible workspace to other businesses.