LOCOG publishes 2010 - 2011 annual report and accounts

The London Organising Committee of the Olympic Games and Paralympic Games Ltd (LOCOG) today published its 2010/11 financial report and accounts.

The full report and accounts have been submitted to Companies House, and can be viewed on the London 2012 website.

The core operating budget for the London 2012 Games is circa £2 billion, and is financed by private-sector revenue programmes, including domestic and international sponsorship, merchandising and licensing, ticket sales, and a proportion of the revenue raised by the IOC through selling global television broadcast rights, and global sponsorship.

As at 31st March 2011, LOCOG had signed domestic sponsorship deals totalling more than £670m in value. LOCOG today announced that the domestic sponsorship target of £700m has been reached, following the announcement of Westfield as LOCOG’s 44th domestic sponsor. In addition, in the period to 31st March 2011, the Company signed deals for licensed merchandise sales which will generate a minimum guaranteed amount of £44m, with income expected to be in the region of £86m.

At the year end, LOCOG had also secured £266 million of contractual hospitality ticketing income and client group ticket sales. This excludes income from public ticket sales for the Olympic Games which was received after the year end. Tickets for the London 2012 Paralympic Games go on sale from 9th to 26th September this year.

Operating progress in the last twelve months includes;

- Developing a comprehensive sport testing programme to test specific elements of our operations at the majority of our competition venues. This programme delivered 18 test events in the Summer of 2011;

- Completing over 200 procurement projects, with 75 percent of sports equipment procurement now in place;

- Announcing the 25 stand alone training venues, to be used by 15 sports immediately before and during competition;

- Good progress on Games-time transport operations, including the announcement of the Olympic Route Network and Paralympic Route Network, and the appointment of the bus operator for London 2012, to provide buses, drivers and other services at Games-time;

- Delivering distinctive and imaginative campaigns to engage the British public in volunteering, ticketing and the Olympic Torch Relay;

- Attracting quarter of a million applications to be volunteers, and running a national selection process to select 70,000;

- Engaging the whole of the UK, through the Cultural Olympiad, Open Weekend, the Inspire Programme and Pre Games Training Camps (over 80 agreements signed to date);

Directors’ remuneration is outlined on page 69 of the annual report and accounts. This section includes details of the performance related awards made by the Remuneration Committee to the Chief Executive, Paul Deighton. As announced last year, Paul Deighton will be donating his performance award to charity.

Sebastian Coe, Chairman of LOCOG, commented: "After eight years of bidding and planning, we have almost reached the summit of our Games preparations. We continue to deliver against our objectives as demand for involvement in all things London 2012 goes from strength to strength and together with our partners we are testing all aspects of the Games With under 12 months to go to the Opening Ceremony of the London 2012 Olympic Games, our journey to staging the world’s biggest and most important sporting events is now clearer than ever and I would like to thank the LOCOG team, our stakeholders and our commercial partners for all the work that has got us to this stage."

For more information, contact: London 2012 Press Office on +44 (0)203 2012 100 or visit the website at www.london2012.com.

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