James Kennedy sits down with global finance leader Malcolm Carradus to unpack the business of events – from content-led conferences to transaction-driven trade shows – and how he helped scale Informa Markets into the world’s largest events organizer. They get into cash-flow mechanics, venue risk, gross-margin control, and the leadership shift finance teams need when each show runs like its own business. Along the way: wild on-site stories (including a venue demolished three weeks pre-show), why trade shows can command premium EBITDA multiples, and the fractional-CFO playbooks Malcolm now uses with clients.
About Malcolm Carradus
A chartered accountant turned events-industry CFO, Malcolm spent ~20 years in Asia (largely Singapore) and served as CFO for Informa Markets, helping grow the division from ~$300M to ~$2B revenue and 500 to 5,000 staff. He’s worked across both conferences (content & networking) and trade shows (marketplaces for buyers/sellers), and today runs CFO as a Service, advising scale-ups – many in events – on forecasting, KPIs, pricing, cash flow, and exit readiness.
What You’ll Learn
- Trade Show vs. Conference Economics: Why conferences sell content & access, while trade shows sell outcomes – and why exhibitors take a “leap of faith” on organizer-delivered demand.
- Cash-Flow Flywheel: Collect early (“no pay, no play”), pay suppliers later, and why that makes events attractive to PE.
- Multiples & Moats: Typical EBITDA multiples (trade shows can reach low-to-mid teens; conferences materially lower) and how venue scarcity & multi-year commitments create barriers to entry.
- Control the Margin, Not Every Line: Set a gross-profit % for each show and empower teams to hit it – because on-site realities shift by the hour.
- Leading Finance at Scale: Why a CFO in events must be commercial, people-first, and future-focused (pipeline, pricing, cash), not just rear-view reporting.
- CFO Playbooks that Work: Three-year planning, sale readiness, receivables discipline, and crisp, decision-ready reporting.
Episode Highlights
- “Each show is its own business. Try to standardize everything and you’ll go mad – pick your battles and keep people entrepreneurial.”
- “Set the gross margin target and give teams latitude on how they achieve it.”
- “Trade shows are a three-day city – buyers, sellers, cranes, food, freight – the works.”
- “We grew Informa Markets from ~$300M to ~$2B in six years by doubling down on quality portfolios and the sector’s strong cash dynamics.”
- “Sometimes you just wear the loss to deliver for customers – your reputation outlives the P&L of a single show.”
More About Malcolm’s Role
At CFO as a Service, Malcolm partners with founders and event leaders to:
- Build rolling forecasts & KPI dashboards tied to pipeline and GP%
- Optimize pricing, venue contracts, and show P&Ls
- Strengthen cash conversion (terms, collections, “no pay, no play”)
- Prepare for M&A / exit with clean data rooms and value narratives
He also shares practical CFO playbooks (3-year plan, sale readiness, receivables, reporting) that speed up implementation.
