The Birmingham-based company, which has a £2bn regional impact, declined to comment on how many jobs are affected but .
Deborah Smith, marketing and communications director at NEC, confirmed the news this morning, adding that the cuts affect the NEC's permanent staff. She said that the group has suffered a significant drop in revenues, particularly in exhibitions.
With around 60% of The NEC Group's revenue - and an even bigger slice of its profit - coming from its exhibition business, the job cuts were said to be necessary.
Paul Thandi, chief executive of NEC Group said: "Despite the poor short-term outlook for the exhibitions and conference markets, the financial prospects for our arenas and Ticket Factory business remain strong over the foreseeable future, with healthy levels of advanced bookings."
He added that the group is looking at new structures or ways of working for certain departments, with reduced working hours during periods of lighter activity levels, and outsourcing some key services to other companies being possibilities.
Market forces have been blamed for a spate of recent job cuts, There has also been exhibition closures including the 2009 Commercial Vehicle Show and the 2010 Motor Show at ExCel.
Despite the downturn, many NEC events are still prospering. Recent launches include the Gadget Show (17-19 April) and the Ultimate Pet Show (2-4 May). Elsewhere, the Boat and Caravan Show, MCI and The Clothes Show enjoyed strong performances.
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