ITE Group sees revenue rise 11 per cent

Revenue rose 11 per cent to 172m pounds year-on-year at conference and exhibition organiser ITE Group, according to the company's preliminary results which were published this morning.

Revenue rose 11 per cent to 172m pounds year-on-year at conference and exhibition organiser ITE Group, according to the company's preliminary results which were published this morning.

Headline profits edged up 3% to £53m while the company announced that £95m of revenue had been booked for 2013.

Russell Taylor, Chief Executive Officer of ITE Group, commented: "ITE has delivered record results in its lesser biennial year. This reflects the strength and breadth of our market leading events portfolio and a first time contribution from the acquisitions."

He added that the major impact on the group's results had come from ITE's premier construction event, Mosbuild, which represents one third of ITE's exhibition business in Moscow.

"Following a decision by its host venue to launch its own competitive event in the construction sector, ITE had in 2011 made the decision to re-locate Mosbuild to another venue which offered more secure terms for its future. The results this year reflect the financial impact of this upheaval but also underpin the strength and resilience of this event. Mosbuild in underlying terms stayed broadly the same size - despite facing the dual challenges of re-location and new competition."

The company further announced that it had acquired a 28% stake in Indian exhibition business ABEC by its wholly owned subsidiary Airgate Holdings Ltd. The acquisition, which is worth the equavalent of £14m payable in cash upon completion, will be funded from existing cash resources and agreed debt facilities.

ABEC generated profits of INR 140m (£1.6m) in the year ending 31 March 2012 and had gross assets of INR 1,724 (£20m) at completion. It runs 19 exhibitions across a variety of markets including construction, architecture and lifestyle.

Commenting on the minority acquisition, Taylor added: "ABEC has a quality portfolio of events with strong market positions in sectors where ITE has an established presence such as construction, oil and gas and security. ABEC's events in the construction and design sector total more than 65,000m2 net of sold exhibition space, giving ITE an interest in India's dominant trade shows for this growing sector."

MF

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