Advertisement

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."

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/commodities/gold/601587/bullish-gold-price-cup-and-handle-chart-pattern
Gold

This chart pattern could be extraordinarily bullish for gold

The mother of all patterns is developing in the gold charts, says Dominic Frisby. And if everything plays out well, gold could hit a price that invest…
1 Jul 2020
Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020