Like-for-like revenues eased a little in the April to June quarter from a year earlier at ITE Group, but the exhibitions and conferences organiser said that was in line with expectations.
On a like-for-like basis revenues for the group's fiscal third quarter were some 3% lower than the previous year. ITE said the decline was mostly down to the performance of the group's Mosbuild event in its biennially weaker year. Mosbuild, an event for the construction industry, also faced competition this year from a newly launched rival exhibition. The remainder of ITE's portfolio, excluding Mosbuild, delivered like-for-like revenue growth of around 6% for the quarter.
Revenues in the three months to the end of June were £76.1m, down from £79.4m in the corresponding period of last year. This year's revenues do not include any contribution from the biennial Moscow International Oil & Gas exhibition but do include first time contributions from recent acquisition Turkeybuild, as well as contributions from the spring events of the recently acquired Automotive and Beauty portfolios in Ukraine.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
As at July 13th, the group had net debt of £1.7m after spending circa £17m on acquisitions and deferred consideration during this financial year.
As of the same date, the group had £163.6m of sales booked for the current financial year, up from £146.8m at the same time last year, which means around 96% of full year revenue expected by the market is already in the bag.
"The group continues to experience good trading conditions in its principal markets and the board remains confident in the group's prospects for the year," the statement said.
JH
-
Average earners now face £200,000 inheritance tax bill - how much will your estate owe?‘Double whammy’ of inheritance tax changes means even the estates of those earning the average UK wage could face bills, not just the very wealthy
-
Are the wealthy dodging more tax than previously thought?A new report suggests tax non-compliance among the wealthy could be worse than previously imagined. Is an overly complex system partly to blame?
