ITE increases presence in Ukraine

Exhibitions and conferences firm ITE Group has added a number of exhibitions in the Ukraine to its portfolio with the acquisition of Autoexpo.

Gross assets included in the transaction were $50k as at 24 November 2011. The portfolio of 10 exhibitions acquired generated revenues of $3m and pre-tax profits of $1m in the current calendar year. The acquisition is expected to be earnings enhancing in ITE's 2012 financial year.

ITE's chief executive officer Russell Taylor said: "The addition of this portfolio of exhibitions to ITE's Ukrainian business is consistent with our strategy of building market leading positions in core markets and sectors."

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Taylor said the acquired portfolio will complement the existing activities of its wholly owned Ukrainian subsidiary, Premierexpo.

NR