ITE trading in line with expectations

Exhibitions and conferences firm ITE Group has been trading in line with management expectations for the first three months of the financial year, with revenues of £31m, compared to £20.5m for the same period the previous year.

The Kazakhstan Oil and Gas Exhibition & Conference achieved sales of 8,500 sqm, an increase of 9% over the prior year. The group acquired the licence to run the Kazenergy Forum in Astana this year which has contributed to an overall increase in conference revenues of 30%.

In a statement the firm said: "Trading conditions in our core markets remain positive, and overall bookings for the remainder of the year are progressing in line with management expectations.

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"As at January 24th the group had contracted £113m of revenues for the current financial year, 8% ahead of the prior year on a like-for-like basis. This represents around 67% of current market expectations, which is consistent with our long-term average of bookings at this stage of the group's financial year."

The group had net cash of around £12m at January 22nd, following the acquisition of Autoexpo and a number of other payments.

The share price rose 1.12% to 107.9p by 09:04.

NR