ITE Group still going strong

ITE Group, the exhibitions group specialising in emerging and developing markets, said fourth quarter trading has continued to reflect positive trading conditions as it issued a confident outlook for this year and beyond.

In its company update for the year ending 30 September 2012 the group enjoyed good regional growth despite increasing currency headwinds.

Revenue for the full year is expected to be around £170m compared to £155m in 2011 and in line with market expectations.

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The group ran 40 events during the final quarter producing revenue of around £27m, up 10% from last year on a like-for-like (LFL) basis.

MODA, ITE's Birmingham based fashion event business performed well in a difficult trading environment. World Food Moscow, its food exhibition business recorded its largest ever event with a 6% increase in space sales to 24,300sqm.

"The group continues to experience good levels of organic growth and to generate strong cash balances which together with a strong balance sheet will allow the Group to continue to further develop and expand its business," it said in an update.

"The Board remain confident in the group's prospects for 2013 and beyond."

CJ