ITE chief sells shares to cover tax

Russel Taylor, chief executive of exhibitions and conferences firm ITE, has sold £232,228-worth of shares in the firm just days after the firm saw full revenues and profits jump as its sector defied the general economic gloom.

Taylor, who joined the firm in 2003 and took up his current role in 2008, disposed of 116,962 shares at 198.55p each in order to cover the tax liabilities on the shares.

At the end of November the firm reported adjusted profit before tax for the year to the end of September at £51.4m, up from £36.6m the year before.

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Revenue climbed to £155.5m from £113.5m last year, all of which put the firm ahead of market expectations.

The market had been looking for pre-tax profits of £50m on turnover of £153.5m.

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