ITE Group reports 8% rise in quarterly results

Organiser ITE Group has said revenues booked for the full year are
eight per cent ahead on a like-for-like basis, despite more profitable
shows running next year.
 
As at 17 May 2013, the group had booked revenues for the current financial year of £174m, compared to £156m in 2012.
 
In
an interim management statement, which covers trading over the six
months to 31 March 2013, the group reported revenues of £69.4m compared
to £68.6m for the same period in 2012.
 
“ITE has delivered a good
performance over the first half of the year despite the negative impact
of event timing differences,” said ITE Group CEO Russell Taylor. “The
group’s results have shown consistent compound growth which is reflected
well in our main markets.”
 
The firm said the actual volume
sales of 352,500sqm were four per cent lower than last year’s
367,900sqm, reflecting the lesser biennial contribution and other timing
differences affecting the first six months of 2013.
 
“ITE
however, is in a better position than it was when the last quarterly
results were released. The group is spreading its wings into the Asian
market and our expansion is well underway with its three recent
acquisitions,” said Taylor.
 
ITE Group took a leap into the Indian exhibition market last year by acquiring a minority stake in construction show organiser Asian Business Exhibitions and Conference (ABEC). 
 
“ITE
will continue to be proactive and open to exciting ventures in 2013,”
Taylor said. “The group is in a strong financial position with a net
cash of more than £20m. With continued good trading conditions in our
markets, the board has confidence in the full year outcome,” Taylor
added.
 
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Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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