UK-based international events organiser ITE Group has published an Interim Management Statement for the period from 1 October 2013 to 30 January 2014 and claimed a strong balance sheet. The biggest growth areas for the business are reported as Central Asia and Russia.
The trading quarter to 31 December 2013 (the first quarter in the group’s annual accounting cycle) was ITE’s smallest quarter for revenue, although the statement said trading had been ahead of management expectations despite the relative strength of sterling against its major trading currencies.
Revenue for the three-month period to 31 December 2013 was £36.3m, compared £28.7m for the three months to 31 December 2012.
The Group reported a balance sheet with net debt of £3m and facilities in place of £30m, as at 23 January 2014.
ITE said trading conditions in its core markets remained positive and the Group said it had contracted £121m of revenues for FY 2014.
“Current sales represent circa 62 per cent of current market expectations, which is consistent with our long-term average of bookings at this stage of the Group’s financial year,” the interim statement said.
The ITE Board said it was monitoring political uncertainty in Ukraine and admitted the situation could affect its international sales into the country. “However, the region is only a small part of the Group and any effect will be immaterial to the Group’s results,” the statement added.
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