Acquisition of Autoexpo

RNS Number : 8388S

ITE Group PLC

28 November 2011

 



28 November 2011

ITE Group plc

("ITE" or the "Group")

Acquisition of the exhibition assets of Autoexpo strengthens

ITE's leading position in the Ukraine market

ITE Group plc, the emerging and developing markets exhibitions specialist, today announces that its wholly owned Ukrainian subsidiary, Premierexpo (PE), has entered into an agreement to acquire the exhibition assets of Limited Liability Company Autoexpo (Autoexpo).

The portfolio of 10 exhibitions acquired includes SIA, the Kyiv International Autosalon, which is the leading motor show in Ukraine, as well as others operating in ITE's core markets sectors of travel & tourism, building & construction and oil & gas.

Gross assets included in the transaction were US$50k as at 24 November 2011. The exhibitions generated revenues of US$3m and pre-tax profits of US$1m in the current calendar year. The acquisition is expected to be earnings enhancing in ITE's 2012 financial year.

Commenting on the acquisition, ITE's Chief Executive Officer, Russell Taylor, said:

"The addition of this portfolio of exhibitions to ITE's Ukrainian business is consistent with our strategy of building market leading positions in core markets and sectors and will complement PE's existing activities. These events have strong market positions in Ukraine and will benefit from access to ITE's expertise and international customer base."

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Enquiries:
Russell Taylor, CEO	ITE Group plc	0207 596 5000
Charles Palmer	FTI Consulting	0207 831 3113
James Serjeant	Numis Securities Ltd	020 7260 1000

 

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