Acquisition of Beautex

RNS Number : 1701B

ITE Group PLC

12 April 2012

 



12 April 2012

Acquisition of Beautex 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  subsidiary, ITE International Holdings BV acquired Kiev based Limited Liability Company BeautexCo (Beautex) from BCI R&R Limited, a company registered in Cyprus.

Beautex runs two exhibitions each year, Intercharm and Beautyexpo. Both are trade exhibitions for the professional beauty trade and cosmetic and aesthetic medicine industry in Ukraine.

On acquisition, Beautex had gross assets of nil. The exhibitions are forecast to generate revenues of €2.4m in the year ending 30 September 2012 and are 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 these two exhibitions to ITE's Ukrainian business is consistent with our strategy of building market leading positions in core markets and sectors and will complement ITE's existing activities in Kiev. These events have strong market positions in Ukraine and will benefit from access to ITE's expertise and international reach."

-ends-

Enquiries:

ITE Group plc	020 7596 5000
Russell Taylor, CEO
FTI Consulting	020 7831 3113
Charles Palmer
Numis Securities Ltd	020 7260 1000
James Serjeant

 

END

 

 

ACQDFLFFLZFLBBB