Interim Management Statement

RNS Number : 7469W

ITE Group PLC

31 January 2013

 



31 January 2013

ITE Group plc

("ITE" or the "Group")

Interim Management Statement

ITE Group plc is today publishing its Interim Management Statement for the period from 1 October 2012 to the date of this announcement, incorporating the Group's first quarter trading period from 1 October 2012 to 31 December 2012. This coincides with the Group's AGM which is being held at 12 noon today. Other than the information contained in this Interim Management Statement there have been no material events or transactions in the period from 31 December 2012 to 30 January 2013.

Trading Update

The Group's trading has been in line with management expectations for the first three months of the financial year. Revenue for the three month period to 31 December 2012 was £28.7m, (three months to 31 December 2011: £31.0m). This year's first quarter result has a smaller biennial pattern than in the previous year and on a like-for-like basis revenues for the quarter are ahead of the comparative period by 6%, with good growth across most regions.

The Group's balance sheet remains strong with net cash at 24 January 2013 of approximately £16m.

Corporate development in the period

As announced on 4 December 2012, the Group purchased a 28.3% stake in ABEC, India's largest private exhibition organiser, for a total consideration for £14m paid in cash on completion. The portfolio of 19 exhibitions across 11 vertical markets includes Acetech - India's leading construction exhibition. Today the Group announced the acquisition of 75% of Trade-Link an exhibition organiser based in Kuala Lumpur, Malaysia for approximately £4m. Trade-Link is an established organiser within Malaysia and South-east Asia with leading exhibitions in machine tool technology and metal fabrication. The establishment of an operational base in Malaysia is an important step in the development of ITE's regional aspirations and provides a platform for the Group to launch its existing brands.

Outlook

Trading conditions in our core markets remain positive, and overall bookings for the remainder of the year are progressing in line with management expectations. As at 24 January 2013 the Group had contracted £119m of revenue for the current financial year, 5% ahead of the prior year on a like-for-like basis, despite movements in exchange rates (principally Euro to Sterling) which have reduced average Sterling yields by 4%. Current sales represent circa 66% of current market expectations which is consistent with our long-term average of bookings at this stage of the Group's financial year.

ITE will announce Interim Results for the six month ended 31 March 2013 on Monday, 20 May 2013.

Ends

Enquiries:

ITE Group plc
Russell Taylor, Chief Executive Neil Jones, Group Finance Director	020 7596 5000
FTI Consulting
Charles Palmer/Emma Appleton	020 7831 3113

 

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