Pre-close Trading Update

RNS Number : 3368P

ITE Group PLC

03 October 2011

 



3 October 2011

ITE Group plc

("ITE" or the "Group")

Pre-close trading update for the year ending 30 September 2011

ITE Group plc, the international exhibitions group specialising in emerging and developing markets, has today issued the following update for the year ending 30 September 2011, prior to entering its close period and ahead of its preliminary results announcement on 29 November 2011.

Results for the fourth quarter have continued to reflect the trading patterns noted in our previous statements. Moscow is trading well and the Group's other markets continue to show positive trading patterns. Revenues for the full year are now expected to be circa £154m (2010: £113m).

Fourth Quarter Trading

Total revenues for events in the fourth quarter were circa £21m, which represents a 17% improvement over last year on a like-for-like basis.

The performance of the principal events taking place in the fourth quarter is summarised below. The strong trading environment in Moscow which we have witnessed throughout the year is reflected in these results.

Event	2011 Square Meters	2010 Square Meters	Variance %
MODA	17,900	17,400	+3%
Worldfood Moscow	22,800	20,900	+9%
Moscow International Motor Show	15,000	12,500	+20%

Financial position

The Group had net cash of £2.6m as at 27 September 2011.

Outlook

Bookings for the financial year ending 30 September 2012 including Mosbuild are progressing in line with management expectations. As at 30 September 2011, the Group had booked £68m of 2012 financial year revenues, representing circa 42% of current market expectations for the period.

The Board remain confident in the Group's prospects for 2012 and beyond.

Enquiries

Russell Taylor, CEO	020 7596 5000
Neil Jones, CFO
ITE Group plc
Charles Palmer	020 7831 3113
Emma Appleton
FTI Consulting

This Pre-close Statement is prepared for and addressed only to the Group's shareholders as a whole and to no other person. The Group, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this Interim Management Statement is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. Statements contained in this Interim Management Statement are based on the knowledge and information available to the Group's Directors at the date it was prepared and therefore the facts stated and views expressed may change after that date.  By their nature, the statements concerning the risks and uncertainties facing the Group in this Interim Management Statement involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. To the extent that this Interim Management Statement contains any statement dealing with any time after the date of its preparation such statement is merely predictive and speculative as it relates to events and circumstances which are yet to occur.  The Group undertakes no obligation to update these forward-looking statements.

 

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