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ITE Group PLC (ITE)

  Print      Mail a friend       Annual reports

Wednesday 30 May, 2001

ITE Group PLC

Interim Results

ITE Group PLC
30 May 2001


For Immediate Release                                               30 May 2001



                                ITE GROUP PLC

                               INTERIM RESULTS

                    FOR THE SIX MONTHS ENDED 31 MARCH 2001


ITE Group Plc, an international exhibitions specialist, is pleased to announce
its Interim Results for the six months ended 31 March 2001.


Key points:


*         Turnover of £23.3m including ITE's share of turnover attributable to
          associates

*         Profit before amortisation and impairment of goodwill, tax and
          compensation paid to directors for loss of office of £3.7m


*         Cash balances of £21.6m

*         Completion of subscription and open offer raising £39.7m in November
          2000

*         Net assets £59.8m

*         Headline diluted earnings per share 1.0p

*         Interim dividend of 0.5p per share

*         127 trades exhibitions and conferences organised in the period

*         Integration of acquisition programme in Russia and the CIS, Central
          and Eastern Europe Central Asia and the Far East


Lawrie Lewis, Chairman, commented:

'ITE's cash position remains very strong. The Group intends to pursue a
strategy of measured growth by acquisition, but management's primary focus
will be attendance to the fundamental drivers of the business - sales,
customer service and the delivery of quality exhibitions and conferences. We
look forward to reporting on the Group's progress as the year advances.'

For further information, please contact:

ITE Group plc                                         020 7596 5000
Lawrie Lewis

Buchanan Communications                               020 7466 5000
Richard Oldworth/Isabel Petre

Chairman's Statement

RESULTS

The Group has recorded an increase in headline pre-tax profit of 4% for the
interim period ended 31 March 2001. Turnover, including ITE's share of
turnover attributable to associates amounted to £23.3 million  (2000: £ 15.3
million) whilst headline pre-tax profit for the interim period was £3.7
million (2000: £3.6 million). As a result of the Turkish financial crisis and
the downturn in the technology sector, the Group has carried out an impairment
review of goodwill and associates.  The results include exceptional impairment
losses of £5 million and £9.5 million respectively relating to goodwill and
associates, principally arising from exhibitions in Turkey and in the
technology sector. Net assets have increased to £59.8 million (2000: £28.7
million) following the completion of a subscription and open offer in November
for £39.7 million.

EVENTS

During the period to 31 March 2001, ITE organised 127 events and the following
events were the top ten contributors to turnover, including ITE's share of
turnover attributable to associates:

                                                 Area (sq.ms.)    Area (sq.ms.)
                                                     2000/2001        1999/2000

Moscow International Travel and Tourism                 14,600           14,500
Batimat St. Petersburg                                   6,400            5,800
Holiday World Prague                                     9,900           10,100
Auto Show - Turkey                                      34,900           26,300
International Textile Show (Autumn) - Turkey            10,000            8,400
International Textile Show (Spring) - Turkey             8,600            8,700
Otomotiv - Turkey                                       11,900            9,300
Automech - Egypt                                         4,800            5,200
Musiad - Turkey                                          7,900            7,900
Ticari - Turkey                                         10,100            7,600


ACQUISITIONS

The Group has deliberately slowed its acquisition programme during this
interim period as we have focussed on integrating and adding value to the
acquisitions made in our last financial year.  ITE has concluded one
conditional agreement to acquire 51% of Sodeks Fuarcilik in Istanbul, which
organises the largest heating and ventilation show in Turkey.


DIVIDENDS

An interim dividend of 0.5p (2000: 0.5p) has been declared by the Board. This
will be payable on 18 July 2001 to shareholders on the register on 13 June
2001. Shareholders can elect to take their dividend either in cash or in new
shares in ITE.

MANAGEMENT

Since the company's year end, Nigel Stapleton, was appointed as Interim Chief
Executive whilst the search continued for a permanent Chief Executive. Nigel
resigned from the Board in April and I have taken over the Interim Chief
Executive role. Our careful search for the right person continues.

ITE's strength lies in its unique business model of a close network of leading
local partners in each of the geographic regions in which it operates. The
partners have either retained an ongoing equity interest in their operations,
or have an earn out incentive crafted to reward increasing profitability.

ITE management is concentrating its every effort to maximise international
sales for the Group's global events. A new hands-on sales director has
recently been appointed in order to drive the London sales operation to
achieve this goal. The primary objective of management going forward is to
build on the Company's greatest assets; its international sales forces and its
major event brands.

OUTLOOK

On 30 April 2001 the Board issued a trading update, as economic factors in
Turkey, which is ITE's second most important location, and the downturn in the
technology sector had affected our assessment of the likely profitability for
the current year. The problems being experienced in Turkey had adversely
affected customer confidence resulting in the postponement of certain
exhibitions and a reduction in forward contracted bookings.  With little
prospect of an immediate recovery in the Turkish situation, the Board
cautioned the market that headline pre-tax profit was unlikely to exceed last
year's figure of £13.4 million.

Nevertheless, ITE reports strong continuing trading conditions in its key
Russian events for 2001, with the construction, oil & gas and motor sectors
being particularly successful. Further, re-bookings on key Russian events for
year 2002 have been very successful, and the Turkish exchange rate appears to
have stabilised somewhat over the course of the past month.

ITE's cash position remains very strong with £21.6 million at hand at 31 March
2001. The Group intends to pursue a strategy of measured growth by
acquisition, but management's primary focus will be attendance to the
fundamental drivers of the business - sales, customer service and the delivery
of quality exhibitions and conferences.


Lawrie Lewis
Chairman

Consolidated Profit and Loss Account
                                      Six months to   Six months  Year ended 30
                                                              to      September
                                           31 March     31 March
                                               2001         2000           2000
                                Notes     Unaudited    Unaudited        Audited
                                              £'000        £'000          £'000
Turnover
Existing operations                          17,843       13,782         33,565
Acquisitions                                      -            -          5,281
                                           __________    ________    __________
                                             17,843        13,782       38,846
Cost of sales                               (12,033)      (8,061)      (20,933)
                                           __________    ________    __________
Gross profit                                  5,810         5,721       17,913
Other operating expenses                     (3,611)       (3,521)      (6,860)
Other operating income                            -           699          736
                                           __________    ________    __________
Operating profit before
Amortisation and impairment of                2,199         2,899       11,789
goodwill
Amortisation of Goodwill and                 (1,352)         (386)      (1,416)
Trade Investments
Impairment of Goodwill               3       (5,000)            -            -
                                           __________    ________    _________
Operating (loss)/profit
Existing operations                  4       (4,153)        1,814        8,876
Acquisitions                                      -           699        1,497
                                           __________    ________    _________
                                             (4,153)        2,513       10,373
Share of associates' operating                  987           280          771
profit
Amortisation of Goodwill on                    (619)         (322)        (899)
associates
Impairment of Goodwill on                    (9,500)            -            -
associates
                                           __________    ________    __________
(Loss)/profit on ordinary                   (13,285)        2,471       10,245
activities before interest
Interest receivable                             513           312          383
Interest payable and similar                   (111)            -         (312)
charges
                                           __________   _________     _________
(Loss)/profit on ordinary                   (12,883)        2,783       10,316
activities before taxation
Taxation                                     (1,314)       (1,078)      (4,101)
                                           __________   __________    _________
(Loss)/profit on ordinary                   (14,197)        1,705        6,215
activities after taxation
Minority Interests                              (37)          (74)        (243)
                                           __________    __________   __________
(Loss)/profit for the financial             (14,234)        1,631         5,972
year
Dividend                                     (1,286)         (950)       (3,316)
                                           __________    __________   __________
Retained (loss)/profit                      (15,520)          681         2,656
                                           __________    __________   __________
Earnings per share
Headline diluted                      5         1.0p          1.3p         4.8p
Basic                                 6       (5.9)p          0.9p         3.3p
Diluted                               6       (5.9)p          0.9p         3.2p
                                           __________    __________    _________

Consolidated Balance Sheet
                                               31 March   31 March 30 September
                                                     2001       2000       2000
                                         Notes  Unaudited  Unaudited    Audited
                                                   £'000      £'000      £'000
Fixed assets
Goodwill                                          40,920     19,048     47,331
Tangible assets                                    1,790      1,726      1,812
Associates                                        15,236     28,614     21,337
Other investments                                  5,954      3,265      6,178
                                             ___________ ___________ ___________
                                                  63,900     52,653     76,658
Current assets
Debtors                                           22,920     11,291     19,605
Cash at bank and in hand                          21,608      7,490      2,722
                                             ___________ ___________ ___________
                                                  44,528     18,781     22,327
Current liabilities
Creditors: amounts falling due within  7         (37,775)   (38,124)   (52,666)
one year
                                             ___________ ___________ ___________
Net current assets/(liabilities)                   6,753    (19,343)   (30,339)
                                             ___________ ___________ ___________
Total assets less current liabilities             70,653     33,310     46,319
Creditors: amounts falling due after
more than                                           (171)      (180)      (180)
one year
Provisions for liabilities and charges           (10,636)    (4,390)   (12,935)
                                             ___________ ___________ ___________
Net assets                                        59,846     28,740     33,204
                                             ___________ ___________ ___________

Capital and reserves
Called-up share capital                            2,571      1,887      1,937
Share premium account                             68,199     23,354     26,221
Option reserve                                     1,708      2,238      1,853
Profit and loss account                          (12,666)       724      2,717
                                             ___________ ___________ ___________
Equity shareholders' funds                        59,812     28,203     32,728
                                             ___________ ___________ ___________
Minority interests                                    34        537        476
                                             ___________ ___________ ___________
Total capital employed                            59,846     28,740     33,204
                                             ___________ ___________ ___________


Consolidated Cash Flow Statement
                                                  Six   Six months   Year ended
                                            months to           to 30 September
                                             31 March     31 March         2000
                                                 2001         2000
                                            Unaudited    Unaudited      Audited
                                                 £000         £000         £000

Operating (loss)/ profit                      (4,153)        2,513        0,373
Depreciation charges                              284          229          448
Profit on sale of tangible fixed assets           (4)          (6)            7
Profit on sale of own shares                        -            -            6
Amortisation of goodwill                        1,352          386        1,416
Impairment of goodwill                          5,000            -            -
Decrease in debtors                            (3,667)       1,021       (6,508)
Decrease in creditors                           7,943       (1,485)       2,684
                                            __________   __________   __________
Net cash inflow from operating activities       6,755        2,658        8,426
Returns on investments and servicing of           222          312          279
finance
Taxation                                       (1,331)        (604)      (2,531)
Capital expenditure and financial                 (97)        (711)      (3,260)
investment
Acquisitions and disposals                    (10,268)     (12,644)     (33,049)
Equity dividends paid                            (843)      (1,309)      (2,428)
                                            __________   __________   __________
Cash (outflow)/inflow before management of
liquid resources and financing                 (5,562)     (12,298)     (32,563)
                                            
Management of liquid resources                (17,795)      12,878       13,278
Financing                                      24,448          295       15,792
                                            __________   __________  __________
Increase in cash for the period                 1,091          875       (3,493)
                                            __________   __________   __________


NOTES

1.   The six months accounts have been prepared on the historical cost basis,
are unaudited and do not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985.

2.   The results for the year ended 30 September 2000 have been extracted from
the statutory accounts, which have been reported on by the Group's auditors and
have been delivered to the Registrar of Companies. The auditors' report was
unqualified and did not contain any statement under Section 237(2) or (3) of the
Companies act 1985.

3.   Following an impairment review as a result of the Turkish financial crisis
and the downturn in the technology sector, impairment losses of £5 million and
£9.5 million respectively have been made principally relating to exhibitions in
these sectors.

4.   Operating loss includes a charge for compensation paid to directors for
loss of office of £ 100,000 for the six month period to 31 March 2001 (Six
months to 31 March 2000 : £70,000; Year Ended 30 September 2000 : £736,000). 
For statutory reporting purposes, operating expenses amount to £9,963,000 (31
March 2000: £3,907,000) and comprise other operating expenses, amortisation of
goodwill and goodwill impairment.

5.   Headline diluted earnings per share has been based on the profit for the
financial  period adjusted for amortisation of goodwill, goodwill impairment
losses and compensation paid to directors for loss of office, divided by
243,957,262 ordinary shares allowing for the effect of all dilutive potential
shares.

6.   Basic and diluted earnings per share has been based on the profit for the
financial period divided by the weighted average of the number of shares in
issue being 239,323,817.

7.   Creditors: amounts falling due within one year includes amounts
representing deferred income of £ 26,212,000 (31 March 2000 £16,920,000; Year
ended 30 September 2000 £ 19,665,000).

8.   Copies of this document are being sent to Shareholders.
Further copies are available from the Company's registered office.


Independent Review to ITE Group PLC

Introduction

We have been instructed by the company to review the financial information set
out on pages 4 to 7 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the
Listing Rules of the Financial Services Authority and applicable United
Kingdom accounting standards. The Listing Rules require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued in the United Kingdom by the Auditing Practices Board and with our
profession's ethical guidance. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions. It is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on the
financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 March 2001.

Arthur Andersen
Chartered Accountants
London

30 May 2001