ITE Group PLC
30 September 2004
ITE Group plc
Pre-close Trading Update
30th September 2004
ITE Group plc, the international exhibition group specialising in emerging and
developing markets has today issued the following statement ahead of its close
The Group's exhibition business in Russia and the CIS has performed ahead of
expectations for the second half of the year, and as a result it is expected
profits and Operating margins for the full year ending on 30th September 2004
will exceed current market expectations.
•Revenues are expected to be marginally ahead of market expectations.
•Gross margins at a number of the major second half events including
Russia Building Week in April, Moscow International Motor Show in August and
Worldfood Moscow in September have exceeded expectations.
•Construction events throughout the CIS have also shown good growth.
•Favourable exchange rate movements in the second half of the year have
reversed a significant part of the foreign exchange losses incurred in the
•Overheads will be significantly lower than last year
•Full year Operating margins (pre-amortisation) are expected to be over
26% (2003 23.8%).
Ian Tomkins, Chief Executive Officer of ITE, said 'I am delighted the company is
achieving such strong growth. It is a clear indication of the development,
strength and growth opportunities in the markets in which we specialise and
reflects our pre-eminent position in these markets. We continue to look ahead to
a very exciting period in Russia and the CIS. The Group is maintaining its focus
on delivering organic growth in these core markets, together with making prudent
'bolt on' acquisitions which are complementary to our existing business. I
believe ITE is very well positioned to continue to leverage our market leading
positions in these exciting and developing markets.'
The Board confirms that the results for the year ending 30th September 2004 will
be announced on 7th December 2004.
Ian Tomkins 020 7596 5000
Chief Executive, ITE Group plc
Bridget Fury 020 7653 6620
This information is provided by RNS
The company news service from the London Stock Exchange