ITE Group PLC
02 October 2006
2 October 2006
ITE Group plc
Pre-close trading update for the year ended 30 September 2006
ITE Group plc, the international exhibitions group specialising in emerging and
developing markets, has today issued the following update for the year ended 30
September 2006, prior to entering its close period and ahead of its preliminary
results announcement on 5 December 2006.
The Group's second half performance reflects the good trading conditions
experienced by ITE throughout Russia and the CIS territories. Like for like
sales and revenues growth in the second half has been more than 10% over the
comparable period last year and as a result full year revenues are now expected
to exceed consensus forecasts by 2-3%.
Since its interim announcement in May, ITE's more significant events include:
• In May, Astana Build (Kazakhstan) and Oil and Gas Uzbekistan both
reported revenue growth of more than 20%.
• The Caspian Oil and Gas exhibition and conference (Azerbaijan),
acquired by ITE in October 2004, continued its growth with a 9% increase in
revenues over last year.
• MODA and MODA Footwear, the Group's UK fashion events were held in
August at the NEC Birmingham. The recently acquired Footwear event which has
now been fully integrated into the MODA fashion event showed excellent growth
over its pre-acquisition performance last August.
• The planned re-launch of the Moscow International Motor Show at the
Crocus venue was delivered with a new September dateline and a revised pricing
structure. The changes were positively received by our exhibitors, and revenues
for this event exceeded ITE's expectations.
• A very strong performance was delivered by the Group's principal
construction event in Kazakhstan, Kazbuild, which facilitated by the newly
constructed pavilion in Almaty reported revenue growth of 25%.
• Baltic Building Week, the St.Petersburg construction event held in
September reported revenue growth of 8% over last year's event.
• Worldfood Moscow also in September reported revenue growth of 10% over
last year's event.
Other important developments since May include ITE's agreement to buy out the
10% minority shareholding in its MODA fashion business this October and agreeing
terms with Messe Frankfurt for the launch of Automechanika Moscow in May 2007.
Ian Tomkins, Chief Executive Officer of ITE, said:
'The second half of the year reflected continued good trading across our core
markets in Russia and Central Asia. The Construction and Oil and Gas sectors
were particularly strong. We are also very pleased with the results of our
efforts in re-positioning the Moscow International Motor Show this year, and
with the recently announced co-operation agreement for the launch of
Automechanika Moscow with Messe Frankfurt.'
Ian Tomkins,Chief Executive
ITE Group plc 0207 596 5000
Charlie Palmer/Tim Spratt:
Financial Dynamics 020 7831 3113
Note to editors
The media company ITE Group plc has a full listing on the LSE and specialises in
B2B exhibitions, primarily in emerging and fast growing Eastern European
markets. Key figures:
- 150+ events in 16 countries
- key sectors: construction; oil & gas, travel; food; motor &
transport; textiles & fashion; IT & Telecoms
- key geographic areas of operation: Russia, Ukraine, Kazakhstan,
Azerbaijan, Uzbekistan, Turkey, South Africa, UK
- 2005 turnover £78.5m and headline profit before tax of £26.0m
This information is provided by RNS
The company news service from the London Stock Exchange