ITE Group PLC
22 February 2007
22 February 2007
ITE Group plc
ITE Group plc, the international exhibitions group specialising in emerging and
developing markets, has issued the following trading update ahead of the
Company's Annual General Meeting today.
Current sales and the trading outlook are in line with the Group's expectations
and the comments made at the time of the preliminary results in December 2006.
The principal events that have taken place this year have performed well:
• The Kazakhstan International Oil and Gas Exhibition and Conference took
place in October 2006. The exhibition benefited by growing into the new
pavilion constructed in 2006, with space sales of 9,600m2 (October 2005:
7,900m2). Revenues earned from the conference increased by circa 10% over
the previous event.
• Ingredients Russia was organised in December, and having changed venues,
recorded a 12% growth in space sales to 6,300m2 (November 2005: 5,600m2).
• The MODA Fashion and Footwear exhibitions took place at the NEC,
Birmingham earlier this week. Space sales were 18,200m2 (2005: 17,800m2).
Other notable Moscow events included an initial contribution from Expoclean,
which was acquired in June last year and excellent growth from Pharmtech in
December following the decision to re-locate to a new venue. There were strong
performances throughout the CIS region with Public Health (Ukraine), World Food
Kazakhstan and Baku Build (Azerbaijan) being particularly noteworthy. Kiev
AgriHort demonstrated continued strong growth, utilising the newly constructed
third pavilion at the IEC venue in Kyiv.
ITE has recently provided a new advance of $2m to facilitate the construction of
another pavilion at the Atakent venue in Almaty, Kazakhstan. ITE's exhibition
business in Kazakhstan is experiencing good demand and the additional space is
expected to facilitate further growth.
We announced at the time of our preliminary results in December that Ian Tomkins
had advised the Board that he wished to relinquish his role as Chief Executive
by the end of 2007. The Nomination Committee has initiated a search for his
Forward sales for events in the 2007 financial year continue to enjoy growth in
excess of 10% on a comparable basis to last year and the Board remains confident
of the prospects for 2007.
Ian Tomkins, Chief Executive Charlie Palmer / Darrel Connell
Russell Taylor, Finance Director
ITE Group plc Tel: 0207 596 5000 Financial Dynamics Tel: 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange