ITE Group PLC
01 October 2007
1 October 2007
ITE Group plc
Pre-close trading update for the year ended 30 September 2007
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 2007, prior to entering its close period and ahead of its preliminary
results announcement on 4 December 2007.
Good demand for exhibitions remains in evidence throughout our principal Russian
and CIS geographies and the Group's strong sales performance reported in May has
continued through the events taking place in the second half of the year. Like
for like revenue growth for the full year is expected to be circa 14%, and as a
result profits for the year ending 30 September 2007 are expected to be slightly
ahead of current market expectations.
Since the interim announcement in May, the results of ITE's main events to have
taken place include:
• In May Astana Build (Kazakhstan) and the Oil and Gas exhibition &
conference in Uzbekistan both showed good growth over last year's events.
In Astana the construction event grew 10% from 3,800m2 to 4,200m2. The Oil
and Gas exhibition in Tashkent grew both its exhibition space sales and
conference revenues by circa 20%.
• The biennial Moscow International Oil & Gas Exhibition took place in June,
and able to use the new pavilion in Expocentr, performed exceptionally
well in delivering sales of 22,500m2 - over 40% up on the 2005 equivalent
event (2005, 15,600m2). The partnering Russian Petroleum Congress benefited
from the activity and also delivered its best ever financial result.
• The Caspian Oil and Gas exhibition and conference, which is currently
restricted by the venue facilities in Azerbaijan, was similar in size to
last year's event.
• Moda Autumn and Moda Footwear took place in August against a cautious UK
retail environment and performed well to report increased space sales of
16,400m2 (2006, 16,100m2)
• In September the re-launched Moscow International Motor Show consolidated
its position at the Crocus venue and was the same size as the 2006 event.
The new pavilion at the Crocus venue will be available for next year's
event and will facilitate the future expansion of this event.
• World Food Moscow which took place in September, was another beneficiary of
the new pavilion opened this year at Expocentr, and in selling 24,500m2
delivered sales growth of 10% over last year's event.
• Kazbuild, our principal construction event in the Kazakhstan market, grew
by over 20% to 13,400 m2 (2006, 10,800 m2). The recently refurbished
Pavilion 10B, which was part funded by ITE, was completed ahead of schedule
and supported the growth of this year's event.
• Baltic Building Week in St Petersburg produced a good financial
performance with improved yields and unchanged space sales over last year.
Bill Dye, Chief Executive Officer of ITE, said:
'In my first trading update for ITE I am pleased to be able to confirm that
ITE's business is performing as robustly as was outlined to shareholders at the
interim announcement in May. In the second half of the year we have experienced
continued growth in demand for exhibitions across our core markets in Russia and
Central Asia. In particular the exceptional performance of the Moscow Oil & Gas
exhibition in June endorses its reputation as a world class exhibition, and
further demonstrates ITE's international strength in this sector. Our portfolio
of exhibitions in Central Asia continues to deliver high growth where the venue
facilities support the expansion of our events. With like for like revenue
growth expected to be circa 14% we expect to report another good financial
Bill Dye Tel: 0207 596 5000
Chief Executive, ITE Group plc
Charlie Palmer/Tim Spratt:
Financial Dynamics Tel: 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange