ITE Group PLC
06 March 2008
6 March 2008
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.
On 30 January 2008 the Group released an Interim Management Statement for the
first quarter of its financial year. In that statement the Board confirmed that
the outlook for the Group remained positive and that as at 25 January 2008 £71m
of revenue had been booked, representing 70% of turnover for the year, and like
for like revenues were more than 10% ahead of the comparable figure for the
The principal events that have taken place since 30 January are:
• In February the MODA fashion event took place in Birmingham. The
exhibition, well attended by visitors and well received by exhibitors,
recorded sales of 17,200m2 (2007: 18,200m2) - a good result taken in the
context of the UK trading environment.
• The other main events that took place in February were the spring season
events in Ukraine including Kievbuild, the construction event and Agrihort,
the international agricultural event. Both these events recorded good
growth of more than 15% in m2 sold compared to the previous year's events.
On 29 February 2008 the Group completed the acquisition for a cash consideration
of Roubles 30m ($1.15m) of a small Security and Fire Protection event, SFITEX,
which runs in November each year in St Petersburg. This event is complementary
to the Moscow International Protection and Security event already owned by ITE
and strengthens the Company's portfolio in this growing sector.
The Group's sales are progressing in line with our expectations with good
visibility of sales. As at 29 February 2008, the Group had booked sales of £81m
for this financial year representing 80% of consensus estimates for the year.
Like for like revenues remain more than 10% ahead of the comparable figures for
last year and the Board remains confident that the business is performing in
line with expectations for the full year.
As announced in the Group's 2007 Annual Report, after almost 10 years' service,
Sir Jeremy Hanley, 62, will be retiring as a non-executive director of ITE Group
following today's AGM. The Board would like to thank Sir Jeremy for his support
and guidance over the years and an announcement regarding the appointment of a
new non-executive director will be made in the near future.
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Iain Paterson, Chairman ITE Group plc 020 7596 5000
Russell Taylor, CEO ITE Group plc 020 7596 5000
Tim Spratt Financial Dynamics 020 7831 3113
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