RNS Number : 9711N
ITE Group PLC
27 February 2009
27 February 2009
ITE Group plc
('ITE' or the 'Group')
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.
Since the Interim Management Statement issued on 27 January 2009 the principal events to have taken place are the Spring edition of MODA, our UK fashion and Footwear event, and the new acquisition in Turkey, the Eastern Mediterranean Travel and Tourism event, EMITT.
MODA took place at the National Exhibition Centre in Birmingham from the 15 to 17 February 2009. As expected the event was a little smaller than last year reflecting the pressure on the UK retail industry at present and volume sales were 14,900m2, (2007: 17,200m2). However the event was considered a success by the majority of exhibitors with good levels of business being written across most sectors.
On 24 December ITE announced that it had acquired 75% of the principal travel exhibition in Turkey, EMITT. The event took place in Istanbul from the 12 to 15 February and performed in line with expectations. The event sold 22,000m2 of space and was visited by circa 100,000 visitors over the four days. Tourism is a significant contributor to the Turkish economy and the EMITT exhibition is an important part of the industry. ITE with its international sales outlets will be able to contribute to the future growth of this event.
At 20 February 2009 the Group had net cash of £30m.
Since we made the interim management statement on 27 January 2009 there has been no change in the challenging trading environment referred to in that statement. Overall, trading remains in line with our expectations, with £87m of contracted revenues booked for the current financial year at 20 February 2009 (20 February 2008: £78m). This represents approximately 73% of current market expectations for the year to 30 September 2009.
Russell Taylor, Chief Executive, ITE Group plc Tel: 020 7596 5000
Charlie Palmer/Helen Thomas, Financial Dynamics Tel: 020 7831 3113
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