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  Print      Mail a friend       Annual reports

Wednesday 30 May, 2001


Interim Results - Replacement

30 May 2001

The issuer advises that the following replaces the 'Interim Results'
announcement released today,
30 May 2001, at 07:01, under RNS number 3671E.

The amendment appears in the 'Dividends' section of the Chairman's Statement.
The interim dividend will be payable on 18 July 2001 to shareholders on the
register on 15 June 2001 and not on the register on 13 June 2001 as
previously stated.

All other details remain unchanged. The full amended text appears below.

                      For Immediate Release   30 May 2001 

ITE Group Plc, an international exhibitions specialist, is pleased to
announce its Interim Results for the six months ended 31 March 2001.

Key points: 

* Turnover of £23.3m including ITE's share of turnover attributable to

* Profit before amortisation and impairment of goodwill, tax and compensation
paid to directors for loss of office of £3.7m

* Cash balances of £21.6m

* Completion of subscription and open offer raising £39.7m in November 2000

* Net assets £59.8m

* Headline diluted earnings per share 1.0p

* Interim dividend of 0.5p per share

* 127 trades exhibitions and conferences organised in the period

* Integration of acquisition programme in Russia and the CIS, Central and
Eastern Europe Central Asia and the Far East
Lawrie Lewis, Chairman, commented: 

'ITE's cash position remains very strong. The Group intends to pursue a
strategy of measured growth by acquisition, but management's primary focus
will be attendance to the fundamental drivers of the business - sales,
customer service and the delivery of quality exhibitions and conferences. We
look forward to reporting on the Group's progress as the year advances.'

For further information, please contact: 

                 ITE Group plc                   020 7596 5000 
                 Lawrie Lewis                                  
                 Buchanan Communications         020 7466 5000 
                 Richard Oldworth/Isabel Petre                 
Chairman's Statement 


The Group has recorded an increase in headline pre-tax profit of 4% for the
interim period ended 31 March 2001. Turnover, including ITE's share of
turnover attributable to associates amounted to £23.3 million (2000: £ 15.3
million) whilst headline pre-tax profit for the interim period was £3.7
million (2000: £3.6 million). As a result of the Turkish financial crisis and
the downturn in the technology sector, the Group has carried out an
impairment review of goodwill and associates. The results include exceptional
impairment losses of £5 million and £9.5 million respectively relating to
goodwill and associates, principally arising from exhibitions in Turkey and
in the technology sector. Net assets have increased to £59.8 million (2000:
£28.7 million) following the completion of a subscription and open offer in
November for £39.7 million.


During the period to 31 March 2001, ITE organised 127 events and the
following events were the top ten contributors to turnover, including ITE's
share of turnover attributable to associates:

                                                 Area (   Area (
                                                     2000/2001      1999/ 2000
  Moscow International Travel and Tourism               14,600          14,500
  Batimat St. Petersburg                                 6,400           5,800
  Holiday World Prague                                   9,900          10,100
  Auto Show - Turkey                                    34,900          26,300
  International Textile Show (Autumn) - Turkey          10,000           8,400
  International Textile Show (Spring) - Turkey           8,600           8,700
  Otomotiv - Turkey                                     11,900           9,300
  Automech - Egypt                                       4,800           5,200
  Musiad - Turkey                                        7,900           7,900
  Ticari - Turkey                                       10,100           7,600

The Group has deliberately slowed its acquisition programme during this
interim period as we have focussed on integrating and adding value to the
acquisitions made in our last financial year. ITE has concluded one
conditional agreement to acquire 51% of Sodeks Fuarcilik in Istanbul, which
organises the largest heating and ventilation show in Turkey.


An interim dividend of 0.5p (2000: 0.5p) has been declared by the Board. This
will be payable on 18 July 2001 to shareholders on the register on 15 June
2001. Shareholders can elect to take their dividend either in cash or in new
shares in ITE.

Since the company's year end, Nigel Stapleton, was appointed as Interim Chief
Executive whilst the search continued for a permanent Chief Executive. Nigel
resigned from the Board in April and I have taken over the Interim Chief
Executive role. Our careful search for the right person continues.

ITE's strength lies in its unique business model of a close network of
leading local partners in each of the geographic regions in which it
operates. The partners have either retained an ongoing equity interest in
their operations, or have an earn out incentive crafted to reward increasing

ITE management is concentrating its every effort to maximise international
sales for the Group's global events. A new hands-on sales director has
recently been appointed in order to drive the London sales operation to
achieve this goal. The primary objective of management going forward is to
build on the Company's greatest assets; its international sales forces and
its major event brands.

On 30 April 2001 the Board issued a trading update, as economic factors in
Turkey, which is ITE's second most important location, and the downturn in
the technology sector had affected our assessment of the likely profitability
for the current year. The problems being experienced in Turkey had adversely
affected customer confidence resulting in the postponement of certain
exhibitions and a reduction in forward contracted bookings. With little
prospect of an immediate recovery in the Turkish situation, the Board
cautioned the market that headline pre-tax profit was unlikely to exceed last
year's figure of £13.4 million.

Nevertheless, ITE reports strong continuing trading conditions in its key
Russian events for 2001, with the construction, oil & gas and motor sectors
being particularly successful. Further, re-bookings on key Russian events for
year 2002 have been very successful, and the Turkish exchange rate appears to
have stabilised somewhat over the course of the past month.

ITE's cash position remains very strong with £21.6 million at hand at 31
March 2001. The Group intends to pursue a strategy of measured growth by
acquisition, but management's primary focus will be attendance to the
fundamental drivers of the business - sales, customer service and the
delivery of quality exhibitions and conferences.

Lawrie Lewis

Consolidated Profit and Loss Account 

                                     Six months to   Six months to     Year     
                                          31 March      31 March       September
                                              2001          2000          2000
                              Notes      Unaudited     Unaudited       Audited
                                             £'000         £'000         £'000
  Existing operations                       17,843        13,782        33,565
  Acquisitions                                   -             -         5,281
                                       __________    __________    __________ 
                                            17,843        13,782        38,846
  Cost of sales                           (12,033)       (8,061)      (20,933)
                                       __________    __________    __________ 
  Gross profit                               5,810         5,721        17,913
  Other operating expenses                 (3,611)       (3,521)       (6,860)
  Other operating income                         -           699           736
                                       __________    __________    __________ 
  Operating profit before                                                     
  Amortisation and                           2,199         2,899        11,789
  impairment of goodwill                                                      
  Amortisation of Goodwill                 (1,352)         (386)       (1,416)
  and Trade Investments                                                       
  Impairment of Goodwill      3            (5,000)             -             -
                                       __________    __________    __________ 
  Operating (loss)/profit                                                     
  Existing operations         4            (4,153)         1,814         8,876
  Acquisitions                                   -           699         1,497
                                       __________    __________    __________ 
                                           (4,153)         2,513        10,373
  Share of associates'                         987           280           771
  operating profit                                                            
  Amortisation of Goodwill                   (619)         (322)         (899)
  on associates                                                               
  Impairment of Goodwill on                (9,500)             -             -
                                       __________    __________    __________ 
  (Loss)/profit on ordinary               (13,285)         2,471        10,245
  activities before interest                                                  
  Interest receivable                          513           312           383
  Interest payable and                       (111)             -         (312)
  similar charges                                                             
                                       __________    __________    __________ 
  (Loss)/profit on ordinary               (12,883)         2,783        10,316
  activities before taxation                                                  
  Taxation                                 (1,314)       (1,078)       (4,101)
                                       __________    __________    __________ 
  (Loss)/profit on ordinary               (14,197)         1,705         6,215
  activities after taxation                                                   
  Minority Interests                          (37)          (74)         (243)
                                       __________    __________    __________ 
  (Loss)/profit for the                   (14,234)         1,631         5,972
  financial year                                                              
  Dividend                                 (1,286)         (950)       (3,316)
                                       __________    __________    __________ 
  Retained (loss)/profit                  (15,520)           681         2,656
                                       __________    __________    __________ 
  Earnings per share                                                          
  Headline diluted            5               1.0p          1.3p          4.8p
  Basic                       6             (5.9)p          0.9p          3.3p
  Diluted                     6             (5.9)p          0.9p          3.2p
                                       __________    __________    __________ 
Consolidated Balance Sheet

                                 Notes     31 March    31 March    30 September 
                                               2001        2000          2000   

                                           Unaudited    Unaudited      Audited  
                                           £'000          £'000          £'000
  Fixed assets                                                                
  Goodwill                                40,920         19,048         47,331
  Tangible assets                          1,790          1,726          1,812
  Associates                              15,236         28,614         21,337
  Other investments                        5,954          3,265          6,178
                                       ___________    ___________    ___________

                                          63,900         52,653         76,658
  Current assets                                                              
  Debtors                                 22,920         11,291         19,605
  Cash at bank and in hand                21,608          7,490          2,722
                                      ___________    ___________    ___________ 
                                          44,528         18,781         22,327
  Current liabilities                                                         
  Creditors: amounts falling   7        (37,775)       (38,124)       (52,666)
  due within one year                                                         
                                      ___________    ___________    ___________ 
  Net current                              6,753       (19,343)       (30,339)
                                      ___________    ___________    ___________ 
  Total assets less current               70,653         33,310         46,319
  Creditors: amounts falling               (171)          (180)          (180)
  due after more than                                                         
  one year                                                                    
  Provisions for liabilities            (10,636)        (4,390)       (12,935)
  and charges                                                                 
                                      ___________    ___________    ___________ 
  Net assets                              59,846         28,740         33,204
                                      ___________    ___________    ___________ 
  Capital and reserves                                                        
  Called-up share capital                  2,571          1,887          1,937
  Share premium account                   68,199         23,354         26,221
  Option reserve                           1,708          2,238          1,853
  Profit and loss account               (12,666)            724          2,717
                                      ___________    ___________    ___________ 
  Equity shareholders' funds              59,812         28,203         32,728
                                      ___________    ___________    ___________ 
  Minority interests                          34            537            476
                                      ___________    ___________    ___________ 
  Total capital employed                  59,846         28,740         33,204
                                      ___________    ___________    ___________ 
Consolidated Cash Flow Statement 

                                      Six months to   Six months to   Year ended
                                        31 March      31 March      30 September
                                            2001          2000           2000 
                                         Unaudited    Unaudited         Audited 
                                              £000         £000          £000   
  Operating (loss)/ profit                 (4,153)         2,513         0,373
  Depreciation charges                         284           229           448
  Profit on sale of tangible fixed             (4)           (6)             7
  Profit on sale of own shares                   -             -             6
  Amortisation of goodwill                   1,352           386         1,416
  Impairment of goodwill                     5,000             -             -
  Decrease in debtors                      (3,667)         1,021       (6,508)
  Decrease in creditors                      7,943       (1,485)         2,684
                                         __________    __________    __________ 
  Net cash inflow from operating             6,755         2,658         8,426
  Returns on investments and                   222           312           279
  servicing of finance                                                        
  Taxation                                 (1,331)         (604)       (2,531)
  Capital expenditure and financial           (97)         (711)       (3,260)
  Acquisitions and disposals              (10,268)      (12,644)      (33,049)
  Equity dividends paid                      (843)       (1,309)       (2,428)
                                         __________    __________    __________ 
  Cash (outflow)/inflow before             (5,562)      (12,298)      (32,563)
  management of liquid resources                                              
  and financing                                                               
  Management of liquid resources          (17,795)        12,878        13,278
  Financing                                 24,448           295        15,792
                                         __________    __________    __________ 
  Increase in cash for the period            1,091           875       (3,493)
                                         __________    __________    __________ 

1. The six months accounts have been prepared on the historical cost basis,
are unaudited and do not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985.

2. The results for the year ended 30 September 2000 have been extracted from
the statutory accounts, which have been reported on by the Group's auditors
and have been delivered to the Registrar of Companies. The auditors' report
was unqualified and did not contain any statement under Section 237(2) or (3)
of the Companies act 1985.

3. Following an impairment review as a result of the Turkish financial crisis
and the downturn in the technology sector, impairment losses of £5 million
and £9.5 million respectively have been made principally relating to
exhibitions in these sectors.

4. Operating loss includes a charge for compensation paid to directors for
loss of office of £ 100,000 for the six month period to 31 March 2001 (Six
months to 31 March 2000 : £70,000; Year Ended 30 September 2000 : £736,000).
For statutory reporting purposes, operating expenses amount to £9,963,000 (31
March 2000: £3,907,000) and comprise other operating expenses, amortisation
of goodwill and goodwill impairment.

5. Headline diluted earnings per share has been based on the profit for the
financial period adjusted for amortisation of goodwill, goodwill impairment
losses and compensation paid to directors for loss of office, divided by
243,957,262 ordinary shares allowing for the effect of all dilutive potential

6. Basic and diluted earnings per share has been based on the profit for the
financial period divided by the weighted average of the number of shares in
issue being 239,323,817.

7. Creditors: amounts falling due within one year includes amounts
representing deferred income of £ 26,212,000 (31 March 2000 £16,920,000; Year
ended 30 September 2000 £ 19,665,000).

8. Copies of this document are being sent to Shareholders. Further copies are
available from the Company's registered office.
Independent Review to ITE Group PLC 


We have been instructed by the company to review the financial information
set out on pages 4 to 7 and we have read the other information contained in
the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the
Listing Rules of the Financial Services Authority and applicable United
Kingdom accounting standards. The Listing Rules require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where
any changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued in the United Kingdom by the Auditing Practices Board and with
our profession's ethical guidance. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions. It is substantially less in scope than an audit performed
in accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on
the financial information.

Review conclusion 

On the basis of our review we are not aware of any material modifications
that should be made to the financial information as presented for the six
months ended 31 March 2001.

Arthur Andersen 
Chartered Accountants 
30 May 2001 



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