Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address


  Print      Mail a friend       Annual reports

Monday 24 May, 2004


Interim Results

24 May 2004

                              ITE GROUP PLC


ITE Group plc, the international exhibitions specialist, today announces interim
results for the six months ended 31 March 2004.


   •Turnover: £20.2 million (2003: £18.8 million) up 7%

   •Headline profit before tax of £2.1 million having absorbed a foreign
    exchange loss of £1 million (2003: £2.2 million after foreign exchange
    profit of £0.1 million)

   •Cash reserves: £29.4 million (2003: £19.4 million) up 50%

   •Strong trading performance from ten leading events

   •Financing of improved additional exhibition facilities in Almaty, Kyiv,
    and St Petersburg.

   •Acquisition of two leading events in Ukraine

   •Strong forward sales for the second half of financial year

   •Increased interim dividend of 0.55p per share (2003: 0.5p)

Commenting on the results, Iain Paterson, Chairman, said:

'The interim results demonstrate a good underlying operating performance from
ITE Group with solid progress made in strengthening our presence in all of our
key markets. Forward sales for the second half of the year are in line with
market expectations and I look forward to the future with confidence. The Board
has approved an increase in the interim dividend in line with our progressive

                                    - Ends -


Iain Paterson/Ian Tomkins                            020 7596 5000
ITE Group plc

Bridget Fury / David Simonson                        020 7653 6620
Merlin PR

Interim report
ITE has produced a strong trading result for the first six months with turnover
up 7% and Headline profit before tax of £2.1m (2003: £2.2m). Reported pre-tax
profits were £0.8m (2003: £1.2m). These results were achieved despite absorbing
a £1.0m foreign exchange loss (2003: £0.1m profit), attributable to Sterling's
recent strength against the Euro and the U.S. Dollar.

ITE has been active in working with its venue partners to facilitate improved
exhibition facilities with additional space available for growth. In February we
agreed terms to finance the construction of a new pavilion in Almaty
(Kazakhstan) which will provide much needed new space. Recently we finalised
terms to part fund the building of a new pavilion in Kyiv (Ukraine) and we also
agreed terms to part fund a new hall project in St Petersburg (Russia). These
arrangements variously provide for an increased opportunity for ITE to grow our
business, offer improved financial terms and secure exhibition tenancy rights
for the future.

On 13 May 2004 ITE acquired two quality trade events in Kyiv, in the health and
telecoms sectors. These acquisitions represent 'bolt-on' opportunities and
reflect ITE's strategy to acquire events where we perceive good market and
sector fit with our existing operations

ITE's total commitment to the venue loans and acquisitions above is $8.0m of
which $7 m falls due after 31 March 2004. Since 31 March 2004 ITE has agreed to
dispose of its 50% share in its Egyptian associate ACG.

Cash flow and cash balances remain strong and our core markets continue to
perform very well.

The Board has approved an interim dividend of 0.55p (2003: 0.5p) per share. This
will be payable on 16 July 2004 to shareholders on the register at 11 June 2004.


Turnover for the first six months of the year was £20.2m (2003: £18.8m). Gross
profit increased by £0.4m although foreign exchange losses of £1.0m held back
Headline profit before tax to £2.1m (2003: £2.2m). Turnover increased 7% against
the same period last year. Volume of square metres sold was 12% higher over the
same period last year, though the acquisition of a low yielding Turkish
exhibition meant the volume increase was not proportionately reflected in
turnover. Nevertheless gross margins remained consistent at 36% year on year.

Operating expenses of £6.8m (2003: £ 6.0m) comprised goodwill amortisation of
£1.3m (2003: £0.9m) and other operating expenses of £5.5m (2003: £ 5.1m).
Excluding the impact of £1.0m of foreign exchange losses (2003: £ 0.1m profit)
ITE delivered a £0.7m reduction on overheads against the same period last year.
ITE has partially hedged its Euro cash flow for the second half of the year, and
if current exchange rates prevail will recover some of the exchange losses in
the second half.

The share of associates' result this year principally relates to our 50% share
of ITF in Turkey. ITF's first half was affected by the re-scheduling of two
events, one of which will take place later this year. ITF's exhibition calendar
is heavily weighted to the second half of the year.

Net interest receipts were similar to this time last year. Higher interest rates
on cash balances this year helped offset a one-off interest receipt included in
last years results. Profit before tax for the first six months was £0.8m (2003:
Profit before tax £1.2m). Net assets at 31 March 2004 were £38.3m (2003: £34.1
m). Net cash balances stood at £29.4m (2003: £19.4m).


During the period to 31 March 2004, ITE organised 62 events (2003: 69 events).
Whilst there were 10 new launches in the first six months, the total number of
events fell as a result of the disposal of our business in the Czech Republic
last November. The following events were the top ten contributors to interim
gross profits:
                                                Area (sq.m.)     Area (sq.m.)
                                                --------------   --------------
                                                   2003/2004        2002/2003
                                                   -----------      -----------
Moscow International Travel and Tourism               16,700           17,400
Kazakhstan Oil & Gas                                   6,200            5,300
Ingredients Russia                                     4,700            4,500
MODA UK Spring                                        10,300            8,950
Moscow International Boat and Sports Shows             9,900            7,500
Transrussia                                            3,100            3,700
Kievbuild                                              4,100            3,600
Industrial Week Moscow                                 1,700            1,300
Hospital St Petersburg                                 1,900            1,800
Worldfood Ukraine                                      2,800            1,500

Overall growth in the above shows was 11% in terms of space sales and 10% in
terms of revenue.

The 11th edition of our leading Moscow International Travel and Tourism event
was once again a considerable success. Although volume sales were slightly down,
higher average yield led to an 11% increase in revenue. The Moscow Boats and
Sports show was run as two separate events for the first time this year. This
contributed to excellent overall growth with the Boat show being particularly
successful. The 9th edition of the Transrussia event maintained its pre-eminence
in the market and performed well in the face of new competition.

In Central Asia, ITE's most significant event is the Kazakhstan Oil and Gas
exhibition and conference. The strong performance, growing by 18% in size and
11% in revenues, reflects the ongoing considerable interest in the recently
discovered and developing offshore Caspian fields. The new exhibition facility
in Almaty will increase the scope for future expansion.

ITE's Kyiv office enjoyed a successful Kievbuild, whilst Worldfood Ukraine
doubled in size. Significantly ITE has moved to develop its business in Kyiv
with the acquisition of the two shows in the health and telecoms sectors. We are
pleased to advise as part of the agreement to part finance the new exhibition
pavilion, ITE has now extended its venue rights in Kyiv to 2011.
The MODA UK fashion exhibition in Birmingham recorded 16% growth in space sales,
with Womenswear continuing to drive results and a more successful Menswear event
being a notable achievement.

The Group's core exhibitions for this year continue to trade strongly. Russia
Building Week and Windows and Doors which were both held in April, recorded an
overall 10% increase in revenues on 5% increase in space sales. ITE has signed a
new venue agreement for 2005 which will allow these currently space constrained
events to grow by utilising the newly built Crocus exhibition centre in Moscow.
At 14 May 2004 £53.3m of revenue had been contracted for this financial year.
Encouraging sales contracts are in place and ITE has some protection against
adverse foreign exchange movements in the second half. ITE remains confident
about its full year results.

ITE continues to focus primarily on generating and delivering organic growth in
its existing key markets. In addition we have broadened our market reach with
successful launches of various events in Africa.

ITE's balance sheet remains very strong with net cash balances of £29.4m which
enables us to strengthen our existing business and to prospect and pursue
acquisition opportunities where such operations fit with our existing know-how
and infrastructure.

Ian Tomkins                              Iain Paterson
Chief Executive Officer                  Chairman

Consolidated Profit and Loss Account

                                 Six months to   Six months to   Year ended 30
                                 31 March 2004   31 March 2003   September 2003
                         Notes       Unaudited       Unaudited         Audited
                                          £000            £000            £000
              Turnover                  20,153          18,841          58,934
         Cost of sales                 (12,938)        (12,062)        (32,213)
                                    __________      __________      __________
          Gross profit                   7,215           6,779          26,721
                                     ---------       ---------       ---------
           Net operating
                goodwill                (5,566)         (5,130)        (12,720)
            amortisation                (1,274)           (909)         (2,331)
                                     ---------       ---------       ---------
                expenses                (6,840)         (6,039)        (15,051)
                                    __________      __________      __________
                  profit                   375             740          11,670
                                     ---------       ---------       ---------
                Share of
           profit before                   134             266             836
   goodwill amortisation
            amortisation                   (76)            (81)           (132)
                                     ---------       ---------       ---------

                Share of
                  profit                    58             185             704
            Provision or
                 loss on
             disposal of
            undertakings                     -               -            (779)
                                    __________      __________      __________
               Profit on
                interest                   433             925          11,595
                  income                   365             320             760
                 payable                    (2)            (14)            (68)
                                    __________      __________      __________
               Profit on
                taxation                   796           1,231          12,287
           Tax on profit
             on ordinary
              activities                  (528)           (535)        (4,030)
                                    __________      __________      __________
               Profit on
          after taxation                   268             696          8,257
               interests                   (1)            (59)              6
                                    __________      __________      __________
          Profit for the
                  period                   267             637          8,263
               Dividends                (1,448)         (1,406)        (4,359)
                                    __________      __________      __________
         (loss)/earnings                (1,181)         (769)           3,904
                                  ============    ============    ============
       Earnings per share
                    Basic   3             0.1p            0.2p            3.1p
                  Diluted   3             0.1p            0.2p            3.0p
                  diluted   3             0.6p            0.6p            2.2p
                                  ============    ============    ============

Consolidated Balance Sheet

All results derived from           31 March 2004   31 March 2003  30 September
the continuing operations                                                 2003
of the Group.
                           Notes       Unaudited       Unaudited       Audited
                                                    (As restated  (As restated
                                                        -Note 1)      -Note 1)
                                            £000            £000          £000
              Fixed assets
                  Goodwill                26,961          30,166        30,016
           Tangible assets                 2,007           2,025         1,920
                Associates                 1,075             688         1,057
         Other investments                    56             180            78
                                     ___________     ___________   ___________
                                          30,099          33,059        33,071
            Current assets
    Debtors due within one
                      year    4           16,942          18,333        19,557
     Debtors due after one
                      year                 2,966           5,875         3,914
  Cash at bank and in hand                29,356          19,353        22,104
                                     ___________     ___________   ___________
                                          49,264          43,561        45,575

        Creditors: amounts
    falling due within one
                      year     4         (40,118)        (41,854)      (39,035)
                                     ___________     ___________   ___________
        Net current assets                 9,146           1,707         6,540
                                     ___________     ___________   ___________
         Total assets less
       current liabilities                39,245          34,766        39,611
        Creditors: amounts
    falling due after more
             than one year                     -             (53)            -
            Provisions for
   liabilities and charges                 (940)           (567)        (984)
                                     ___________     ___________   ___________
                Net assets                38,305          34,146        38,627
                                     ===========     ===========   ===========

      Capital and reserves
   Called-up share capital                 2,851           2,811         2,813
     Share premium account                29,018          31,727        27,996
            Merger reserve                 2,746               -         2,746
              ESOT reserve                (2,303)         (2,357)       (2,334)
       Shares to be issued                    28               -             -
            Option reserve                    23             174           132
   Profit and loss account                 5,945           1,729         7,277
                                     ___________     ___________   ___________
      Equity shareholders'
                     funds                38,308          34,084        38,630
                                     ___________     ___________   ___________

        Minority interests                   (3)             62            (3)
                                     ___________     ___________   ___________
    Total capital employed               38,305          34,146         38,627
                                     ===========     ===========   ===========

Consolidate Cash Flow Statement

               Note      Six months to      Six months to       Year ended 30
                         31 March 2004      31 March 2003      September 2003
                             Unaudited          Unaudited            Audited
                                  £000               £000               £000
      Net cash
   inflow from
    activities     5             9,196              9,222             14,439
    Returns on
 and servicing
    of finance                     345                306                692
      Taxation                  (2,017)            (1,404)            (3,677)
 and financial
    investment                     (73)            (2,280)               145
 and disposals    7              1,818             (1,919)            (3,595)
dividends paid                  (3,012)            (2,660)            (4,026)
                            __________         __________         __________
   Cash inflow
 management of
 resources and
     financing                   6,257              1,265              3,978
 Management of
     resources                  (5,049)                 -             (5,164)
   Financing                       995                395                433
                            __________         __________         __________
 ease) in cash
 in the period                   2,203              1,660               (753)
                            ==========         ==========         ==========

Analysis of net funds

                                30 September                          31 March
                                        2003        Cash flow             2004
                                        £000             £000             £000

Cash at bank and in hand              16,940            2,203           19,143
                                  __________       __________       __________
                    Net funds         16,940            2,203           19,143

         Cash held on deposit          5,164            5,049           10,213
                                  __________       __________       __________
  Cash shown on balance sheet         22,104            7,252           29,356
                                  ==========       ==========       ==========


1. The interim results 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. The interim results are prepared on the basis of
accounting policies set out in the annual financial statements of the Group for
the year ended 30 September 2003 with the exception of the adoption of UITF 38
'Accounting for ESOP trusts' which resulted in the investment in company shares
held by the ESOT being reclassified from Other investments to ESOT Reserve. The
results for the period ended 31 March 2003 and year ended 30 September 2003 have
also been restated to reflect this treatment. These interim results were
approved by the Board on 24 May 2004 and copies of this document are being sent
to shareholders. Further copies are available from the Company's registered

2. The results for the year ended 30 September 2003 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. The calculations of earnings per share are based on the following results and
numbers of shares.

                                    Headline diluted      Basic and diluted
                                     2004       2003       2004       2003

                                     £000       £000       £000       £000

Profit/(loss) for the
financial period                      267        637        267        637
Amortisation of
goodwill                            1,350        990          -          -
                                 ________   ________   ________   ________
                                    1,617      1,627        267        637
                                 ========   ========   ========   ========

                                              2004                 2003
                                            Number of            Number of
                                          shares ('000)        shares ('000)
Weighted average number of
For basic earnings per
share                                        273,716              269,769
Exercise of share
options                                        7,059                3,201
                                         ___________          ___________
For diluted earnings
per share                                    280,775              272,970
                                         ===========          ===========

Headline diluted earnings per share is intended to provide a consistent measure
of group earnings on a year on year basis. Headline diluted earnings per share
is calculated using profit for the financial year before amortisation and
impairment of goodwill and profits or losses arising on disposal of group

4. Debtors include trade debtors of £11.5m (31 March 2003: £12.6m; 30 September
2003: £15.5m) .

Creditors: amounts falling due within one year include deferred income of £32.9m
(31 March 2003: £32.1m; 30 September 2003: £26.0m).

5. Reconciliation of operating profit to operating cash flows
                   Six months to          Six months to          Year ended 30
                   31 March 2004          31 March 2003         September 2003
                       Unaudited              Unaudited                Audited
                            £000                   £000                   £000

         profit              375                    740                 11,670
        charges              232                    234                    454
  Amortisation             1,274                    909                  2,331
     on sale of
   fixed assets              (6)                     40                    267
       ease) in
        debtors            1,880                 (1,127)               (1,234)
    Increase in
      creditors            5,604                  8,426                   649
       rease in
     provisions            (163)                     -                    302
                      __________             __________             __________
      Net cash
   inflow from
    activities             9,196                  9,222                 14,439
                      ==========             ==========             ==========

6. Reconciliation of Headline profit before taxation to Profit on ordinary
activities before taxation

                   Six months to          Six months to          Year ended 30
                   31 March 2004          31 March 2003          September 2003
                       Unaudited              Unaudited                Audited
                            £000                   £000                   £000

     Profit on
      taxation               796                  1,231                 12,287
   of goodwill
     and trade
   associates)             1,350                    990                  2,463
       Loss on
   disposal of
  undertakings                 -                      -                    779
                      __________             __________             __________
 profit before
      taxation             2,146                  2,221                 15,529
                      ==========             ==========             ==========

7. The cash inflow arising on acquisitions and disposals includes £2.0 million
from the disposal of our shareholding in Incheba Praha and our interest in the
Coneco exhibition.

Independent Review Report to ITE Group plc

We have been instructed by the company to review the financial information for
the six months ended 31 March 2004 which comprises the profit and loss account,
the balance sheet, the cash flow statement, the analysis of net funds and
related notes 1 to 7. 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.

This report is made solely to the Company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the Company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the Company, for our review work, for this report, or for the conclusions we
have formed.

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 which require that the accounting
polices and presentation applied to the interim figures are 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 the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. 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 United Kingdom 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 2004.

Deloitte & Touche LLP
Chartered Accountants
24 May 2004

Interim dividend
Record date 11 June 2004
Payment date 16 July 2004

Final dividend
Record date January 2005
Payment date March 2005

                      This information is provided by RNS
            The company news service from the London Stock Exchange

a d v e r t i s e m e n t