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  Print      Mail a friend       Annual reports

Wednesday 30 January, 2008


Interim Management Statement

30 January 2008

30 January 2008

                                 ITE Group plc
                             ('ITE' or the 'Group')

                          Interim Management Statement
                                and Board Change

ITE Group plc is today publishing its Interim Management Statement relating to
the period from 1 October 2007 to 29 January 2008 and incorporating the Group's
first three month trading period from 1 October 2007 to 31 December 2007. There
have been no material events or transactions in the period from 1 October 2007
to 29 January 2008 other than the information contained in this Interim
Management Statement.

Trading performance

The current financial year has started well with good trading conditions in the
Group's core markets of Russia and the CIS.  Revenues in the three month period
to 31 December 2007 were £13.9m, approximately 5% ahead of the comparable figure
for the prior year after adjusting for timing differences. Without adjusting for
timing differences, revenues in the prior year's comparable trading period were

The Kazakhstan International Oil and Gas Exhibition was the only one of the
Group's ten largest contributors to take place during the three month trading
period to 31 December 2007. The exhibition capitalised on the new pavilion space
at Atakent resulting in a 16% increase in square metres sold over last year's
event. The associated conference held with the exhibition delivered similar
growth. Other important events which took place in the first three month trading
period of the current financial year were Ingredients Russia, Pharmtech and
Expoclean (in Moscow) and Informatica and Public Health (in Kyiv).

The net timing difference in revenues between the three month period to 31st
December 2007 and the comparable three month period for last year relates to the
Algerian Oil and Gas Exhibition, which was a one-off event for ITE that took
place in November 2006, and the Turkmenistan Oil and Gas conference which took
place for the first time in November 2007. The Turkmenistan event was a
significant success and ITE hopes to make it an annual event in the future.

Board Changes

Following an approach from private equity, Bill Dye, Chief Executive, is
resigning from the Group with immediate effect.  The Nomination Committee will
shortly begin a process to replace him and will be meeting both internal and
external candidates.  During this period Russell Taylor, Finance Director, will
become acting Chief Executive to ensure continuity, supported by Executive
Director Edward Strachan, who manages ITE's operations in Russia and the CIS.

Financial position

The Group has reached agreement to advance US$2m to Atakent in Kazakhstan in
order that it can develop a new modern exhibition facility in Atyrau and to
modernise some of the older pavilions at its Almaty exhibition facility. It is
expected the work will be completed during 2009.

The recent strength of the Euro will have an impact on the Group at the interim
and full year stages. If current exchange rates prevail the Group will benefit
from the stronger Euro in its revenue line, but is expected to record 'mark to
market' provisions against the financial instruments held as an economic hedge
against its Euro transactions at the interim stage. Approximately 70% of the
Group's revenues are Euro denominated, and management expect the benefit to the
Group's revenues of the strong Euro to at least offset the cost of the
provisions over the full financial year.

The Group had net cash at 25 January 2008 of approximately £41m.


The outlook for the Group remains positive. As at 25 January 2008 the Group had
booked £71m of revenue for the current financial year representing approximately
70% of market expectations for the full year. The Group's like for like revenues
at this point of the year remain more than 10% ahead of the comparable figure at
the same time last year.  The Group's trading prospects in Russia and the CIS
remain good and the Board is confident that the business is performing in line
with expectations for the full year.

Commenting Iain Paterson, Chairman, said:

'We are pleased with the performance of the Group, its strong market positions
and the like for like revenue growth which is more than 10% ahead of the
comparable position this time last year. We are disappointed that Bill Dye is
leaving, but recognise the potential rewards that private equity may offer - we
wish him well.  We will shortly begin the process of replacing him. The Group is
in good shape and we remain entirely confident that Russell and Edward, who
joined the company in 2003 and 1993 respectively, will continue to implement the
Board's strategy successfully.'


Russell Taylor                          020 7596 5000
ITE Group plc

Charles Palmer/Tim Spratt               020 7831 3113
Financial Dynamics

This Interim Management Statement is prepared for and addressed only to the
Group's shareholders as a whole and to no other person. The Group, its
directors, employees, agents or advisers do not accept or assume responsibility
to any other person to whom this Interim Management Statement is shown or into
whose hands it may come and any such responsibility or liability is expressly
disclaimed. Statements contained in this Interim Management Statement are based
on the knowledge and information available to the Group's Directors at the date
it was prepared and therefore the facts stated and views expressed may change
after that date.  By their nature, the statements concerning the risks and
uncertainties facing the Group in this Interim Management Statement involve
uncertainty since future events and circumstances can cause results and
developments to differ materially from those anticipated. To the extent that
this Interim Management Statement contains any statement dealing with any time
after the date of its preparation such statement is merely predictive and
speculative as it relates to events and circumstances which are yet to occur.
The Group undertakes no obligation to update these forward-looking statements.

                                    - end -

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