ITE Group plc, the international exhibitions group specialising in emerging and developing markets, has issued the following update for the year ending 30 September 2013, prior to entering its close period and ahead of its preliminary results announcement on 3 December 2013.
Revenues for the fourth quarter reflect positive trading conditions in most of our overseas markets. Revenue for the full year is expected to be circa £191m (2012: £172m) in line with market expectations.
Fourth Quarter Trading
The Group ran 28 events in the fourth quarter producing revenue of circa £26m (2012: £27m). On a like-for-like basis revenues are 4% higher than last year.
The principal trading highlights in the fourth quarter were:
- MODA, the Group’s market leading UK fashion event based at the NEC in Birmingham was 17,100sqm, which was a 9% reduction on the same event last year and reflected the ongoing difficult trading conditions in the European fashion market.
- World Food Moscow, the Group’s leading food exhibition recorded its largest ever event with a 2% increase in space sales to 24,900sqm.
On 26 August 2013, the Group entered into an agreement with RAMO JSC to become the anchor tenant at a new 28,000 sqm venue in Krasnodar (south-west Russia), which is due to be completed by January 2016. The Group’s business in Krasnodar is currently restricted by the size of the venue, and it is anticipated that this new facility will allow ITE’s largest events to grow and the business to expand into new industry sectors.
The Group continues to generate strong cash flow and had net cash of circa £23.0m as at 25 September 2013 (2012: £12.0m).
Bookings for the financial year ending 30 September 2014 are progressing in line with management expectations and reflect continued good trading conditions in most of our markets. As at 26 September 2013, the Group had booked £75m of revenue for the 2014 financial year, representing circa 39% of current market expectations for the year.
The Group continues to generate good organic growth from its portfolio of events, and retains a strong balance sheet which supports its plans to invest in and further develop its business.
- ITE Group plc – Interim Management Statement for the period April to July 2013 Posted on July 16, 2013
- ITE Group – results for the 6 months to March 2013 Posted on May 22, 2013
- ITE Group acquires Trade Link ITE Posted on February 4, 2013
- ITE Group acquires a minority stake in ABEC in India Posted on December 4, 2012
- ITE Group acquires Krasnodar Expo Posted on March 3, 2011
- ITE Group acquires Russian exhibition organiser, MVK for €33 million December 20, 2010
- ITE acquires two Ukrainian exhibitions Posted on April 16, 2012