International trade exhibitions and conferences group ITE Group has published its Annual Financial Report for the year to September 2013.
The group continued to expand its business in the year through a mixture of organic and acquisition led growth and has now established itself in the Asian exhibition markets through its investments in ABEC in India, Tradelink and ECMI in Malaysia and since the end of the financial year in Sinostar in China.
Good organic growth across ITE’s core portfolios in Russia and the CIS together with a strong biennial performance from the Moscow International Oil and Gas Exhibition have combined with the newly acquired businesses in Asia to deliver record financial and operating results.
In this, the stronger year of its biennial pattern, ITE’s revenues were £192.3 million (2012: £172.3 million) and yielded headline profits before tax of £59.4 million (2012: £53.0 million) and headline diluted earnings per share of 19.3p (2012: 16.9p). Reported pre‑tax profit was £43.9 million (2012: £40.5 million) and fully diluted earnings per share was 14.0p (2012: 12.8p). The Group finished the year with net cash of £23.5 million (2012: £13.0 million), after investing £26.1 million on acquisitions during the year.
Although large events have traded well, much of 2013 growth has come from ITE’s portfolio of medium sized events, often run from the smaller regional offices. This growth in smaller events looks set to continue into 2014, and ITE forecasts economic growth in Russia to be maintained at current levels.
At 30 November revenues booked for 2014 were £106 million, representing circa 55% of market expectations for 2014 revenues. On a like‑for‑like basis revenues are circa 7% ahead of last year.
The recent announcement of the Sinostar joint venture means ITE enters the new financial year with good business prospects in three of the major emerging market economies: Russia, India and China.
Download ITE’s 2013 Annual Financial Report here.
- ITE revenues up 12% following a year of Asian acquisitions Posted on December 5, 2013
- ITE establishes a presence in China with the creation of Sinostar ITE Ltd Posted on November 18, 2013
- ITE Group acquires Platform Exhibitions in Turkey Posted on October 15, 2013
- ITE Pre-close trading update for the year ending 30 September 2013 Posted on October 1, 2013
- 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