ITE Group plc has released its interim results and proposed the acquisition of seven event brands from Ascential Events Ltd for £300 million.
The Ascential Exhibitions Business, which organises market-leading exhibitions that bring business communities together to connect and trade, includes two global industry-leading exhibitions brands, Bett and CWIEME, and a number of market-leading UK exhibitions brands such as the Spring and Autumn Fairs and Pure. In the financial year ended 31 December 2017, these brands generated revenues of £77.5 million and EBITDA of £24.0 million.
The move comes as ITE Group releases its interim results, showing the group’s revenues grew at eight per cent on a like-for-like basis, driven by its Transformation and Growth (TAG) programme. For the six months to 31 March 2018 revenue for the group was £75.4m.
Mark Shashoua, CEO of ITE Group plc, said, “These events are well known to us, the acquisition is in line with our product-led acquisition strategy and gives us the benefit of a more balanced portfolio by geography and product. It also adds two more global brands in BETT and CWIEME and is expected to be earnings enhancing in 2019, our first full financial year of ownership. The combination of good progress on TAG and the proposed acquisition of Ascential Events Limited represent the significant steps for ITE in realising its vision of creating the world’s leading portfolio of content-driven, must-attend events that deliver an outstanding experience and ROI for our customers.”
- ITE sells metalworking exhibition Metaltech in Malaysia to UBM Posted on April 24, 2018
- A Fusion Deal: Sale of 50.1% stake in Global Pacific & Partners’ worldwide conference portfolio to ITE Group plc Posted on March 13, 2015
- ITE Group acquires transportation and logistics exhibition business Breakbulk Posted on December 23, 2014
- ITE acquires Eurasia Rail exhibition in Turkey Posted on December 2, 2014
- ITE acquires 50% of DUBM in Indonesia Posted on June 11, 2014
- ITE Group – Annual Financial Report Posted on December 27, 2013
- 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 Posted on December 20, 2010
- ITE acquires two Ukrainian exhibitions Posted on April 16, 2012
- Ascential plans to sell exhibitions arm to focus on digital Posted on February 27, 2018
- Ascential PLC acquires Clavis Insight Posted on December 27, 2017
- GlobalData acquires MEED Media from Ascential for £17.5M Posted on December 8, 2017
- Ascential sells its 11 remaining UK-based Heritage Brands to Metropolis International for £23.5M Posted on June 1, 2017
- Ascential plc acquires MediaLink for up to $207M Posted on February 8, 2017
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