ITE revenues up 12% following a year of Asian acquisitions

ITEInternational trade exhibitions and conferences group ITE Group has announced preliminary results for the year to September 2013.  Revenues are up 12% to £192 and headline profits are up 12% to £59.4m. £106m of revenues are booked for 2014.

Russell Taylor, CEO of ITE Group plc, said, “”ITE has continued to expand its business this year through a mixture of organic and acquisition led growth.”

This year ITE has acquired Trade Link in India,  Platform Exhibitions in Turkey, 50% of ECMI in Malaysia and last month Sinostar in China.

Taylor went on to say, “Good organic growth across our 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.”

ITE sept 13Click on the table for an enlarged view

Related articles:

Profits rise at Future plc

Future plc, the specialist media group and digital publisher has announced preliminary results for the year ended 30 September 2013.

Financial highlights

Future results 2013

Click on the table for an enlarged view

  • Normalised Group revenues up 3% driven by Digital & Diversified revenue streams
  • Normalised pre-tax profit at £1.9m from loss of £2.7m in prior year
  • Digital revenues up 38% year-on-year, Digital & Diversified now 32% of total Group Revenues
  • Digital advertising now 59% of total advertising revenue, up from 48% a year ago
  • UK operations grow advertising and circulation revenues for the year
  • US operating profitably (at EBITDAE level) in H2
  • Net debt more than halved from £14.1m to £6.9m following the sale of non-core print activities
  • Reinstatement of dividend at 0.2 pence per share

Digital highlights

  • Unique users up 14% year-on-year to 57.7 million a month, US unique users up 18% − growth driven by TechRadar
  • Page views up 19% year-on-year to 328 million a month
  • TechRadar now reaching over 20 million unique users globally a month
  • Digital edition revenues up 44% year-on-year
  • Over 340,000 subscribers to digital editions, up 46% since September 2012

Mark Wood, Future’s Chief Executive, said: “Our digital revenue growth accelerated, with a 38% increase year-on-year, and we passed an important transition point with more than half our advertising revenues now digital. We have made real progress in reshaping the Future business, diversifying our digital revenues, making our US operations profitable and building global digital brands.

“We have an on-going programme to reduce the cost base and improve margins. During the year we transformed our balance sheet, paying down term debt from the proceeds of non-core asset disposals and extending our credit facility until 2017. This leaves us well positioned to execute on our growth strategy.

Overall, these are good results after difficult trading conditions earlier in the year, thanks to stronger trading across all areas in the fourth quarter. Looking forward, we see the encouraging Q4 trends continuing with forward advertising bookings up year-on-year, and revenue momentum across all sectors.”

Read the full announcement here.

UK, London

Related articles:

DMGT – preliminary results for the year to September 2013

Daily Mail and General Trust plc has announced the group’s unaudited preliminary results for the year ended 30 September 2013

DMGT results 2013

 

Click on the table for an enlarged view.

Highlights:

  • Underlying revenue up 2%
  • Underlying operating profit up 6%
  • Margin up to 17%
  • Adjusted profit before tax of £282m, up 10%
  • B2B; underlying revenue up 6% and underlying profit up 4%
  • dmg media performance; underlying revenue decline of 1%, with cost efficiencies driving underlying profit growth of 10%
  • Progress on the £100 million share buy back programme, £69 million to date
  • Net debt reduced by £40 million to £573 million
  • Net debt/EBITDA ratio of 1.5
  • Earnings per share* up 7% to 53.0p
  • Full year dividend increased by 7% to 19.2p

Martin Morgan, Chief Executive, said:

“DMGT has again delivered a good set of results. Group adjusted pre-tax profits* rose by 10% despite the disposal of Northcliffe Media at the end of the first quarter, reflecting good underlying profit growth from both our B2B and consumer operations. Our international B2B companies have increased their revenues and profits* by 6% and 4% respectively on an underlying# basis. Our UK consumer business, dmg media, grew its underlying# profits* by 10%, reflecting greater productivity as the business continues its digital transition.

We continued to refine and optimise our portfolio of businesses during the year with further strategic bolt-on acquisitions, notably within dmg information and Euromoney, and disposals, including Northcliffe Media and dmg media’s central and eastern European consumer assets. We believe these changes have improved the overall quality and growth prospects of the Group and we look forward to another year of good progress.”

Read the full announcement at the DMGT website

UK, London

Related articles:

Utilitywise – audited results for the year: Utilitywise – acquisition analysis

utilitywiseUtilitywise, a utility cost management consultancy, has announced final audited results for the year ended 31 July 2013. These include certain amendments to the Company’s Income Statement from that presented with the Company’s preliminary results issued on 15 October 2013. This has led to additional revenue of £430,595 being recognised within the audited consolidated financial statements for the year ended 31 July 2013 with a consequential increase in profitability, There is no impact on the Company’s cash flows. For full details go the the London Stock Exchange announcement here.

The revenue and EBITDA adjustments to the 2013 income statement of the Company are as follows:

Revenue £24.83M prelims: £25.25M (audited)
EBITDA £7.39M prelims: £7.82M (audited)

Highlights

  • Like for like revenue growth up 61%.
  • Acquisitions of Clouds Environmental Consultancy Ltd, Aqua Veritas Consulting Ltd and Energy Information Centre Ltd.
  • 15,333 customers and 44,361 meters at 31 July (30 September 2012: 11,400 and 32,972 respectively) with additional 550 customers and 23,000 meters added through EIC.
  • £16.6 million of secured contracts waiting to go live as at 31 July ( 31 July 2012: £7.1 million – 30 September 2013 (post period) £18.2 million).
  • Proposed final dividend payment of 1.8p, making total dividend for the year of 2.6p.

Geoff Thompson, Chief Executive of Utilitywise, commented

“Our first full year as a plc has proved a very successful one. As well as delivering very strong organic growth we have been able to invest and build for the future. Integration of the three businesses that we acquired is progressing well and we have entered the new financial year with an improved suite of products and services to satisfy the wider energy needs of all businesses, regardless of size.

“The market in which we operate remains highly fragmented and we have still attracted only a very small percentage of our addressable market. Through our strong relationships with energy supply companies and our ability to identify customers and deliver the optimum solutions, we remain confident in the continued success of the Company.”

Read the full announcement here

Utilitywise Acquisition Analysis

1. Acquisition of Clouds Environmental Consultancy Limited

Utilitywise Plc acquired the entire share capital of Clouds Environmental Consultancy Limited on 1 October 2012 for £1,040,821 in order to enhance the service offering provided by the Group.

Consideration consisted of both cash payments and the issue of shares, an element of which is contingent on the performance of Clouds Environmental Consultancy Limited to 31 July 2013. Contingent consideration has been included as a best estimate of amounts payable.

Goodwill on consolidation has been calculated as follows:

  £
Amount of consideration 1,040,821
     
Fair value of net assets acquired:  
Property, plant and equipment   15,260
Receivables   122,289
Cash   159,152
Payables     (251,788)
Net assets   44,913
     
Goodwill   995,908
     

 

Consideration:  
Cash   355,821
Shares issued   300,000
Contingent consideration    

385,000

Total  consideration   1,040,821

The goodwill reflects expected synergies from combining the two businesses and is not tax deductible.

The total value of the contingent consideration is based on a multiple of expected EBITDA capped at £385,000. This is split equally between cash and shares.  All of the contingent consideration is included in trade and other payables as it meets the definition of a financial liability.

Since the date of acquisition Clouds Environmental Consultancy Limited has generated revenue of £916,913 and a profit before tax of £203,999 which is included in the consolidated statement of comprehensive income.

Assuming Clouds Environmental Consultancy Limited was acquired at the beginning of the annual reporting period, group revenue would be £24,966,494 and profit before tax £6,053,067. 

The Group estimate costs incurred in relation to the transactions to be £49,403. These costs are included within exceptional items in the consolidated statement of total comprehensive income.

2. Acquisition of Aqua Veritas Consulting Limited

Utilitywise Plc acquired the entire share capital of Aqua Veritas Consulting Limited on 16 April 2013 for £2,161,677 in order to enhance the service offering provided by the Group.

Consideration consisted of both cash payments and the issue of shares, an element of which is contingent on the performance of Aqua Veritas Consulting Limited to 30 April 2014. Contingent consideration has been included as a best estimate of amounts payable.

Goodwill on consolidation has been calculated as follows:

  £
Amount of consideration 2,161,677
     
Fair value of net assets acquired:  
Customer related intangible assets    

443,000

Technology based intangible assets    

241,000

Property, plant and equipment   12,158
Receivables   349,011
Cash   15,361
Payables   (566,494)
Deferred tax liability   (136,800)
Net assets   357,236
     
Goodwill   1,804,441
     

 

Consideration:  
Cash   70,385
Liabilities settled   91,292
Contingent consideration    

2,000,000

Total consideration   2,161,677

 

Customer related intangible assets relate to customer relationships in place at the date of acquisition.

Technology related intangible assets relate to hardware design intellectual property.

The goodwill reflects the value of the workforce and expected synergies from combining the two businesses and is not tax deductible.

The total value of the contingent consideration is based on a multiple of expected EBITDA, capped at £4,000,000. This is split equally between cash and shares. All of the contingent consideration is included in trade and other payables as it meets the definition of a financial liability.

Since the date of acquisition Aqua Veritas Consulting Limited has generated revenue of £276,886 and a profit before tax of £168,198 which is included in the consolidated statement of comprehensive income.

Assuming Aqua Veritas Consulting Limited was acquired at the beginning of the annual reporting period, group revenue would be £24,940,096 and profit before tax £5,844,453.

The Group estimate costs incurred in relation to the transactions to be £70,892. These costs are included within exceptional items in the consolidated statement of total comprehensive income.

3. Acquisition of Energy Information Centre Limited

Utilitywise Plc acquired the entire share capital of Energy Information Centre Limited on 3 July 2013 for £18,201,154 in order to enhance the service offering provided by the Group.

Consideration consisted of both cash payments and the issue of shares.

Goodwill on consolidation has been calculated as follows:

  £
Amount of consideration 18,201,154
     
Fair value of net assets acquired:  
Customer related intangible assets    

6,239,000

Intangible fixed assets   108,025
Property, plant and equipment   3,845,911
Investments   200
Receivables   1,094,239
Cash   3,008,473
Payables   (3,386,677)
Deferred tax liability   (1,247,800)
Net assets   9,661,371
     
Goodwill   8,539,783
     

 

Consideration:  
Cash   11,662,500
Shares issued   5,390,125
Deferred cash   1,148,529
Total consideration   18,201,154

Customer related intangible assets relate to customer relationships in place at the date of acquisition.

The goodwill reflects the value of the workforce and expected synergies from combining the two businesses and is not tax deductible.

Since the date of acquisition Energy Information Centre Limited has generated revenue of £531,444 and a profit before tax of £145,867 which is included in the consolidated statement of comprehensive income.

Assuming Energy Information Centre Limited was acquired at the beginning of the annual reporting period, group revenue would be £31,108,691 and profit before tax £7,901,001.

The Group estimate costs incurred in relation to the transactions to be £786,131. Of this amount £317,833 relate to the issue of new shares to fund the acquisition and have subsequently been taken to the share premium reserve. The remaining costs are included within exceptional items in the consolidated statement of total comprehensive income.

UK, South Shields

Related articles:

Energy Management Transactions from Fusion

ITE Pre-close trading update for the year ending 30 September 2013

ITEITE 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.

Business Development

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.

Financial position

The Group continues to generate strong cash flow and had net cash of circa £23.0m as at 25 September 2013 (2012: £12.0m).

Outlook

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.

UK, London

Related articles:

DMGT pre-close trading update

DMGTDaily Mail and General Trust plc has issued a pre-close trading update.

Ahead of the year end on 30 September 2013, the statement provides an update on the Group’s progress in the current year.

It covers the eleven month period to the end of August 2013 and includes comments on September.

Summary

  • Solid Group revenue performance, up 2% underlying#
  • Good revenue growth from B2B operations, up 6% underlying#
  • Resilient revenue performance at dmg media, down 2% underlying#
  • Active portfolio management; targeted acquisitions and non-core asset disposals
  • Share buy back programme of £69 million to date
  • Net debt/EBITDA ratio expected to be less than 2.0 at year end
  • Full Year guidance unchanged and in line with market expectations

DMGT results1 2013

Click on the table for an enlarged view

The full statement can be read here.

UK, London

Related articles:

Euromoney revenues for the fourth quarter increase by 9%

Euromoney logoEuromoney Institutional Investor PLC, the international online information and events group, has issued a pre-close trading update ahead of the announcement of its results for the year to September 30, 2013.

Since issuing its Interim Management Statement on July 25, 2013, trading has continued in line with the board’s expectations.  The recovery in US markets, and in particular in the profitability of US financial institutions, has continued, while European markets have remained weak and emerging markets have settled down after the uncertainty earlier in the summer.

Revenues for the fourth quarter are expected to show a headline increase of 9% on the same period last year, and an underlying increase, excluding acquisitions, of 5%.  The improvement in advertising highlighted in the July IMS has continued, with advertising revenues returning to growth for the first time in two years.  Underlying subscription revenues, excluding acquisitions, increased by 4%, helped by the reversal of timing differences from the third quarter.

Total revenues for the year to September 30, 2013 are expected to show a headline increase of approximately 2% on 2012, of which half has come from acquisitions.

Exchange rate movements have not had a significant impact on headline or underlying revenues.

The group expects to announce an adjusted profit before tax* of not less than £114 million for the year to September 30, 2013 (2012: £106.8 million) including a contribution from acquisitions, after financing costs, of nearly £2 million.

At current exchange rates, group net debt at September 30, 2013 is expected to be no more than £10 million, against £38 million at March 31.  This reflects the group’s traditionally strong second half operating cash flows as well as acquisition payments of £13m in the period.

The year end results will be announced on November 14, 2013.

UK, London

Related articles:

 

Haynes Publishing Group reports falls in revenue and profits

Haynes Publishing Group P.L.C., the publisher  of automotive and motorcycle repair manuals, has reported falls in revenue and profit in its results for the year ended 31st May 2013. However, the profits were slightly ahead of market expectations.

Financial highlights

  • Revenue of £27.6 million (2012: £29.8 million)
  • EBITDA of £6.6 million (2012: £7.7 million)
  • Operating profit of £3.8 million (2012: £5.1 million)
  • Profit before tax slightly ahead of market expectations at £3.6 million (2012: £4.7 million)
  • Basic earnings per share of 16.4 pence (2012: 20.0 pence)
  • Final dividend declared of 4.0 pence per share, giving a total dividend of 7.5 pence per share (2012: 15.7 pence)
  • The largely contractual HaynesPro revenue was 13% ahead of 2012
  • Australian revenue 9% ahead of 2012
  • Operating profit to cash conversion ratio of 184% (2012: 170%)
  • Healthy balance sheet with net funds up 27% at £6.1 million (2012: £4.8 million). Net funds after the acquisition of Clymer and Intertec Manuals on 17 September 2013 were c.£2.4 million. In addition there are 1.2 million ordinary shares held in treasury

Business highlights

  • Clymer and Intertec Manuals acquired from Penton Business Media 
  • Successful completion of strategic review (post year-end), resulting in new focus on high margin titles
  • UK automotive and general publishing editorial teams to be merged
  • Embarking on the development of a new, interactive consumer website, available in multiple languages, and accessible on a variety of media devices
  • Continued development of Haynes multimedia digital platforms
  • Digital manual range extended to over 350 titles; print manual range also expanded
  • Completion of rebranding of European professional product range as ‘HaynesPro’ (formerly Vivid), with strong twelve month growth and two new products launched for professional automotive aftermarket
  • Expanded technical team in Romania to further improve digital capabilities
  • Continuing to review new acquisition opportunities

UK, Yeovil, Somerset & Overland Park, KS

Related articles:

Centaur Media plc – full year results

centaurCentaur Media plc, the business information, events and marketing services group, has published its full year results for the year to 30 June 2013.

Financial highlights

  • Adjusted EBITDA up 10% to £12.9m (2012: £11.7m)
  • Adjusted profit before tax up 8% to £8.6m (2012: £8.0m)
  • Reported loss before tax of £37.4m (2012: profit £2.7m) includes a non-cash impairment charge of £39.2m (2012: £nil)
  • Adjusted basic EPS up 7% to 4.5p (2012: 4.2p) with a proposed full year dividend of 2.4p (up 7%)
  • Cash conversion remains strong at 112% (2012: 120%)

Operational highlights

  • Revenue mix continues to improve
    • Digital contribution increased to 35%, paid-for content 28% and events 36%
    • Advertising revenues reduced as planned to 35% of total revenues
  • Refocus around market segments driving greater focus on delivery of revenue and cost synergies

The acquisition of Econsultancy.com Limited was completed in July 2012, Centaur reported that the integration is accelerating.

Note: The Econsultancy sale was a Fusion Corporate Partners deal. Fusion represented the shareholders of Econsultancy.

centaur results 13

Click on the table to enlarge the view

 

Mark Kerswell, Interim Chief Executive, commented, “We have continued to improve our revenue and earnings profile as well as accelerate the delivery of our strategic objectives. We now have a sharper focus on markets and customers and a strong pipeline of new digital platforms and event launches. We are better placed to exploit fully the numerous opportunities across the Group. “Our digital, subscription and events businesses are growing well, whilst our print, advertising funded businesses are stable. With deferred revenues up 27%, the outlook for 2014 is positive.”

UK, London

Related articles:

Trinity Mirror first half results to June 2013

Trinity Mirror has announced its half-yearly financial report for the 26 weeks ended 30 June 2013

Highlights

  • Revenue falls £30.8 million to £332 million (2012: £362.8million)
  • Profit before tax up 2.5% to £49.3 million
  • EPS growth of 5.5% to 15.4 pence – Driven by increased profit before tax and reduced tax rate.
  • Strong cash flows drive further reduction in net debt of £36.7 million
  • Net debt reduced to £120.3 million and on track to repay £54.5 million of maturing debt in October 2013 without the need to draw on the Group’s bank facility.
  • Strong growth in digital audience and digital display advertising
  • Average monthly unique users grew by 36.9% and average monthly page views grew by 48.6% year on year across all publishing operations with digital display revenue growing by 15.1%.

Click on the results table below to enlarge the image

Trinity Mirror 6 mths to Jun13

Commenting on the results, Simon Fox, Chief Executive, Trinity Mirror plc, said, “I am pleased with the progress we have made in the first half. The Group is producing some outstanding journalism and in a challenging market is outperforming its peers on a number of measures in both print and online. Whilst still at an early stage, our transformation plan has got off to an encouraging start and this provides me with confidence in the performance for the year.”

UK, London

Related articles: