ITE Group – Annual Financial Report

ITEInternational 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.

UK, London

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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).


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

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