ITE to acquire Ascential Events in £300M deal

ITE GroupITE 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.”

UK, London

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CloserStill acquires Online Educa Berlin

CloserStillCloserStill Media is to acquire Online Educa Berlin, a cross-sector conference on technology-

supported learning and training, from ICWE GMbH for an undisclosed sum. The terms of the deal were not disclosed.

Founded in Berlin, Germany in 1995, OEB is an annual international conference on technology-supported learning and training (e-learning), welcoming over 2,000 delegates from across the corporate, education and public sectors, and including an exhibition featuring more than 80 international Edtech companies and institutions.

The acquisition will complement CloserStill’s existing event brand, Learning Technologies, which has events in Paris and London.

Commenting on the acquisition and the launch plans for Learning Technologies Germany in 2018 alongside OEB, CloserStill’s learning group director, Mark Penton, said: “We are genuinely excited to bring the highly respected OEB event into our family of market-leading events and to work with its founder Rebecca Stromeyer.

“We see a significant opportunity to evolve OEB into one of Europe’s most important learning events with the introduction of our Learning Technologies brand into the heart of the European marketplace.”

Germany, Berlin, UK, London

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Tarsus Group – record first half

TarsusTarsus Group plc, the international business-to-business media group, has announced records results for the six months ended 30 June 2013.

Douglas Emslie, Group Managing Director, said, “Tarsus has delivered record results for the first six months of the year with good like-for-like revenue growth. We are focused on delivering our “Quickening the Pace” strategy and we have got off to a fast start. We continue to add value to our portfolio of market leading events by replicating these brands both domestically and internationally. The pace of brand replications has quickened during the period.

We have good visibility for the full year, especially from our two largest events – the Dubai Airshow and Labelexpo Europe – and we are confident of a positive full year outcome”.

Highlights

  • Record results for first half of year
  • Like-for-like revenue up 8% on 2012 as adjusted for biennials and acquisitions
  • Strong underlying revenue growth driving profitability
  • Adjusted profit and EPS up significantly
  • Operating cash inflow of £8.9m in period
  • Interim dividend up 5% to 2.3p (2012: 2.2p)
  • Very strong performance from Emerging Markets with 13% like-for-like revenue growth
    • Turkey like-for-like revenues +13%
    • China like-for-like revenues +20%
    • Dubai like-for-like revenues +6%
  • Acquisition of 51% of PT Infrastructure Asia completed, providing an important base in Indonesia

Click on the financial highlights table for a larger view

Tarsus HY 2013

Outlook

  • Forward bookings currently 12% ahead of 2012
  • Labelexpo Europe and the Dubai Airshow both tracking well ahead of previous events

UK, London & Indonesia, Jakarta

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Reed Elsevier reports growth in the 12 months to 31 December 2012

Reed Elsevier reports growth in revenue, operating profit and earnings in the twelve months to 31 December 2012.Reed Elsevier

Full details of results

Financial highlights

  • Underlying revenue growth +4% (+3% excluding biennial exhibition cycling) to £6,116m/€7,523m
  • Underlying adjusted operating profit growth +6% to £1,713m/€2,107m
  • Adjusted EPS +7% to 50.1p for Reed Elsevier PLC; +14% to €0.95 for Reed Elsevier NV
  • Reported EPS +42% to 46.0p for Reed Elsevier PLC; +53% to €0.90 for Reed Elsevier NV
  • Full year dividend +7% to 23.0p for Reed Elsevier PLC; +7% to €0.467 for Reed Elsevier NV
  • Return on invested capital up by 0.7 percentage points to 11.9%
  • Net debt £0.3bn lower at £3.1bn; 2.2x EBITDA pensions and lease adjusted (1.7x unadjusted)

Operational highlights

  • Revenue growth driven by volume growth, new products, and expansion in high growth markets
  • Profitability gains driven by process innovation and portfolio development
  • All five business areas contributed to underlying revenue and profit growth
  • Continued improvement in revenue mix by format, geography, and type
  • Accelerated portfolio reshaping; gross proceeds from disposal of non-core businesses £242m
  • £250m of share buybacks completed in 2012
  • £100m of share buybacks completed in 2013 YTD; further £300m to be deployed in remainder of 2013

Commenting on the results, Chief Executive Officer, Erik Engstrom, commented:

“In 2012 we made good progress on our strategy to systematically transform our business into a professional information solutions provider that combines content & data with analytics & technology in global platforms. We continued to do this primarily through organic development, with acquisitions limited to small content and data assets across markets and assets in high growth geographies. We also accelerated the evolution of our portfolio by disposing of businesses that no longer fit our strategy, using the proceeds to buy back shares. As a result of these actions we are continuing to improve the quality of our earnings, to deliver more predictable revenues, a higher growth profile, and improving returns.

By the end of 2012 approximately 80% of our revenues were in our targeted formats of electronic and face to face, which generated average underlying revenue growth rates of +5-7%. Although the outlook for the macro environment, and its impact on our customer markets, is mixed, we have entered 2013 with positive momentum, and expect another year of underlying revenue, profit, and earnings growth.”

UK, London & The Netherlands, Amsterdam

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