WORLD – Organiser ITE Group has said revenues booked for the full year are eight per cent ahead on a like-for-like basis, despite more profitable shows running next year.
As at 17 May 2013, the group had booked revenues for the current financial year of £174m, compared to £156m in 2012.
In an interim management statement, which covers trading over the six months to 31 March 2013, the group reported revenues of £69.4m compared to £68.6m for the same period in 2012.
“ITE has delivered a good performance over the first half of the year despite the negative impact of event timing differences,” said ITE Group CEO Russell Taylor. “The group’s results have shown consistent compound growth which is reflected well in our main markets.”
The firm said the actual volume sales of 352,500sqm were four per cent lower than last year’s 367,900sqm, reflecting the lesser biennial contribution and other timing differences affecting the first six months of 2013.
“ITE however, is in a better position than it was when the last quarterly results were released. The group is spreading its wings into the Asian market and our expansion is well underway with its three recent acquisitions,” said Taylor.
ITE Group took a leap into the Indian exhibition market last year by acquiring a minority stake in construction show organiser Asian Business Exhibitions and Conference (ABEC).
“ITE will continue to be proactive and open to exciting ventures in 2013,” Taylor said. “The group is in a strong financial position with a net cash of more than £20m. With continued good trading conditions in our markets, the board has confidence in the full year outcome,” Taylor added.
Got a story for CMW? Email cmw@mashmedia.net
8% rise in quarterly results for ITE Group
