UK - ITE Group has highlighted a stellar performance across its Moscow events business as key to its strong financial result for the third quarter to 30 June 2011.
According to the organiser’s interim management statement, revenue in the three months to 30 June reached £79.4m (US$128m), up from £55.6m year-on-year. The results incorporate the biennial Moscow International Oil and Gas exhibition, along with a first-time contribution from spring events held by Russian-based MVK and Krasnodar Expo, which ITE acquired in March.
On a like-for-like basis, Q3 revenues were 20 per cent ahead of comparable figures. During Q3 ITE ran six of its 10 largest events, accounting for more than half of total annual revenues.
ITE acquired Turkish exhibition business YEM Fuarcilik last week in a deal worth up to £16.3m.
Got a news story for EW? Email us: exhibitionworld@mashmedia.net
