EUROPE - Revenue at international exhibition organiser ITE Group rose by more than 50 per cent in the last 12 months, the firm revealed in an interim management statement today.
According to the statement, total revenue in the three months from 1 October to 31 December 2011 was £31m, up from £20.5m year-on-year. This period includes revenues from events acquired during the previous 12 months. On a like-for-like basis, revenues for the quarter are up by 17 per cent.
The group's balance sheet remains strong with net cash of approximately £12m at 22 January 2012.
In November, the group purchased the exhibition assets of Ukrainian organising business Autoexpo for US$6m (£3.8m). The portfolio of 10 exhibitions acquiredincludes SIA - the Kyiv International Autosalon, which is the leading motorshow in Ukraine, as well as other exhibitions operating in ITE's core sectors oftravel and tourism, building, construction, oil and gas.
As at 24 January 2012, the group had contracted £113m in revenue for the current financial year, eight per cent ahead of last year on a like-for-like basis.
ITE said there have been no further material events or transactions of note from 31 December 2011 to 26 January 2012.
Established in 1991, the firm has over 1000 staff worldwide, 200+ events organised annually in 14 countries and a network of 27 offices in 15 countries, ITE Group attributed annual profits to 30 September 2011 to Russia’s economic recovery.
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