WORLD - Exhibition and conference organiser ITE Group has said an eight per cent annual drop in revenue is in line with management expectations for the first three months of its financial year.
In an interim management statement, which covers trading between 1 October 2012 and 31 December 2012, the group reported revenues of £28.7m (US$45.3m) compared to £31.0m for the same period in 2011.
The firm said its first quarter result has a smaller biennial pattern than in the previous year, and on a like-for-like basis revenues for the quarter are ahead of the comparative period by six per cent, with good growth across most regions. As at 24 January 2013 the group had contracted £119m of revenue for the current financial year, five per cent ahead of the prior year on a like-for-like basis, despite movements in exchange rates - principally euro to sterling - which reduced average sterling yields by four per cent.
Current sales represent two-thirds of current market expectations which is consistent with the firm’s long-term average of bookings at this stage of the group's financial year.
The group has purchased 75 per cent of Trade-Link an exhibition organiser based in Kuala Lumpur, Malaysia for approximately £4m.
Trade-Link is an established organiser within Malaysia and Southeast Asia with exhibitions in machine tool technology and metal fabrication. The purchase will allow ITE to add an operational base in Malaysia and will provide a platform for the group to launch its existing brands.
In December, the group purchased a 28.3 per cent stake in ABEC, India's largest private exhibition organiser, for a total consideration for£14m paid in cash on completion. The portfolio of 19 exhibitions across 11 vertical markets includes Acetech, a leading construction exhibition in India.
ITE will announce Interim Results for the six months ended 31 March 2013 on 20 May 2013.
ITE is putting on a lingerie show in Moscow in February.
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