News this week: Last week, London-listed exhibition
organiser, ITE Group, released
its interim financial statement for the quarter ending 31st December
2013. The group’s revenue for the three month period were £36.3 million
(US$60.1 million), up from £28.7 million (US$47.5 million) recorded in the same
period in 2012.
Described by the
company as its smallest quarter in revenue terms, like-for-like revenues were
up 10% (and 15% on a constant currency basis), with the strongest growth observed
in its Central Asia business, followed by Russia. ITE’s management reported trading
conditions in its core markets remain positive and it has already contracted
£121 million (US$197.5 million) of revenues for the 2014 financial year.
ITE completed two
acquisitions during the quarter. In October, the company paid €8 million
(US$10.9 million) for Beauty Eurasia in Turkey. This was followed by the £33 million (US$53.9
million) acquisition of a 50% stake in November for the surface and finishings exhibition,
ChinaCoat / SF China, in China from Sinostar
International.
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