Friday, February 07, 2014

ITE posts Q1 revenues of over US$60 million

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.

This post is excerpted from BSG's weekly e-newsletter which is part of our subscription research service, BSG Tracker. Visit our website to find out more about this service. You can also follow us on Twitter for all the latest updates.

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