News this week: Earlier this week, London-listed ITE Group released an interim
financial announcement for the six months ending 31st March 2014.
The company reported revenues of £71.2 million (US$119 million) – up 2.6% over the
same period in 2013. Pre-tax profit jumped impressively from £2.6 million
(US$4.3 million) last year, to £12.2 million (US$20 million) in 2014.
ITE completed three acquisitions during the six-month period:
Beauty Eurasia, an annual event
serving the beauty, personal care and cosmetics industries in Turkey for £8.4
million (US$14 million); ChinaCoat
/ SF China (50%) in China for £34 million (US$57 million); and ITE also
acquired the remaining 60% of Scoop, a high-end fashion event for the women’s wear
sector in the U.K.
Russell Taylor, CEO of ITE, commented, “ITE has delivered a
strong performance over the first half of the year with revenue growth in the
Group’s main markets allied to a stronger biennial pattern in the first half of
the year. Our recent acquisition of Beauty Eurasia in Turkey and a 50%
investment stake in the Chinese Chinacoat/Surface Finishing exhibition
represents more progress in achieving the Group’s strategic objectives.”
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