Friday, May 23, 2014

ITE records strong H1 profits

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.”

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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