Friday, February 06, 2015

ITE acquires Diversified’s Indian entertainment technology shows

News this week: Earlier this week, the ITE Group, announced the acquisition of Diversified Communications’ India-based entertainment technology portfolio for an undisclosed amount. The co-located events, PALM Expo and Music Expo, along with two publications, Pro Sound Systems and Studio Systems, will be managed by ITE’s Indian partner company, Asian Business Exhibitions and Conferences (ABEC).

Russell Taylor, chief executive of ITE, commented, “We have a growing business in India and we’re committed to further strengthening our position in Asia as well as expanding the diversity of the sectors that we cover globally. The PALM portfolio fits well with our strategic growth plans.” Manish Gandhi, COO of ABEC, added, “We are excited to work with the existing PALM management team to take this exciting portfolio to new heights.”

Separately, ITE released an interim management statement for the quarter ending 31st December 2014. Management reported the group’s performance in the first quarter of the financial year was in line with expectations and largely unaffected by the economic slowdown in Russia. Revenue for the quarter was US$38.9 million (£25.4 million), up from US$55.7 million (£36.3 million) in Q1 2013. Adjusted for biennial cycling effects, like-for-like (constant currency) revenues for the quarter are down 4% over the same period in 2013 (down 18% on an actual currency basis).

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