Friday, May 15, 2015

ITE reports strong performance in Asia in H1

News this week: This week, U.K.-based exhibition organiser, ITE Group, reported its interim results for the six months ended 31st March 2015. The company reported revenues of £56.1 million (US$83 million), down from £71.2 million (US$119 million) in the previous year. Management commented on the reduction in revenues resulted from a weaker biennial pattern of its events. Pre-tax profit was also down from £12.2 million (US$20 million) in 2014, to £7.8 million (US$12 million) this year.

Revenues generated from events in Asia for the six-month period were £1.3 million (US$2.0 million). According to ITE, its subsidiaries in India and China performed well during the period. In India, ABEC’s construction events sold more than 65,000 m2, and showed good revenues and profit growth. In China, strong growth in revenues and profit was observed in Sinostar’s Chinacoat – which sold over 34,000 m2, up 11% from the November 2012 edition.

Separately, ITE announced the appointment of Udo Schuertzmann as the new head of business in India. He replaces Kim Willis, who will relocate to Kuala Lumpur to manage the company’s Malaysian business. Udo, a 23-year exhibitions industry veteran, will head ITE’s New Delhi-based ITEI and manage ITE’s stake in Mumbai-based ABEC.

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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