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.
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