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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