ITE Group PLC
16 February 2000
ITE GROUP PLC
Annual General Meeting
ITE Group Plc, the international exhibition specialist, held
its Annual General Meeting at 12 noon today. At the meeting
Lawrie Lewis, Chairman, updated shareholders on current
trading and prospects:
'We have made an excellent start to the current year both in
strategic and financial terms. Trading remains well up to
the market's best expectations and we are confident of
another strong result for the full year.
Strategically, we have made significant progress in
extending our geographical coverage with acquisitions since
the year end in Poland, Egypt, Turkey and the Czech Republic
as well as buying out our sales agency agreement in Moscow.
The commercial and financial integration of all of the
acquisitions is well underway. These acquisitions in Eastern
Central Europe and the Middle East continue the Group's
strategy of balancing its portfolio outside Russia and the
CIS, although recent events in Russia including the planned
elections in March have been viewed positively by both our
existing clients and potential new-to-market companies.
The joint venture agreement with Dalian Xinghai Convention &
Exhibition Centre will be signed in the coming weeks and,
from January 2001, will put us in direct control of 22
exhibitions representing over 100,000sq.m of exhibiting
space. This is North East China s state of the art
exhibition and conference centre which services an immediate
population of 250 million people.
We are also pleased to have announced this morning our
expansion into the UK exhibition market and the fast growing
e-commerce sector, through the conditional agreement to
acquire e-business, the UK's premier e-commerce exhibition.
In the first stage our development strategy will concentrate
on replicating the success of this event across Europe and
into our own established geographical markets with a more
global expansion planned for the medium term.
As announced earlier this week we are undertaking a
fundamental review of ExpoWeb.net, our business to business
internet venture which has been built on the back of our
exhibition business. ExpoWeb is ideally placed to develop
into a premier global information source with a myriad of
company, product and marketing information for each of the
industries in which we operate. The absence of industry
portals addressing emerging markets creates a significant
opportunity for ExpoWeb and its clients to address these
areas through internet technology.
We are currently working with the Company's advisers,
Investec Henderson Crosthwaite, in reviewing a number of
alternative strategies for maximising the value of ExpoWeb.
One of the alternatives being reviewed is the possible
demerger of ExpoWeb as a separately listed company.
In order to take maximum advantage of all of these
developments we have reorganised our senior management team.
The appointments of Steve Monnington, Greg Ward, Alex
Bernstein and most recently Ceyda Erem, to our Board means
that we have assembled an outstanding, talented and
experienced management team with the range of skills
necessary to deliver results in a dynamic environment.
Contact:
ITE Group Plc
Lawrie Lewis/Steve Monnington on 0171 596 5000
Buchanan Communications
Richard Oldworth/Isabel Petre on 0171 466 5000
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.