Pre-close Trading Update

RNS Number : 5261N

ITE Group PLC

01 October 2012

 



1 October 2012

ITE Group plc

("ITE" or the "Group")

Pre-close trading update for the year ending 30 September 2012

ITE Group plc, the international exhibitions group specialising in emerging and developing markets, has today issued the following update for the year ending 30 September 2012, prior to entering its close period and ahead of its preliminary results announcement on 4 December 2012.

Results for the fourth quarter have continued to reflect the positive trading conditions noted in our previous statements, with good regional growth despite increasing currency headwind. Revenue for the full year is expected to be circa £170m (2011: £155m) in line with market expectations.

Fourth Quarter Trading

The Group ran 40 events in the fourth quarter producing revenue of circa £27m, which represents a 10% improvement over last year on a like-for-like basis.

The principal trading highlights in the fourth quarter were:

·    MODA, the Group's market leading UK fashion event based at the NEC in Birmingham performed well in a difficult trading environment. A further expansion of its sector spread to include urbanwear helped the event to reach record levels with sales of 18,700sqm.

·    World Food Moscow, the Group's leading food exhibition also recorded its largest ever event with a 6% increase in space sales to 24,300sqm.

Financial position

The Group had net cash of circa £12.0m as at 26 September 2012.

Outlook

Volume sales for the financial year ending 30 September 2013, including Mosbuild, are progressing in line with management expectations. Over the last year Sterling has strengthened against the Group's two principal trading currencies, the Euro and the Ruble. As a result, like for like Sterling yields for 2013 bookings to date are on average circa 6% lower than for this time last year. As at 27 September 2012, the Group had booked £68m of revenue for the 2013 financial year, representing circa 37% of current market expectations for the year.

The Group continues to experience good levels of organic growth and to generate strong cash balances which together with a strong balance sheet will allow the Group to continue to further develop and expand its business.

The Board remain confident in the Group's prospects for 2013 and beyond.

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Enquiries

Russell Taylor, CEO                                                    020 7596 5000

Neil Jones, CFO

ITE Group plc

Charles Palmer                                                            020 7831 3113

Emma Appleton

FTI Consulting

This Pre-close Statement is prepared for and addressed only to the Group's shareholders as a whole and to no other person. The Group, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this Interim Management Statement is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. Statements contained in this Interim Management Statement are based on the knowledge and information available to the Group's Directors at the date it was prepared and therefore the facts stated and views expressed may change after that date.  By their nature, the statements concerning the risks and uncertainties facing the Group in this Interim Management Statement involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. To the extent that this Interim Management Statement contains any statement dealing with any time after the date of its preparation such statement is merely predictive and speculative as it relates to events and circumstances which are yet to occur.  The Group undertakes no obligation to update these forward-looking statements.

 

END

 

 

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