Trading Statement

RNS Number : 9121K

ITE Group PLC

13 July 2017

 

13 July 2017

ITE Group plc

("ITE" or the "Group")

Trading Update

ITE Group plc, the international exhibitions group, is today publishing a trading statement for the period from 1 April 2017 to the date of this announcement, incorporating the Group's third quarter trading period from 1 April 2017 to 30 June 2017.

Trading

The Group's performance for the three month period is in line with management expectations.

Revenue for the period was circa £58m (three months to 30 June 2016: £46m). On a like-for-like basis, revenue for the period is 9% ahead of the comparative period.  A strong performance from Moscow during the period has been partially offset by continued weaker performance from some other regions and in particular, as expected, Turkey.

For the nine months to 30 June 2017, revenue is 4% ahead of the comparative period on a like-for-like basis.

Financial position

The Group's balance sheet position and operational cash flows have strengthened, with net debt at circa £54m at 30 June 2017 (£64m at 30 June 2016).

Transformation & Growth ("TAG") Programme update

The three year TAG Programme, announced on 16 May 2017 - designed to deliver a stronger, more scalable platform - is in its early stages and is progressing in line with management plans.

 Outlook

Group revenues booked for FY 2017 are £145 million (at current exchange rates) representing circa 100% of market expectations for the full year. On a like-for-like basis these revenues are 4% ahead of this time last year and on a volume basis are 2% behind driven by the cancellation of a number of small, lower yield events. Excluding these, like-for-like volumes are flat.  The revenue improvement partly reflects earlier bookings and a focus on core events, following investment in new initiatives introduced by management ahead of launching its TAG Programme. The Board remains confident in the Group's future prospects. 

Where used, like-for-like measures are stated on a constant currency basis adjusted to exclude acquisitions impacting results for the first time, event timing differences and biennial events.

Enquiries:

Mark Shashoua, Chief Executive Officer, ITE Group plc                    Tel: [phone]

Andrew Beach, Chief Financial Officer, ITE Group plc                       Tel: [phone]

Charles Palmer/Emma Appleton, FTI Consulting                               Tel: [phone]

Nick Westlake/Toby Adcock, Numis Securities Ltd                            Tel: [phone]

Ends

 

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