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Russell Taylor, CEO of ITE Group plc, commented: "ITE has delivered record results reflecting a strong operational performance as we execute against our stated strategy. Over the year, we have seen a return of economic growth in our core markets, and have invested for future growth by acquiring three complementary businesses, which add strength and breadth to our existing portfolio of market leading events ITE operates in resilient markets and has made a good start to the current financial year. Trading is in line with our expectations and we are well placed to continue our growth, both organically and through selective acquisitions."
Record results reflect strong organic growth with a contribution from new acquisitions · Return to economic growth in the Russian & CIS markets · Completed three acquisitions, adding new sectors and geographies to ITE's business · Strong cash generation: - net cash of £5.5m at year-end after investments of circa £50m · Final dividend increased to 4.2p (2010: 4.0p); full year dividend of 6.1p (2010: 5.7p) · £93m of revenues booked for 2012: 8%+ ahead of last year on a like-for-like basis
http://www.investegate.co.uk/Article.aspx?id=201111290700199314S
In order to increase its Ukrainian operations, ITE Group (ITE) has agreed to buy a portfolio of 10 exhibitions from Autoexpo for an undisclosed amount. The gross assets were valued at 50,000 dollars (31,928 pounds) as at 24th November and generated revenue of 3 million dollars (1.9 million pounds) in the 2011 calendar year. The acquisitions will be incorporated into the trade exhibition and conference group's existing Ukrainian subsidiary Premierexpo. ITE shares grew 2.8p to 184.7p
Outlook Bookings for the financial year ending 30 September 2012 including Mosbuild are progressing in line with management expectations. As at 30 September 2011, the Group had booked £68m of 2012 financial year revenues, representing circa 42% of current market expectations for the period. The Board remain confident in the Group's prospects for 2012 and beyond.
Pre-close trading update for the year ending 30 September 2011 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 2011, prior to entering its close period and ahead of its preliminary results announcement on 29 November 2011. Results for the fourth quarter have continued to reflect the trading patterns noted in our previous statements. Moscow is trading well and the Group's other markets continue to show positive trading patterns. Revenues for the full year are now expected to be circa £154m (2010: £113m). Fourth Quarter Trading Total revenues for events in the fourth quarter were circa £21m, which represents a 17% improvement over last year on a like-for-like basis. The performance of the principal events taking place in the fourth quarter is summarised below. The strong trading environment in Moscow which we have witnessed throughout the year is reflected in these results. Financial position The Group had net cash of £2.6m as at 27 September 2011.
http://www.investegate.co.uk/Article.aspx?id=201110030700223368P
Singer Capital reiterated is "buy" recommendation for ITE Group (ITE), with a 260p target price. The broker expects the trade exhibition organiser to report pre-tax profits of 48.5 million pounds for the year ending September 2011. Singer notes that trading conditions are healthy and there is strong visibility for 2012. Additionally, the broker dismisses concerns over the economy in Russia, which is one of ITE's largest markets, noting robust oil prices and public sector budget.
ITE organises trade exhibitions for industries such as construction. It is keen to diversify out of the former Soviet Union. The price being paid for the owner of the imaginatively titled TurkeyBuild is £16.3 million for 60 per cent, dependent on performance, with the option of buying the rest in due course, or about eight times’ earnings. ITE is keen to look further afield, probably into South-East Asia. For now the shares sell on about 14 times’ this year’s earnings, a bit of a premium to the sector. Hold, says the Times.
Commenting on the acquisition, ITE's Chief Executive Officer, Russell Taylor, said: "TurkeyBuild Istanbul is the market leading building and construction exhibitions in Turkey. The addition of these three exhibitions to ITE's Turkish business is consistent with our strategy of building market leading positions in core markets and sectors. ITE has a strong portfolio of construction exhibitions and an established base of supportive international exhibitors. YEMF's events are already market leaders in Turkey but will benefit from access to ITE's international customer base and its market leading construction events in Russia and CIS."
13 July 2011 ITE Group plc Acquisition of 60% of YEM FUARCILIK A.Ş. strengthens ITE's leading position in the building materials and construction sectors ITE Group plc, the emerging and developing markets exhibitions specialist, today announces the acquisition by its wholly owned Turkish subsidiary, E Uluslararası Fuar Tanıtım Hizmetleri A.Ş(EUF), of 60% of the shares of YEM Fuarcilik a.ş ('YEMF') from a group of private shareholders led by Mr Ugur Muldur (collectively 'The Sellers'). The consideration of TL32.64m (£13.1m) is payable in cash on completion with a further payment of up to TL8m (£3.2m) payable nine months after completion, based on YEMF achieving performance targets in 2011. The remaining 40% of YEMF will continue to be held by Yapi-Endüstri Merkezi a.ş ('Yapi'), the leading provider of data and information services to the building materials and construction industries in Turkey. There are matching put and call options over the remaining 40% of the shares on agreed terms over a three/five year period. YEMF owns three Turkish exhibitions which serve the building materials and construction industries, one of ITE's core sectors. The principal event, TurkeyBuild, is held in Istanbul in April/May each year and is the leading construction event of its kind in Turkey. The 2011 version was the 34th edition of this successful event, sold more than 35,000m2 net and was attended by over 110,000 professional visitors. The other two exhibitions are held in Ankara and Izmir in September and October respectively. YEMF's events will benefit from ITE's international sales network and its leading events in the Russian and CIS building materials and construction markets. ITE will benefit from the continuing partnership with Yapi and its activities within the building materials and construction sectors. The operating profits of YEMF are circa TL7.5m (£3m) per annum. Gross assets of YEMF on completion are expected to be TL14.3m (£5.7m). This acquisition is expected to be earnings enhancing in ITE's 2012 financial year.
http://www.investegate.co.uk/Article.aspx?id=201107130700062690K
Non-executive director Neil England has taken advantage of a weak spell in the share price of ITE Group, splashing out £85,000 on shares in the FTSE 250-listed exhibitions organiser. He took 40,000 shares at 213.5p a share and now had 50,000. ITE organises exhibitions in areas such as the oil and gas industry. It has strong exposure to Russia and the former Soviet Union.
ITE posted what by most analyst accounts was a strong set of half yearly results yesterday. The exhibition and conference organiser said adjusted pre-tax profits had climbed by a healthy 42% as its core markets returned to growth. ITE’s shares trade on affordable multiples of around 15 times forward earnings. Buy, says the Independent.
Moscow improvement cheers ITE Date: Monday 16 May 2011 LONDON (ShareCast) - Exhibitions organiser ITE said it is now operating in a ‘business as usual’ environment in its main market Moscow after recovering from the global economic downturn. In the six months to 31 March, headline pre-tax profits climbed to £9.1m from £6.4m over the same period the previous year on revenues that were up to £53m from £39.2m. “ITE has delivered a good performance during the first half of the year as the recovery seen last year turned to sustained growth in our core markets,” ITE chief executive Russell Taylor said. “This momentum has been complemented by the initial contribution from the recently acquired businesses as well as the organic development of our exhibition portfolio.” During the period ITE acquired Moscow exhibitions business MVK and southern Russia exhibitions group Krasnodar Expo. “The first half of the financial year has seen the group benefit from continually improving trading conditions, most notably in Moscow, the group's largest market, which is now clearly operating in a 'business as usual' environment,” ITE said. “Elsewhere, the group's markets continue to recover, albeit more slowly, from the global recession of 2009/2010 and all are now showing signs of continual improvement.” Trading in April was ahead of expectations, ITE said. “With good trading conditions in its markets allied with their longer term prospects for further development the board has confidence in ITE's future prospects,” it added.
Seriously, why is it so quiet on here, do you guys not like blue days?
ITE is still rocking and still making the daily gains, this is like EO, an easy rider.
momentum with the stock imo
!
all indicators are bullish
!
just out of a bull flag strong indicators target 169
anyone of the few here know if this might get somewhere ? The Russia remark sounded worrying,why ?
Russia is about to go bankrupt again... Theres a read up about ITE in Russia and the fact the ruble has weakend by 30% already
am i the only one watching this share and wondering what i have missed for this to keep going down