22 Nov 2016 16:20
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Don't have an account? Click here to register.Canaccord drops ITE target price on currency woes
Wed, 03rd Oct 2018 10:53
(Sharecast News) - Analysts at Canaccord Genuity dropped their target price on shares of events organiser ITE on Wednesday, noting that recent progress will likely be masked by the impact of the collapse in emerging markets FX.Canaccord was encouraged by ITE's 2018 full-year revenues coming in "bang in line" with its forecasts, after a year of significant change. The broker also saw ITE's £300m acquisition of Ascential Events and a recent series of non-core disposals as being well timed.While ITE has been aggressively reshaping its events portfolio, focusing on fewer, but higher margin/higher growth events, Canaccord said its larger Indian events will benefit from capacity increases in Delhi during 2020, but even this will come at the cost of a material reduction in 2019.ITE cancelled 30 non-core events and 56 smaller events throughout the year, also dragging on 2019 profits.With ITE finishing the year with a net debt of £83m, modestly below the broker's projected £86m, and also starting the year with a £113m worth of booked revenues, Canaccord said underlying forecasts looked "well underpinned", but warned that recent FX woes linked to Russia and Turkey had forced it to take another look at its estimates.All in all, Canaccord lowered its target price on ITE from 95p to 77p but reiterated its 'hold' rating on the firm.
More News
3 Oct 2016 11:25
ITE Group endures slump as events turn geopolitical
(ShareCast News) - Events and exhibitions organiser ITE Group warned that its bookings for next year were slightly behind this year due to challenging conditions in several markets, especially Turkey. For the current year, although like-for-like revenues fell 8% in the fourth quarter, 52-week sal
Read more3 Oct 2016 08:10
BUZZ-ITE: shares dive after bookings hit by Turkey coup attempt
** Shares in exhibition organiser ITE Group down as much as 6.6 pct, poised for their worst day since late July ** Co says recent attempted coup in Turkey has significantly affected international travel to the region, hurting its bookings on Turkish events ** Co says rev for 3 months
Read more19 Jul 2016 15:44
Ebiquity CFO to join ITE Group
(ShareCast News) - ITE Group said it has appointed Andrew Beach as chief financial officer. Beach is currently CFO at Ebiquity plc, the AIM listed marketing analytics specialist. He will join ITE by the beginning of January 2017. Des McEwan will continue as interim group finance director until this
Read more5 Jul 2016 15:04
2 Jun 2016 15:08
9 May 2016 07:57
ITE Group H1 profit up, new CEO appointed
(ShareCast News) - Events company ITE Group posted a rise in first-half pre-tax profit as it announced the appointment of a new chief executive. For the six months to the end of March, pre-tax profit was up 36% to £10.6m as revenue grew to £63.6m from £56.1m. Chief executive Russell Taylor said:
Read more4 Apr 2016 15:57
Broker tips: M&S, Kingfisher, ITE Group
(ShareCast News) - Ahead of Marks & Spencer's results on Thursday, Berenberg reiterated its 'sell' recommendation and cut its earnings forecasts for the next three years due to the continuing decline in clothing sales. Thursday's fourth-quarter results for the three months to 31 March 2016, coming a
Read more4 Apr 2016 13:00
Canaccord leaves ITE Group at 'hold' after trading update
(ShareCast News) - Canaccord Genuity has kept its 'hold' rating and target price of 145p unchanged for ITE Group after the exhibitions organiser reported its first half trading update. The company on Monday reported a 12% increase in first half revenue to £63m, lifted by strong performances from acq
Read more