26 Sep 2018 15:58
UK Earnings, Trading Statements Calendar - Next 7 Days
Thursday 27 September PetropavlovskHalf Year ResultsHalmaTrading HoldingsHalf 28
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Don't have an account? Click here to register.Canaccord leaves ITE Group at 'hold' after trading update
Mon, 04th Apr 2016 13:00
(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 acquisitions including Breakbulk and Africa Oil Week.On a like-for-like basis, revenues fell 4% but represented a material improvement from the 13% decline in its first quarter.ITE said the results were in line with management expectations.The group warned that its like-for-like trading volumes for full year 2016 are around 9% less than this time last year, and like-for-like revenues are also 9% behind last year's comparative. Both are in line with expectations, ITE said.Canaccord said the full year declines implied a further deterioration into the third quarter at an estimated like-for-like decline of 15%, reflecting the impact of the weak macro-economic backdrop particularly in Russia, impacting key events such as Mosbuild.However, the broker said it should be offset a modest improvement in the rouble against the pound and the rising oil price."Overall, we see little reason to change our full year forecasts, with pre-tax profit (norm) of £37.0m and fully diluted earnings per share of 11.1p, both broadly in line with consensus," said Canaccord analyst Simon Davies.He added that given recent weak performance with shares down 8% in the year to date, Canaccord expected to see a modest short-term rally."ITE is trading on a calendarised 2016 price to earnings ratio of 12.9x and a 10.0x enterprise value / earnings before interest, tax, depreciation, and amortisation at our target price of 145p," Davies said."This represents a modest discount to its peer group, merited by its high exposure to Russia/Commonwealth of Independent States. And with £70m of net debt, we see limited scope for additional M&A to drive upgrades."However, he did note that the shares do offer an "attractive" 5.1% dividend yield.
More News
5 Sep 2018 12:21
ITE To Sell Russian Events Unit To Shtab-Expo For GBP8 Million
LONDON (Alliance News) - ITE Group PLC said Wednesday it plans to sell its non-core Russian events unit ITE Expo LLC to Shtab-Expo LLC for GBP8 million.ITE Expo operates 56 smaller, events
Read more25 Jul 2018 16:00
ITE Sells 75% Stake In Malaysian Events Firm To UBM Subsidiary
LONDON (Alliance News) - ITE Group PLC said on Wednesday it has sold a 75% stake in Malaysia-based events business ECMI ITE Asia Sdn Bhd and other Indonesian assets to UBM PLC's subsidiary Sdn
Read more3 Jul 2018 16:08
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DIRECTOR DEALINGS: ITE Strategy Director Rakhi Williams Buys Shares
LONDON (Alliance News) - ITE Group PLC said Monday Strategy Director Rakhi Williams purchased 38,042 shares at a price of 73.20 pence each.Williams' holding in the company, if any, was
Read more18 Jun 2018 15:58
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DIRECTOR DEALINGS: ITE Group Chief Executive And Chairman Buy Shares
LONDON (Alliance News) - ITE Group PLC on Friday said its Chief Executive Officer Mark Shashoua and Chairman Richard Last acquired shares in exhibitions and conferences organising firm, both on at
Read more15 May 2018 12:23
ITE Profits Falls On Restructuring Costs As Acquires Ascential Unit (ALLISS)
LONDON (Alliance News) - Business exhibitions firm ITE Group PLC said Tuesday its half-year profit fell amid restructuring costs despite its revenue rising on a reported and like-for-like basis as
Read more15 May 2018 10:33
Ascential Sells Exhibitions Business To ITE For GBP300 Million (ALLISS)
LONDON (Alliance News) - Ascential PLC said Tuesday it will sell its exhibitions business to ITE Group PLC for GBP300 million in cash after a strategic review.ITE will acquire the business
Read more8 May 2018 16:09
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ITE Sells Malaysian Exhibitions Unit For GBP4.2 Million To UBM
LONDON (Alliance News) - ITE Group PLC said Tuesday it sold Malaysian subsidiary and Metaltech-owner TradeLink ITE Sdn Bhd for GBP4.2 million to UBMMG Holdings Sdn Bhd, a subsidiary of UBM firm or
Read more4 Apr 2018 11:30
ITE Confident In Annual Results As Anticipates Interim Revenue Growth
LONDON (Alliance News) - ITE Group PLC on Wednesday said it is confident in its full-year expectations with current trading in line and revenue up in the first half.The
Read more26 Jan 2017 15:44
ITE Group revenue rises slightly as it faces tough trading
(ShareCast News) - ITE Group published a trading update for the period from 1 October to date on Thursday, including its first quarter trading period from 1 October to 31 December. The London-listed firm's investors were meanwhile gathering for its annual general meeting. Trading in the first quart
Read more19 Jan 2017 16:18
29 Nov 2016 08:39