ITE acquisitions add to company’s Moscow gold standard

A series of global acquisitions helped ITE Group report a 29 per cent rise in sales for the six months to 31 March 2012. The UK-based organiser of over 200 conferences and exhibitions has raised the interim dividend.
 
The company reported £68.6m (US$108.6m) in revenue over the period, along with a 40 per cent pre-tax increase to £13.1m. A number of acquisitions contributed to growth including MVK, Krasnodar and Turkeybuild, which generated £11.6m in their first year under ITE ownership. On a like-for-like basis, revenue was up nine per cent.
 
The company also noted volume sales in Russia during the first six months were nearly double last year’s comparable permance, and 14 per cent higher on a like-for-like basis. Business in Moscow was a particular highlight, with half the company’s revenues coming from there.
   
“ITE has delivered a good permance over the first half of the year, with solid organic growth supplement by the contribution of new businesses acquired last year,” ITE Group CEO Russell Taylor said. “The acquisitions of Autoexpo and the beauty portfolios in the Ukraine have expanded sector coverage in a market with potential for growth.
 
“The group has also grown its portfolio of events in India through a small bolt-on acquisition in Chennai in May.”
 
ITE reported forward bookings for the full-year are six per cent ahead of this time last year, with £156.2m secured in revenues across organic and acquired business.
 
“The group is in a strong financial position with net cash of £10.2m at 16 May, and with continued good trading conditions in our markets, the board has confidence in ITE’s future prospects,” Taylor added.
 
Last year, ITE Group reported £155.5m in revenue for the year to 30 September 2011, buoyed by the Russian market.
 
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