International exhibition and events company ITE Group expects its revenues for the current full year to come in around £170m, up from £155m in 2011.
The group issued a trading update for the year ending 30 September 2012, prior to entering its close period and ahead of its preliminary results announcement on 4 December 2012.
The company said the results for the fourth quarter “continued to reflect the positive trading conditions noted in our previous statements, with good regional growth despite increasing currency headwind”.
ITE Group ran 40 events in the fourth quarter, producing revenue of £27m, which represents a 10 per cent improvement over last year on a like-for-like basis.
The principal trading highlights in the fourth quarter, according to the company, were:
MODA, the Group’s market leading UK fashion event based at the NEC in Birmingham permed well in a difficult trading environment. A further expansion of its sector spread to include urbanwear and helped the event to reach record levels with sales of 18,700sqm.
World Food Moscow, the group’s leading food exhibition also recorded its largest ever event with a six per cent increase in space sales to 24,300sqm.
The group reported net cash of £12m as at 26 September 2012.
Over the last year sterling has strengthened against the group’s two principal trading currencies, the euro and the rouble. As a result, like for like sterling yields for 2013 bookings to date are on average circa six per cent lower than for this time last year. As at 27 September 2012, the group had booked £68m of revenue for the 2013 financial year, representing 37 per cent of current market expectations for the year.
The group said strong cash balances, together with a strong balance sheet, would allow it to continue to further develop and expand its business.
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