The ITE Group has said revenues for Q4 are in line with expectations, with revenue for the full year expected to be around £191m (US$310m), up from £172m (US$279m) in 2012.
The group released a financial update for the year ending 30 September 2013, prior to entering its close period, and ahead of its preliminary results announcement on 3 December.
The group’s revenues for Q4 are reported to reflect positive trading conditions in the majority of its overseas markets.
“As the market predicted, results in the European sectors are flat,” ITE Group’s CEO, Russell Taylor told CN. “However, the market overseas is looking positive and trading well in areas such as Russia and Asia.
“The fourth quarter results we have released are not particularly a big part of the overall year, as they tend to account for only 10 per cent of the total figure. Having said that, the cash flow in this period was strong and a little ahead of expectations which is most likely down to less acquisitions made than predicted.”
ITE said the group continues to generate strong cash flow and had net cash of circa £23m as of 25 September 2013, compared to £12m in 2012.
The group ran 28 events in Q4, producing a revenue total of £26m, up four per cent on a like-for-like basis. However, the group claimed the revenues were negatively impacted by ongoing difficult trading conditions in European fashion that hit the Moda fashion event in the UK.
World Food Moscow proved a highlight of the fourth quarter, as the organiser recorded its largest ever event with a two per cent increase in space sales.
“It has been a solid satisfying year for ITE, forward bookings are looking positive and encouraging with 39 per cent of next year’s consensus revenue already booked compared to 37 per cent at this point last year. We also have a reported £75m of revenue booked for the 2014 financial year,” said Taylor.
The statement said the group continues to generate good organic growth from its portfolio of events, and retains a strong balance sheet, which supports its plans to invest in and further develop its business.
“We will continue to look into the Asian market, particularly the Southeast Asian market for further development,” added Taylor.
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