International events organiser ITE Group has said its third quarter trading is in line with management expectations, following the group’s expansion into new markets.
In an interim management statement, which covers trading for the period from 1 April 2013 to 15 July 2013, the group said its booked revenues for the current financial year was £184m, compared to £164m in 2012.
The Group said it continued to execute a strategy of expanding operations to new markets with potential for further growth. On 11 April 2013, ITE acquired 50 per cent of ECMI based in Kuala Lumpur, Malaysia for an initial consideration of MYR 8.1m (£1.7m) and a deferred consideration of approximately MYR 4.1m (£0.9m) due in April 2014.
The Group had net cash of £17m as at 12 July 2013 (2012: net debt of £1.7m), after spending circa £26m on acquisitions and deferred consideration during this financial year.
ITE Group launched Cosmobeauté in Myanmar, aimed at the professional beauty industry. The event will be held at the Myanmar Convention Centre, Yangon from 6 to 8 June 2014.
“Year to date, the group has delivered good organic growth supplemented by the continued investment in new businesses which extend the group’s reach into new emerging markets,” said a spokesman. “The group continues to experience good trading conditions in its principal markets and the board remains confident in the full year outcome.”
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