ITE Confident In Annual Results As Anticipates Interim Revenue Growth

4th Apr 2018 11:30

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 exhibitions and conferences organiser expects to post revenue around GBP75.0 million for the six months to the end of March, compared with GBP70.0 million it reported for the same period the year before. ITE highlighted that it saw an underlying trading improvements.

Although the company benefited from biennials and event timing, it said, this was offset by the "proactive" cancellation of less profitable events and the impact of foreign exchange.

On a like-for-like basis revenues are expected to come in 8.0% higher than the prior year, as top 10 events revenue promising to bring double digit growth, ITE said.

The group ended the period with around GBP52.0 million debt, slightly reduced from GBP55.0 million it had in 2016.

Looking ahead, ITE said it booked 85% of market expectations for the full year, representing about GBP137.0 million revenue, up from GBP128.0 million it posted the year earlier. On a like-for-like basis, this revenue is 14% ahead of comparative period in 2016.

Shares in ITE were trading 2.5% lower at 153.40 pence per share on Wednesday.

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