29th Sep 2005 07:04
ITE Group PLC29 September 2005 29 September 2005 ITE Group plc ("ITE" or "the Group") Acquisition of Leading UK Footwear Exhibitions Strengthens Clothing and Fashion Portfolio ITE Group plc, the international exhibition group announced today theacquisition of DEW Events Limited ("DEW"), which owns the principal footwearexhibitions in the UK, for an initial consideration of £3.4 million in cash. The exhibitions, which are the leading events in the footwear sector, are run inBirmingham in February and August and London in April and October each year. TheBirmingham exhibitions are already co-located with ITE's MODA FashionExhibition. DEW and ITE have worked together over the last three years tocross-promote these events. The combined exhibition at over 18,000m2 net is theUK's largest trade fashion event. David Wilkins, Managing Director of DEW, will continue to work on the Footwearexhibitions with ITE's team for at least the next 2- 3 years. He retains anownership interest of 25 per cent in the London Footwear exhibitions, over whichthere are options for ITE to buy and for David Wilkins to sell. Totalconsideration for the acquisition is capped. The acquisition of DEW Events is consistent with ITE's strategy of growing itsportfolio of events both organically and through selective acquisitions in itskey markets and sectors. Commenting on the acquisition Ian Tomkins, Chief Executive Officer of ITE Groupplc, said: "The MODA Fashion and the Footwear UK exhibitions have both benefited from thecooperation between our companies over the last three years. Based on thissuccess, we are confident that the Footwear exhibitions will thrive as part of alarger group. This acquisition further strengthens our fashion portfolio andextends ITE's market leadership in this sector." ENDS Enquiries: Ian Tomkins: Tel No 0207 596 5000 Chief Executive, ITE Group plc Tim Spratt / Charles Palmer Financial Dynamics: Tel No 0207 831 3113 Note to editors The media company ITE Group plc has a full listing on the LSE and specialises inB2B exhibitions, primarily in emerging and fast growing Eastern Europeanmarkets. Key figures: - 140+ events in 15 countries - key sectors: construction; oil & gas, travel; food; motor & transport; textiles & fashion; IT & Telecoms - key geographic areas of operation: Russia, Ukraine, Kazakhstan, Azerbaijan, Uzbekistan, Turkey, South Africa, UK - 10%+ growth in exhibition space in 2004 to 276,000 sq m - 2004 turnover £60.8m and headline profit before tax of £18.1m This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HYVE.L