ITE Group increases 2013 interim dividend by 9.5%

DividendMax Ltd.

ITE Group increases 2013 interim dividend by 9.5%

ITE is seeing good growth in its core markets

Like-for-like revenue growth of 10%+ in H1

Biennial and event timing impacts H1 profits by -£3.6m

Continued strong cash generation: net cash as at 31st March of £21.7m

Three recent acquisitions (ABEC in India, Trade-Link and ECMI in Malaysia) in Asia

Good forward visibility: £174m of revenue booked for the full year - (£156m this time last year)

Confidence in full year outcome

Russell Taylor, CEO of ITE Group plc, commented:

"ITE has delivered a good performance over the first half of the year, delivering solid organic growth in a period which was negatively impacted by biennial and event timing differences. Our three recent acquisitions of ABEC in India, Trade-link and ECMI in Malaysia represents progress in achieving the Group's strategic aims to expand the Group's territorial operations in markets with further potential for growth.

The Group has a strong balance sheet and its main markets are trading well. As at 17 May 2013 the Group has booked revenues for the current financial year of £174 million (2012: £156 million), which includes sales from newly acquired businesses as well as organic growth. On a like-for-like basis revenues booked for the full year are 8% ahead of this time last year. The Group is in a strong financial position with continued good trading conditions in our markets the Board has confidence in the full year outcome". 

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