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".