ITE Group increases 2014 interim dividend by 8.7%

DividendMax Ltd.

ITE Group increases 2014 interim dividend by 8.7%

Headline pre-tax profits up 64% to £18.2 million

Underlying business reports volume growth of 2%

Continuing strong cash generation; net debt as at 31 March of £1.8 million after £38 million investment  

Acquisitions in China and in Turkey are trading well

Interim dividend per share 2.5p (2.3p)

Booked revenues for the current financial year of £158 million as at 16 May 2014

Confidence in full year outcome

Russell Taylor, CEO of ITE Group plc, commented:

"ITE has delivered a strong performance over the first half of the year with revenue growth in the Group's main markets allied to a stronger biennial pattern in the first half of the year. Our recent acquisition of Beauty Eurasia in Turkey and a 50% investment stake in the Chinese Chinacoat/Surface Finishing exhibition represents more progress in achieving the Group's strategic objectives.

"Looking forward, we continue to seek opportunities to expand the business with investments that are consistent with our strategy of building market leading positions in higher growth markets. The Group is in a strong financial position and operates a resilient business model. With good visibility on current year bookings, the Board has confidence in the full year outcome."

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