Record headline pre-tax profits
Good underlying trading result achieved in difficult market conditions
Successful expansion of business into China and Indonesia
Net debt of £14.8m after investing £50m on acquisitions and deferred consideration
Post period end, announced acquisition of Eurasia Rail in Turkey
Proposed full year dividend of 7.4p up 6%, reflecting underlying earnings growth
£81m of revenues booked for 2015
Russell Taylor, CEO of ITE Group plc, commented:
"ITE has a portfolio of leading events which continue to perform well and helped to deliver a good trading performance this year despite currency headwinds and difficult trading conditions in Russia and Ukraine. The Group has continued to execute its strategy of diversifying its business into new geographical markets and this year has established a presence in China and Indonesia.
ITE remains sensitive to the economic climate in Russia, but has increasingly good growth prospects in its other markets. It continues to generate good cash flow and with a strong balance sheet is well positioned both to benefit from recovery in its core markets and to continue with its strategy of diversifying its business into new markets."
