Record results in lesser biennial year
- Revenues up 11% to £172m ; Headline profits up 3% to £53m
- Acquisition of 28% stake in leading Indian exhibition business announced today
- Strong cash generation: - net cash of £20.0m at 30th November 2012
- Good trading conditions continue into 2013
- £95m of revenues booked for 2013, in-line with the Board's expectations
Russell Taylor, CEO of ITE Group plc, commented:
"ITE has delivered record results in its lesser biennial year. This reflects the strength and breadth of our market leading events portfolio and a first time contribution from acquisitions. The relocation of Mosbuild this year was successful and its performance underlines the resilience of this event. We have benefitted from good trading conditions in our core markets, which are continuing into 2013.
ITE is well positioned in growth markets and the Board remains confident in ITE's growth prospects. As we enter the new financial year, trading is in line with our expectations and we are well placed to continue our growth, both organically and through selective acquisitions."