ITE Group PLC Trading Update (4337B)
04 April 2017 - 4:00PM
UK Regulatory
TIDMITE
RNS Number : 4337B
ITE Group PLC
04 April 2017
4 April 2017
ITE Group plc
("ITE" or the "Group")
Trading Update
ITE Group plc, the international exhibitions group, is today
publishing a trading statement ahead of its interim results for the
six months ended 31 March 2017 which will be announced on Tuesday
16 May 2017.
Trading
The Group's performance for the six month period to 31 March
2017 is in line with management expectations.
Revenue for the period will be circa GBP69m (six months to 31
March 2016: GBP63.6m). On a like-for-like basis, revenue for the
period is 2% ahead of the comparative period. The economic
situation in Moscow is showing signs of improvement and this, along
with early sales and marketing initiatives instigated by
management, has helped to offset the continued weaker performance
from Central Asia and the continuing challenging environments,
particularly in Turkey - where international bookings are still
challenged - and India - where we have had to cancel a number of
smaller events.
Financial position
The Group's balance sheet and operational cash flows remain
sound, with net debt at circa GBP55m at 31 March 2017 (GBP70m at 31
March 2016).
Outlook
Trading conditions in a number of regions in which the Group
operates continue to be challenging. Group revenues booked for FY
2017 are GBP128 million (at current exchange rates) representing
circa 92% of market expectations for the full year. On a
like-for-like basis these revenues are circa 7% ahead of this time
last year, with trading volumes circa 1% ahead. This improvement
partly reflects earlier rebooking following investment in the new
initiatives introduced by management. The Group's future revenue
remains sensitive to the Ruble: Sterling exchange rate over the
next six months.
Business and Strategy Review
The review of the business and strategy, announced in November
2016, continues to be on track. The results of the review will be
presented at the Group's Interim Results on 16 May 2017.
Where used, like-for-like measures are stated on a constant
currency basis adjusted to exclude acquisitions impacting results
for the first time, event timing differences and biennial
events.
Enquiries:
Mark Shashoua, Chief Executive Officer, ITE Group plc Tel: 020 7596 5000
Andrew Beach, Chief Financial Officer, ITE Group plc Tel: 020 7596 5000
Charles Palmer/Emma Appleton, FTI Consulting Tel: 020 3727 1000
Nick Westlake/Toby Adcock, Numis Securities Ltd Tel: 020 7260 1000
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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