ITE Group PLC Pre-close Trading Update (4719S)
03 October 2017 - 5:00PM
UK Regulatory
TIDMITE
RNS Number : 4719S
ITE Group PLC
03 October 2017
3 October 2017
ITE Group plc
("ITE" or the "Group")
Pre-close trading update
ITE Group plc, the international exhibitions group, has today
issued the following update for the year ended 30 September 2017,
prior to entering its close period and ahead of its preliminary
results announcement on 28 November 2017.
Trading
The Group's performance in Q4 was in line with management
expectations. Following the strategy update, the Group has been
focusing on core market leading events and this has seen strong
revenue growth which has offset the cancellation of smaller,
non-core, low yielding events.
Revenues for FY 2017 are expected to be circa GBP151m (2016:
GBP134m). On a like-for-like basis, revenues will be circa 3% ahead
of the prior year.
Excluding event cancellations and launches, like-for-like
revenue growth will be circa 5% which represents the first year of
like for like growth in 4 years and is in spite of challenging
conditions in some of our markets.
Financial position
The Group's financial position continues to strengthen, with
strong cash conversion helping to reduce net debt to circa GBP50m
(30 September 2016: GBP59m).
Transformation & Growth ("TAG") Programme update
The three year TAG Programme, announced on 16 May 2017, is
progressing according to plan. The 'Best Practice' team has now
been established and we have implemented new performance management
processes and sales incentive schemes, leading to demonstrable
results as we transition towards a sales performance culture.
One area of particular focus has been onsite rebooking at a
number of core events, and this has been successful in improving
sales visibility into FY18 as described in more detail below.
Outlook
As at 30 September 2017, the Group had booked circa GBP79m of
revenue for the 2018 financial year (2017: GBP58m). On a
like-for-like basis, these revenues are 28% ahead of this time last
year and on a volume basis are 18% ahead reflecting the impact of
earlier bookings and the focus on core events following launch of
the early TAG initiatives. The Board remains confident in the
Group's future prospects.
Where used, like-for-like measures are stated on a constant
currency basis adjusted to exclude acquisitions impacting results
for the first time, biennial events, and event timing
differences.
Going forward, including our outlook comments, we will report
like-for-like excluding launches and cancellations as we believe
that this is a better reflection of our underlying business
performance as we implement the TAG programme.
-ends-
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
This Pre-close trading update is prepared for and addressed only
to the Group's shareholders as a whole and to no other person. The
Group, its directors, employees, agents or advisers do not accept
or assume responsibility to any other person to whom this update is
shown or into whose hands it may come and any such responsibility
or liability is expressly disclaimed. Statements contained in this
Pre-close trading update are based on the knowledge and information
available to the Group's Directors at the date it was prepared and
therefore the facts stated and views expressed may change after
that date. By their nature, the statements concerning the risks and
uncertainties facing the Group in this update involve uncertainty
since future events and circumstances can cause results and
developments to differ materially from those anticipated. To the
extent that this update contains any statement dealing with any
time after the date of its preparation such statement is merely
predictive and speculative as it relates to events and
circumstances which are yet to occur. The Group undertakes no
obligation to update these forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTKMMGGKZGGNZM
(END) Dow Jones Newswires
October 03, 2017 02:00 ET (06:00 GMT)
Hyve (LSE:HYVE)
Historical Stock Chart
From Apr 2024 to May 2024
Hyve (LSE:HYVE)
Historical Stock Chart
From May 2023 to May 2024