News

22/11/2017
WorldFood Istanbul opened its doors for the 25th time!


The WorldFood Istanbul International Food Products and Technologies Exhibition, which opened its doors for the 25th time this year, welcomed 13.198 visitors between September 7th and 10th . WorldFood Istanbul, with its broad participation, provided its exhibitors new business and business development opportunities and led the latest developments in the food sector.

WorldFood Istanbul, which is the “Where the World of Food Meets” and has pioneered the exhibition of the latest products, services and technologies in the Turkish food sector to this day, provided information on many different topics to the food sector with the conference program, which was held simultaneously with the exhibition, showed its exhibitors and visitors the future of food sector and created awareness. Expert speakers in the international arena shared their impressions and ideas, giving participants a vivid vision.

Supported by the Turkish Ministry of Food, Agriculture and Livestock, the Turkish Ministry of Economy, the Turkish Federation of Food and Drink Industry Associations (TGDF), KOSGEB, TÜGİDER, MARSAP and PAKDER, WorldFood Istanbul hosted many activities this year as well.
The Marmara Regional Procurement Managers Platform (MARSAP), which has many hotel procurement managers, took its place at WorldFood Istanbul. WorldFood Istanbul brought together the procurement managers of many hotels with members of the MARSAP Association, and opened the doors for new business opportunities.
 
The Turkish Cooks Association, which works to promote and enrich the Turkish cuisine and food culture, made delicious food shows at WorldFood Istanbul. The Cooks Association shared the interesting details and special presentations of the cooking art with the visitors by welcoming famous chefs and cooks throughout the event. At the stand of the Turkish Cooks Association, which participated in the event with The International Taste & Quality Institute - iTQi, the products of the domestic companies which won the “Superior Taste Award” were exhibited. In addition to this, the Superior Tastes Award Exhibition, which took place at the stand of the Cooks Association, has hosted the Turkish firms that won the Superior Taste award of iTQi, which is an independent organization consisting of chiefs and sommeliers. iTQi, operating in Belgium on testing consumer foods and beverages from around the world and introducing the tastiest ones, also organized a conference entitled “Superior Taste Award in the World” in the show area of the Cooks Association.

The shows at the exhibition, which brought together all the stakeholders of the food industry, coloured up the event. Visitors also had the opportunity to experience new tastes in the shows. Gastronomy feasts set sail for new tastes.

New products for the first time at WorldFood Istanbul
At WorldFood Istanbul, held at TUYAP Fair and Exhibition Center, while visitors experienced many products for the first time, the exhibition took on an important role with the attendance of sector-oriented people and wide exhibitor profile.
This year, the exhibition had featured a number of products, including beverages, milk and dairy products, meat and poultry products, fresh fruits and vegetables, seafood, frozen products, basic foods and oils, sugary products, bakery products, nuts and food components . Products, services and technologies in all processes from food production to end customers have met under the roof of WorldFood Istanbul.

WorldFood Istanbul, which hosted national and international brands, provided sectoral information flow with conferences forming platform for new business opportunities and collaborations.
At the exhibition, which is Turkey’s greatest food gathering, visitors had a chance to listen to the views of the experts on topics such as “Turkish Food Codex Labeling Legislation, Health and Nutrition Statements”, “Food Products Import Legislation”, “Responsible Procurement = Sustainable Agriculture, we are responsible for every product we produce”, “Heat monitoring of cold chain products in storage and transportation, Indicator labels” and “Turkish Food and Drink Sector, Consumer and Trends”. Speakers who shared their comments on the food industry, pointed out important issues that provide an insight to the participants.

This year, “International Hosted Buyer Delegation” from Afghanistan, Azerbaijan, Bahrain, Belarus, Bosnia and Herzegovina, Algeria, Ethiopia, Palestine, India, Iraq, Sweden, Japan, Qatar, Kazakhstan, Northern Cyprus, Korea, Kosovo, Kuwait, Libya, Lebanon, Egypt, Uzbekistan, Pakistan, Rwanda, Sudan, Saudi Arabia, Taiwan, Jordan, Greece were present.

Retail Center hosted B2B Meetings
The Retail Center area, where the international hosted buyer delegation were hosted and the B2B meetings were held, enabled different partnerships with hosted buyer delegation from Azerbaijan, Kazakhstan, Uzbekistan, Sudan and the United Arab Emirates.

Semi Benbanaste, exhibition spokesman and ITE Turkey Food Group Director, said: “Turkish food sector is growing every year. Since the first day we started organizing WorldFood Istanbul as ITE Turkey, we are leading the development of the industry. In this direction, we aimed to bring together industry stakeholders, create new business opportunities and inform visitors about developments in the food field. There are billions of dollars worth of opportunities for exporters in the Turkish import market. Those who want to benefit from these advantages took the opportunity to contact food and beverage buyers at WorldFood Istanbul. WorldFood Istanbul provided a convenient environment for participants to reach food and beverage professionals, including distributors, retail representatives and members of the horeca sector.”

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03/10/2018 07:51:00 Proposed acquisition of market-leading event, Mining Indaba

ITE has agreed to acquire Mining Indaba from Euromoney for £30.1 million.


ITE, one of the world’s leading organisers of international exhibitions and conferences, today announces that it has entered into an agreement to acquire the business and assets relating to Mining Indaba from Euromoney Institutional Investor Plc (“Euromoney”) for £30.1 million, on a cash-free, debt-free basis and subject to normalised working capital (the “Acquisition”).

Mining Indaba is the leading event dedicated to bringing together mining and investment experts in order to develop mining interests in Africa.  Every year it attracts key participants in the African mining value chain, including industry leaders, investors and government representatives to Cape Town, South Africa. Founded in 1995, Mining Indaba held its 24th edition in February 2018.

The Acquisition is in line with ITE’s product-led strategy to create the world’s leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for their customers. Mining Indaba is a market-leading event in the mining industry, which has consistently been at the forefront of the international mining sector. The next event is scheduled for 4–7 February 2019.

ITE also manages Africa Oil Week (AOW) in Cape Town, which is also the market-leading event for the energy industry and we believe there are opportunities in terms of customer base, associations, ministries across Africa and both could benefit from operating together. AOW is benefiting from the TAG programme and sales are currently tracking significantly ahead of this time last year.

In the year to 28 February 2018, which encompasses the 2018 event, Mining Indaba generated sales of £7.2 million and EBITDA of £3.7 million. As at 28 February 2018, Mining Indaba had gross assets excluding cash of £0.6 million.  An initial cash consideration of £20.0 million will be paid on completion, with deferred cash consideration of £10.1 million to be paid in June 2019. The Acquisition will be funded from a combination of ITE’s existing cash resources and bank borrowing.

The Group expects to realise operational synergies and to strengthen its presence in the natural resources end-market given its existing ownership of AOW. The transaction is expected to be earnings enhancing in its first full year of ownership and deliver ROIC greater than WACC within 3 years.

ITE also believes that there is an opportunity to bring the benefits of its TAG programme to this event by treating the Mining Indaba business as Core and giving it the investment, management focus and international platform needed to grow.  It is anticipated that the Acquisition will complete by the end of October 2018.

Commenting on the acquisition, Mark Shashoua, Chief Executive Officer of ITE, said:

“We are delighted to be able to add Mining Indaba, another well-regarded must-attend event, to our portfolio. This acquisition is consistent with our stated strategy of making disciplined and value-enhancing acquisitions of market-leading events and Mining Indaba is also highly complementary to our AOW exhibition. We believe the acquisition will deliver value for our shareholders and consolidate our position as an organiser of must-attend international industry events.”


For further information please contact: 
ITE Group plc 
Melissa McVeigh, Director of Communications
 
 
+44 (0)20 7596 5000
 
FTI Consulting 
Charles Palmer/Harry Staight
 
 
+44 (0)20 3727 1000
 


03/10/2018 07:05:47 Q4 trading update highlights considerable progress

Today we publish our trading update for Q4 2018.


Today we publish our trading update for Q4 2018. Revenues for the year are expected to be circa £175m - 10% ahead of the prior year on a like-for-like basis. Our Transformation and Growth programme is driving strong trading across the Group’s core portfolio, with our top 10 events delivering combined revenue growth of 13% on a like-for-like basis. Looking ahead, our business continues to benefit from investments into products and operational improvements and this can be seen in our forward bookings with £113m of revenue secured for the 2019 financial year, 14% ahead of this time last year. 

ITE Group plc
("ITE" or the "Group")
Pre-close trading update

ITE Group plc is today publishing a trading update for the year ended 30 September 2018, prior to entering its close period and ahead of its preliminary results announcement on 4 December 2018.

Trading update

Trading has benefited from the Transformation and Growth (TAG) initiatives rolled out across the Group’s Core market-leading events with the majority of the Group’s key markets recording revenue growth significantly ahead of GDP growth and inflation combined.

Revenues for FY 2018 are expected to be circa £175m (2017: £153m). On a like-for-like basis, revenues will be circa 10% ahead of the prior year.

The group has continued its strong organic growth of the top 10 events which have had the benefit of the TAG programme. On a like-for-like basis, the top 10 events combined delivered 13% revenue growth.

The Group is not experiencing any noticeable effects on trading in Russia due to further sanctions and is expecting to benefit from its decision to move Mosbuild and World Food Moscow to the Crocus Centre to provide additional capacity to accommodate further growth.

India is one of the fastest growing economies in the world, yet the exhibition market has been held back due to the lack of international standard space. Construction of a new exhibition hall on the site of the existing Delhi venue, adding circa 100,000 sqm of space, has commenced with an estimated completion date of April 2019. This will ultimately benefit our space-constrained market leading shows in 2020, particularly Acetech Delhi and Paperex. The venue has demolished one of the existing pavilions, which will therefore limit available space in 2019.

Recent adverse currency movements, particularly in the Russian ruble, Brazilian real and Turkish lira, have not significantly impacted the FY 2018 results, but are likely to have an impact going into the next financial year.

TAG programme update

The TAG programme is progressing according to plan. It comprises three pillars of strategic activity to accelerate growth:  

-Building a scalable platform

We continue to roll out best practice blueprints and establish the ‘ITE way’ to increase the scalability of our platform. In Q4 we commenced the roll out of our new global CRM and People systems.

-Managing the portfolio

We continue to actively manage our portfolio, to enable the Group to focus both management time and investment on our Core shows. We recently announced the disposal of 56 Non-Core Russian events, following on from the disposal of two Malaysian events earlier in the year. In addition, we have closed or cancelled 30 Non-Core events in total this year and a small number of Non-Core events have been moved to biennials at the request of the respective ministries.

We will continue to consider opportunities to reduce further the number of Non-Core events.

-Product-led acquisitions

The acquisition of the Ascential Events business added seven market-leading brands to our portfolio. The integration continues at pace, investment plans to drive growth in 2020 are on track, and we are progressing well with delivery of the synergies. We will be co-locating our two London offices into our new headquarters in Paddington in early October.

Today we announced the acquisition of Mining Indaba, a Cape Town based market-leading event in the mining industry, which has consistently been at the forefront of the international mining sector. This acquisition will be EPS enhancing in its first full year and ROIC is expected to be greater than Group WACC within 3 years.

We will continue to review selective product-led acquisitions in line with the Group’s strict M&A criteria.

Financial position

After continued TAG investment in the year and the Ascential Events acquisition, but with strong operational cash conversion, net debt as at 30 September 2018 is circa £83m (30 September 2017: £50m). This is in line with our expectations.

Outlook

We continue to benefit from the investments into products and operational improvements and this can be seen in our forward bookings. As at 30 September 2018, excluding the 56 Non-Core Russian events, the Group had booked circa £113m of revenue for FY 2019 (30 September 2017: £83m). On a like-for-like basis, these revenues are 14% ahead of this time last year and on a volume basis are 3% ahead, largely due to strong trading performance.

The year has been one of considerable activity and progress. The Company has taken a number of important steps towards realising its vision for the business. The Board is confident in the Group's future growth prospects.
 
Notes to Editors

Like-for-like results are stated on a constant currency basis, after excluding events which took place in the current period but did not take place under our ownership in the comparative period and after excluding events which took place in the comparative period but did not take place under our ownership in the current period. This excludes:
  • Biennial events;
  • Timing differences (i.e. events that ran in only one of the current or comparative periods, due to changes in the event dates);
  • Launches;
  • Cancelled or disposed of events that did not take place under our ownership in the current year;
  • Acquired events in the current period; and
  • Acquired events in the comparative period that didn't take place under our ownership in the comparative period (i.e. they took place pre-acquisition).
 
For further information please contact:
ITE Group plc
Melissa McVeigh, Director of Communications
 
 
+44 (0)20 7596 5000
 
FTI Consulting
Charles Palmer/Harry Staight
 
 
+44 (0)20 3727 1000
 

> Download this update (PDF, 558Kb) 

19/09/2018 16:56:38 Bett & Learnit Collaborate to Gather the World’s Education & Learning Professionals

Bett, the world’s oldest and largest EdTech exhibition, today announces a collaboration with Learnit, the brand new, venture-backed conference for the global learning ecosystem.



Bett, the world’s oldest and largest EdTech exhibition, today announces a collaboration with Learnit, the brand new, venture-backed conference for the global learning ecosystem. This January, a group of Bett’s 35,000+ visitors, 200+ speakers and 850+ exhibitors will also be able to participate in Learnit at the QEII Centre in Westminster as one of its 1,000+ attendees, 150+ speakers, or 50+ sponsors.

Rachel Brodie, Portfolio Director of Bett said, ‘Bett is the must-attend show for EdTech: for knowledge, for products, for networking, for suppliers, for learning and for the global education community. Learnit is where the global learning ecosystem goes for a conversation about the current state and future of learning. The significance and impact of both of these events is clear; they bring people together who believe education can change the world. That’s why we’re excited to welcome Learnit to London in the same week as Bett.’

Katy Fryatt, Founder & CEO of Learnit said, ‘Change has never been this fast. The conversation and community at Learnit will explore what this means for learning at every age. Learnit welcomes government, educator leaders, heads of talent & training, startups, tech companies, investors and media from across the globe. Bett has long been the world’s largest and most important global EdTech gathering. It’s a fantastic place for teachers to see and experience the latest advances in education technology. We’re very excited to collaborate with Bett.’

Before joining Bett, Rachel was an education publisher at Macmillan and also spent time teaching in Mexico City. Katy and Rachel spent a brief time working together on Bett in 2015. Katy spent the last three years working for Anil Aggarwal building Europe’s largest fintech and retail innovation conferences (Money20/20 Europe and Shoptalk Europe). Anil is a venture-backed tech entrepreneur with exits to companies including Google. He also joins Learnit as its Chairman and Co-Founder.

‘It’s time to rethink learning,’ said Anil. ‘Our global education systems have been built on legacy. Learnit will celebrate the revolutionaries driving change in education and create an entirely new experience for the global learning ecosystem.’ 

Bett will continue to take place at the ExCeL Centre, in east London, welcoming visitors from 23rd to 26th January 2019. Learnit will take place in Westminster at the QEII Centre and Central Hall, from the evening of 23rd to 25th January 2019. Visitors can register for Bett at bettshow.com and tickets for Learnit can be purchased at www.learnit.world.
19/09/2018 16:45:42 Bett reinvigorated by new owners, ITE Group

Bett, the world’s leading EdTech show, launches new initiatives for both clients & visitors; a restructure of its management team, & a partnership with Learnit, the new venture-backed conference for the global learning ecosystem.


Bett, the world’s leading EdTech show, is delighted to announce the launch of new initiatives for both clients and visitors; a restructure of its management team, as well as a partnership with Learnit, the new venture-backed conference for the global learning ecosystem.  The new owners of the Bett portfolio of shows, ITE Group plc, one of the world’s leading organisers of international exhibitions and conferences, will be putting substantial investment into the Bett UK show in January at Excel, as well as the Bett summits across the world and Bett Educar in Brazil.

Management Team

Rachel Brodie has been appointed to the new role of global Portfolio Director of Bett, effective from 1st October.  A former teacher, Rachel’s career has been dedicated to the education sector.  Rachel has worked on Bett since 2014 both on growing Bett’s international presence via global summits and on leading the UK show during some of its most successful years.  

Bett will become part of the Brands Division at ITE Group, which is run by Elizabeth Deeming, an international business leader, with a global remit to invest and grow the Brands portfolio.

The new leadership team will drive a number of important developments as part of ITE’s focus on delivering improved customer service for Bett clients. These new initiatives include a new global visitor and EdTech leader programme, new VIP services for our key accounts, new zoning and show floor layout, a spotlight section for exhibitors to display or launch products, and, new content streams dedicated to special educational needs and further education & higher education. We are also continuing our long-standing partnership with BESA.

Mark Shashoua, CEO of ITE Group, commented, “Bett is a truly global brand that we believe has an enormous potential for growth given the right investment. We are passionate about delivering best in class events and these initiatives that we are introducing will bring added value to this great show. Rachel’s knowledge of schools and teaching will be invaluable in her new role. I am confident that these changes will reinvigorate the global Bett brand.”

Learnit
Today, we are also announcing a significant new partnership with Learnit, the new venture-backed conference for the global learning ecosystem.  The events will run concurrently, broadening the visitor pool to each event, further bolstering the week as the world’s most important meeting place for the entire global education community. 

Elizabeth Deeming, Director of Brands Division, ITE Group added, “I believe these initiatives create a great opportunity for further excellence both at a product and a team level and I look forward to seeing the success of the expanding Bett team.”

About ITE Group plc
ITE Group plc was founded in 1991 and is now one of the world’s leading organisers of international exhibitions and conferences.

ITE Group’s strategic vision is to create the world’s leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for our customers. The Group recently launched its Transformation & Growth (TAG) programme, which is designed to transform the Company from a geographic-led business to a product-led business that focuses on market-leading events, wherever they are in the world. ITE strives to run the best shows and offer the best service to its customers throughout the world regardless of location. By putting exhibitors and visitors at the heart of everything we do, we plan to drive sustainable growth for our shareholders.

ITE Group is a public limited company and has been listed on the main market of the London Stock Exchange since 1998.

About Bett
Bett is the UK’s leading cross-sector education community. Every year Bett brings together 850 leading companies, 100 EdTech start-ups and over 35,000 learners and educators from around the globe. Bett’s mission is to bring together people, ideas, practices and technologies so that educators and learners can fulfil their potential.

Press Enquiries

Bett: Christian Kusi-Obodum at WithPR christian.kusi-obodum@withpr.co.uk
Learnit: Alice McDonnell alice@learnit.world

05/09/2018 09:08:42 Proposed disposal of ITE Expo LLC

ITE today announced the proposed disposal of 56 non-core events held in Russia - a major step in delivering the Group's TAG programme by actively managing the Group's portfolio.


ITE Group plc today announces the proposed disposal of ITE Expo LLC ("ITE Expo"), the operating company for 56 of the Group's Non-Core, regionally-focused, smaller events in Russia, to Shtab-Expo LLC (the "Purchaser) (the "Transaction"). These events comprise a significant proportion of the Group's Non-Core assets in Russia. This disposal is a major step in delivering a key pillar of the Group's Transformation and Growth (TAG) programme to focus on must-attend International events by actively managing its portfolio.

ITE retains 16 designated Core events in Russia, which have international exhibitors and visitors, and these form part of a new legal entity, ITE Expo International LLC. These Core Events include market-leading brands like MosBuild, WorldFood Moscow, YugAgro and MITT. The proposed disposal will enable management to focus on those Core Events which have a greater potential to deliver sustainable growth and value for Shareholders.

The 56 regional Non-Core Events in Russia, which are being disposed of, include VacuumTech Expo, Stomatology St Petersburg, UMIDS Krasnodar and Jewellery Salon Krasnodar. In the financial year ended 30 September 2017, these Non-Core Events in Russia generated revenues of approximately £12.0 million and contributed operating profits of approximately £1.3 million. These Non-Core Events in Russia comprised gross assets of approximately £14.3 million as at 30 September 2017.

The Group will receive consideration of RUB 640 million (approximately £8 million) over the nine years following completion of the Transaction together with additional variable consideration of up to RUB 400 million (approximately £5 million) based on the Target's incremental revenue growth during this period.  The terms of the Transaction incentivises the Purchaser to make earlier payments to satisfy the consideration. If the Purchaser has by 30 September 2023 paid consideration of RUB 520 million (approximately £6.5 million), exclusive of variable consideration based on incremental revenue growth, this will satisfy in full the Purchaser's obligation to pay the consideration, including any future variable consideration.

The Directors intend to use the proceeds from this disposal for general corporate and working capital purposes. Whilst the disposal is expected to be marginally dilutive to earnings, management expect the overall benefits of the TAG programme, and in particular the focus on our core events in Russia, to exceed this short-term dilution.

Mark Shashoua, CEO, ITE Group plc said:

"The proposed sale is a milestone in delivering a key pillar of our Transformation and Growth Programme - to actively manage our portfolio. These regional events had previously been separated into a different business unit from the international Core business and so this disposal will simplify operations significantly. By selling this portfolio of smaller, lower-growth regional Russian events we will be able to focus our time and investment on our internationally-focused Core shows which have a much greater potential to deliver sustainable growth."

The Purchaser is 99% owned by Mr Alexander Shtalenkov, General Director of ITE Expo, with the remaining 1% of participatory interests being held by his spouse. The Transaction is a related party transaction for the purposes of the Listing Rules because Mr Shtalenkov is the General Director of ITE Expo and is therefore a related party of the Group. The Transaction, as a consequence is conditional on shareholder approval.

Further details of the Transaction and a notice convening a general meeting to approve the Transaction will be sent to ITE shareholders in due course.

For further information please contact:

ITE
+44 (0) 20 7596 5000
Melissa McVeigh, Director of Communications

Numis Securities Limited
+44 (0) 20 7260 1000
Nick Westlake / Toby Adcock / Hugo Rubinstein

FTI Consulting
+44 (0) 20 3727 1000
Charles Palmer / Harry Staight


Notes

'Core Events' are defined as events that the Group believe are of strategic importance to the Group's future, including the Group's largest international events and those with the greatest potential for growth.

'Non-Core Events' are defined as events which the Group believe have less potential for growth.

ITE Expo International LLC consists of 16 Core international Events as well as 22 Non-Core regional events based in Siberia.


About ITE Group plc

ITE Group plc was founded in 1991 and is now one of the world's leading organisers of international exhibitions and conferences.

ITE Group's strategic vision is to create the world's leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for our customers. In May 2017 the Group launched its Transformation & Growth (TAG) programme, which is designed to transform the Company from a geographic-led business to a product-led business that focuses on market-leading events, wherever they are in the world. ITE strives to run the best shows and offer the best service to its customers throughout the world regardless of location. By putting exhibitors and visitors at the heart of everything we do, we plan to drive sustainable growth for our shareholders.

ITE Group plc is a public limited company and has been listed on the main market of the London Stock Exchange since 1998.


Disclaimer:

This announcement contains forward-looking statements relating to the business, financial performance and results of ITE and the industry in which ITE operates. These statements may be identified by words such as "expect", "believe", "estimate", "plan", "target", or "forecast" and similar expressions, or by their context. These statements are made on the basis of current knowledge and assumptions and involve risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements and neither ITE nor any other person accepts any responsibility for the accuracy of the opinions expressed in this presentation or the underlying assumptions. No obligation is assumed to update any forward-looking statements.

Numis Securities Limited ("Numis") which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting solely for ITE in relation to the Transaction and nobody else as a client in relation to the Transaction and will not be responsible to anyone other than ITE for providing the protections afforded to the clients of Numis or for providing advice in relation to the Transaction.
17/07/2018 07:01:57 Completion of Ascential Exhibitions acquisition

We are delighted to announce the completion of the acquisition of the Ascential Exhibitions business.

Following the initial announcement of 15th May, we are delighted to announce the completion of the acquisition of Ascential Exhibitions business - a highly complementary portfolio of market-leading events.  We look forward to bringing renewed focus and investment to help them achieve their growth potential. 

Mark Shashoua, ITE Group CEO, said: “I am delighted to announce the completion of the acquisition of the Ascential Exhibitions business, a highly complementary portfolio of market-leading events.  We look forward to giving them the investment, management focus and international platform they need to grow.

“I’d like to welcome all our new colleagues who have joined us from the Ascential Exhibitions business, as we look to run the best shows, anywhere in the world.”

Read the full announcement here.

  

10/07/2018 06:54:50 Trading Update: Q3 FY2018

ITE is today publishing a Trading Update for the period from 1 April 2018 to 10 July 2018.

ITE is today publishing a Trading Update for the period from 1 April 2018 to 10 July 2018.

Revenue for the period was around £58m - 13% ahead of the comparative period on a like for like basis. This was driven by strong underlying trading - particularly for the four top 10 events that took place in the quarter, which all delivered double-digit revenue growth.

The update also covers the acquisition of the Ascential Events business, part funded by a circa £265m rights issue. This acquisition is due to complete on 17 July 2018.

The TAG programme is also going to plan, with continued roll-outs of Event Best Practice Blueprints and disposal of 3 non-core events and the Malaysian subsidiary Trade Link, the organiser of the metalworking exhibition Metaltech which would have taken place under ITE ownership in May 2018.

Overall, the Group had booked circa £153m of revenue for the nine months to 30 June 2018 (30 June 2017: £145m).

To read the full update, please click below.

ITE Group Trading Update Q3 FY2018