ITE Group beats expectations as profit takes off in new markets

 
Oliver Smith
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EXHIBITIONS organiser ITE Group yesterday reported that its full-year profit beat expectations, helped by contributions from acquisitions and a jump in third-quarter revenue.

ITE’s profits rose 8.3 per cent to £43.9m as the company expands in developing markets.

“The group has now firmly established itself in the Asian exhibition markets through its investments in ABEC in India, Tradelink and ECMI in Malaysia and, since the end of the financial year, in Sinostar in China,” said chief executive Russell Taylor.

Revenue rose 12 per cent to £192m in the year ended 30 September with like-for-like revenue from Russia rising 10 per cent.

“ITE is well positioned in growth markets and the board remains confident in ITE's growth prospects,” added Taylor.

ITE Group’s share price rose 1.7 per cent yesterday to 299.8p.

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