ITE Group's full year profit to beat consensus forecasts
ITE Group said its full-year pre-tax profit will be ahead of consensus after achieving a better-than-expected fourth quarter and tightening the rein on costs.
However, the exhibitions group’s revenues for the financial year are expected to be £174m, down from the previous year’s £193m.
In the fourth quarter, the company ran 38 events in producing revenue of circa £29m, up slightly from £27m the prior year.
Total like-for-like revenue on a constant currency basis was 6% higher than last year, but 7% lower on an actual currency basis.
World Food Moscow, the group's leading food exhibition, recorded its largest ever event with a 4% increase in space sales to 25,700sqm.
The firm said Russia’s sanctions against EU and US food imports had a minimal effect on overall sales. An insignificant number of cancellations from European exhibitors was largely offset by additional sales to territories such as Egypt and Turkey.
ITE had net debt of £15m at 26 September 2014, compared to £23m in 2013, after spending £50m on acquisitions and deferred consideration during the financial year.
Shares in ITE were up 4.4% to 177p by 08:50 on Wednesday.