ITE Group confident of another strong year

3rd Oct 2011 07:10

Exhibitions and conferences firm ITE Group said trading in the fourth quarter remained strong and it is confident in its prospects for 2012 and beyond. Results for the fourth quarter have continued to reflect the trading patterns noted in our previous statements, ITE said. Moscow is trading well and the group's other markets continue to show positive trading patterns. Revenues for the full year are now expected to be circa £154m compared to £113m in 2010. Total revenues for events in the fourth quarter were around £21m, up 17% from last year on a like-for-like basis. Trading bookings for the financial year ending 30 September 2012 including Mosbuild are progressing in line with management expectations, ITE said. As at 30 September 2011, it had booked £68m of 2012 financial year revenues, representing approximately 42% of current market expectations for the period. The group had net cash of £2.6m as at 27 September 2011.