ITE Group Sees FY Trading In Line With Company Views

20th Jul 2010 07:31

LONDON (Dow Jones)--ITE Group PLC (ITE.LN), an organizer of international trade exhibitions and conferences, said Tuesday it is trading in line with management's expectations for the year. MAIN FACTS: -The trends noted in the first half of the financial year have continued through the third quarter with largest market, Moscow, continuing to show positive trading patterns. -Revenues in the three month period to June 30 GBP55.6 million, in line with the Group's expectations (2009: GBP58.9 million). -This year's results do not include a contribution from the biennial Moscow International Oil & Gas exhibition but do include the results of the recently acquired Aqua-therm Kiev exhibition. -As anticipated, comparable revenues for the third quarter were approximately 7% below last year. -Group's third quarter is the most important in revenue and profit terms as it includes five of ITE's ten largest events and accounts for over half of the year's revenues. -Group has net cash of GBP12.6 million. -At July 16 Group had GBP106.9 million of sales booked for the current financial year (2009: GBP108.4 million), representing approximately 98% of the market's revenue expectations for the full financial year. -Board remain confident in the Group's long term prospects. -Shares closed Monday at 139.6 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires July 20, 2010 02:31 ET (06:31 GMT)