ITE Group weathers downturn

1st Dec 2009 09:09

Exhibitions group ITE saluted the 'must-do' nature of its events as it posted higher revenues and profits in the year to September 30.ITE, which organises exhibitions for industry sectors such as construction, oil and gas, mining and healthcare, saw pre-tax profits climb to £41.5m from £34.4m as revenues rose to £116.7m from £109.8m.'ITE has weathered the storm better than most of its competitors due to a combination of the "must do" nature of its market leading events, tight cost management and the successful implementation of our strategy of acquiring complementary businesses,' said chief executive Russell Taylor. 'The group has reported strong financial results for the year and is well positioned to benefit from a recovery with a strong balance sheet and new opportunities to expand the business.'The dividend rises to 5.5p from 5.3p, 'reflecting the board's confidence in the future.'