ITE increases presence in Ukraine

28th Nov 2011 08:11

Exhibitions and conferences firm ITE Group has added a number of exhibitions in the Ukraine to its portfolio with the acquisition of Autoexpo. Gross assets included in the transaction were $50k as at 24 November 2011. The portfolio of 10 exhibitions acquired generated revenues of $3m and pre-tax profits of $1m in the current calendar year. The acquisition is expected to be earnings enhancing in ITE's 2012 financial year.ITE's chief executive officer Russell Taylor said: "The addition of this portfolio of exhibitions to ITE's Ukrainian business is consistent with our strategy of building market leading positions in core markets and sectors."Taylor said the acquired portfolio will complement the existing activities of its wholly owned Ukrainian subsidiary, Premierexpo. NR