ITE lifts sales guidance

30th Sep 2010 07:51

Analysts are likely to upgrade their sales forecasts for ITE after the exhibitions group focused on emerging and developing markets said it enjoyed strong trading in the fourth quarter, The company expects revenue for the year to end-September to be around £112m, down from last year's £117m, but comfortably ahead of market expectations of £108.4m.Trading conditions in the fourth quarter were described as "encouraging" with the group especially heartened by a return to growth for its principal Moscow events. As anticipated, the recovery in ITE's other Commonwealth of Independent States (CIS) markets has been slower than in Moscow.The group continues to benefit from good sales visibility and, as at 29 September 2010, had booked circa £53m of 2011 revenues, representing about 44% of current market expectations for the full year.The group, not shy of making acquisitions, said that it had net cash as at 24 September of £20.6m."Looking forward, ITE's markets continue to have significant growth potential. The group's strong financial position will allow it to capitalise on this potential and the board remain confident in the prospects of the group," the statement said.