International exhibitions and conference organiser ITE Group has released its Q3 trading update for 2018.
During the period from 1 April 2018 to 30 June 2018, the group performed in line with management expectations, with overall revenue for the quarter reaching £58m.
During this same time period, the Group announced the acquisition of the Ascential Events business, which is scheduled to complete in July 2018.
They are now more than a year into their transformation and growth programme, which began in May 2017. It is designed to take the company from a geographic-led business to a product-led business that focuses on market-leading events.
ITE Group says this programme is comprised of three pillars of strategic activity: creating a scalable platform, managing the portfolio and making product-led acquisitions.
The Group has introduced a global ‘follow the sun’ IT support model, offering assistance round the clock. It has also discontinued three non-core events during the quarter.
As of 6 July 2018, ITE Group has booked £153m of revenue for the 2018 financial year. On a like-for-like basis, these bookings are 13% ahead of the same time last year.
The Group says their core shows are directly benefitting from the investment in content, customer success and lead generation, contributing to higher satisfaction of customers. These have led to a 15% increase in volume bookings for the financial year, ensuring a healthy future for the company.