ITE Group has published an update for the year ending 30 September 2017, prior to entering its close period and ahead of its preliminary results announcement on 28 November 2017.
Full-year revenue for 2017 is expected to be approximately £151m, compared to £134m in 2016. On a like-for-like basis revenue will be circa three per cent ahead of last year.
The report also notes that “excluding event cancellations and launches, like-for-like revenue growth will be circa five per cent which represents the first year of like-for-like growth in four years and is in spite of challenging conditions in some of our markets.”
A strong cash conversion has helped the organiser reduce net debt to circa £50m (£59m in September 2016).
The company said its three-year Transformation & Growth (TAG) Programme is progressing according to plan. The strategy was announced on 16 May 2017.
“The ‘Best Practice’ team has now been established and we have implemented new performance management processes and sales incentive schemes, leading to demonstrable results as we transition towards a sales performance culture,” read the statement.
In addition, the group reported that as of 30 September 2017, it had booked around £79m of revenue for the 2018 financial year compared to £58m in 2017.
“On a like-for-like basis, these revenues are 28 per cent ahead of this time last year and on a volume basis are 18 per cent ahead reflecting the impact of earlier bookings and the focus on core events following launch of the early TAG initiatives. The Board remains confident in the Group’s future prospects,” the statement concluded.