Global organiser ITE Group has announced year-end results showing its Transformation and Growth (TAG) programme is delivering like-for-like revenues up 11.4%, with headline PBT growing even faster at 20% and driven by the group’s Top 10 shows which grew 14% like-for-like.
Financial highlights of the results released 4 December 2018 include trade show volume sales up from 679,900sqm in the year to 30 September 2017, to 766,300sqm for the 12 months to 30 September 2018.Total revenues moved up to £175.7m (US$225m) over the period under review (£152.6m: 2016).
Net debt rose to £82.7m from £49.7m and a loss before tax of £3.7m was posted for the year, up slightly on the £3.2m for the previous year.
Forward bookings of £147m have already been contracted for FY19, the company reports, up 11% on a like-for-like basis.
The results relate to a significant year of change with the TAG programme in sharp focus, designed to drive growth and improve the quality of the Group’s portfolio.
It was a year that saw the acquisition of Ascential Events, which added seven market-leading brands to the portfolio and tripled ITE’s global brands. The company reports integration here is on track.
At the same time, there have been disposals or closure of 29 regional events during the year and also the sale of 56 non-core regional Russian events just after the year end.
Mining Indaba, meanwhile, was acquired after the year end.
The company reports on delivering ahead of schedule on four of its five targets for the three-year TAG programme, while on track to deliver the fifth to plan.
Mark Shashoua, CEO of ITE Group plc, commented: “I am pleased to report that the TAG programme is already delivering. ITE has posted like-for-like revenue growth of 11%, as well as like-for-like profit before tax growth of 20% for the financial year. This was particularly visible in the revenue growth of our Top 10 events, which were up 14% in total for the year. We delivered this performance despite difficult conditions in many of our markets – with tougher sanctions in Russia and political instability in Turkey.
“The quality of our portfolio has improved as we have disposed of events requiring significant levels of investment that would impact future profitability. We have also bought eight market-leading brands. The integration of these events is on track and we expect to reach most of our TAG targets earlier than planned.”
Shashoua added that ITE Group is on course to realise its vision of creating, “the world’s leading portfolio of content-driven, must-attend events that deliver an outstanding experience and ROI for our customers. We have implemented a significant amount of organic growth initiatives in 2018 that have already driven strong growth. We look forward to building on these achievements in 2019 and beyond.”