ITE Announces Revenue Increases in Trading Update
London-based ITE Group plc published its trading update covering the period April 1-July 10.
For the quarter ended June 30, revenues were approximately £58 million (US$77 million), representing a 13% increase on a like-for-like basis. Revenues for the nine months ended 30th June were roughly £134 million (US$177 million), a rise of 11% on a like-for-like basis. Net debt was about £53 million (US$70 million) as of 30th June.
During the quarter, ITE also announced the acquisition of the Ascential Events. That deal is scheduled to complete on 17th July 2018. And in April, ITE sold its Malaysian subsidiary TradeLink ITE Sdn. Bhd., to UBM Asia.
ITE continues its “Transformation and Growth” (TAG) programme, which was initiated last year. The programme includes three pillars of strategic activity aiming to accelerate growth. The pillars are: create a scalable platform, manage the portfolio, and make product-led acquisitions.