ITE Group Profits Down, Positive on Asia
U.K.-based exhibition organiser, ITE Group, reported profit attributable to equity holders of US$53 million (£33.9 million) – down slightly compared with US$54.3 million (£34.7 million) the year before. Annual revenues were US$273.6 million (£174.8 million) compared with US$301 million (£192.3 million) the year before. Revenues from Asia increased 55% in 2014 rising from US$5.8 million (£3.7 million) in 2013 to US$8.9 million (£5.7 million) this year.
ITE’s CEO, Russell Taylor, highlighted the group’s expansion and success in Asia, commenting, “ITE has a portfolio of leading events which continue to perform well and helped to deliver a good trading performance this year despite currency headwinds and difficult trading conditions in Russia and Ukraine. The Group has continued to execute its strategy of diversifying its business into new geographical markets and this year has established a presence in China and Indonesia.”
The group entered the exhibition markets in both China and Indonesia in the past two years with 50% acquisitions of a coatings exhibition in China and a construction event in Jakarta. The ChinaCoat exhibition was held this week and covered more than 34,000 m2. Management also stated that it has plans to expand ChinaCoat into Southeast-Asia.