ITE's Performance In-line with Expectations
International exhibition organiser, ITE Group plc, released its Interim Management Statement for the three months ended 30th June 2013. Revenues in the period were £95 million (US$145 million), compared with 2012’s £76 million (US$116 million). The group attributed part of the increase to its biennial event, Moscow International Oil & Gas and revenues from Metaltech, acquired in January 2013. Excluding these effects, like-for-like revenues in the quarter were up 8% over the previous year.
In the quarter, ITE also acquired 50% of ECMI in Malaysia for an initial consideration of US$2.6 million and a deferred consideration of US$1.4 million. The group also holds options to acquire additional equity in 2017 and 2019.
The Malaysian subsidiary of ITE Group, ECMI ITE Asia, announced it will launch a new Cosmobeauté exhibition in Myanmar. The professional beauty industry event is currently held in Malaysia, Indonesia and Vietnam.The new Myanmar edition will be held at the Myanmar Convention Center in Yangon from 6th to 8th June 2014.
The recently concluded Cosmobeauté Malaysia took place from 15th to 18th July at Putra World Trade Centre (PWTC). The event showcased more than 320 exhibitors and is expected to welcome about 20,000 visitors.