News this week: U.K.-based exhibition and conference organiser, ITE Group, reported
interim results for the quarter ended 31 December 2012. The company posted revenues
of US$45.3 million down 8% compared with the US$50.1 million in revenue
recorded in the same period in 2011. This was in line with the company’s expectations.
According to ITE, its first quarter results on a like-for-like
basis represent a 6% year-on-year increase in revenues. Reporting good growth
across most regions, ITE had net cash of approximately US$25.3 million as of 24th
January 2013.
The group recently announced the purchases of a 75% stake in
Malaysian event organiser Trade-Link for approximately US$6.3 million, along
with a 28% stake in Indian organiser Asian
Business Exhibitions and Conference (ABEC) for US$22 million in December
2012.
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