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ITE Group shares up as it says performance is in line with expectations

In a trading update for the period from 1 April 2018 to 30 June 2018, the company said its like-for-like revenues were 13% ahead of the same period a year ago
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Revenues for the nine months to 30 June 2018 were up 11% to approximately £134mln from £128mln

ITE Group PLC (LON:ITE) shares jumped on Tuesday as the exhibition group said its performance was in line with management expectations.

In a trading update for the period from 1 April 2018 to 30 June 2018, the company said its like-for-like revenues were 13% ahead of the same period a year ago, reflecting strong underlying trading, particularly from its top ten events.

READ: ITE Group shareholders dig deep to reduce Russian exposure

ITE Group said overall revenues were circa £58mln, in line with last year, due to the April divestment of TradeLink ITE Sdn.Bhd, its Malaysian subsidiary, and adverse currency movements.

Revenues for the nine months to 30 June 2018 were up 11% to approximately £134mln from £128mln at the same period last year.

ITE Group said: “As at 6 July 2018 we had a 27% increase in revenue bookings and a 15% increase in volume bookings on a like-for-like basis for the next financial year, providing enhanced revenue visibility.”

The firm added: “After adjusting for the divestment of Tradelink, the board is confident in achieving its full-year expectations.”

In morning trading, ITE Group’s shares rose 6.6% to 84.20p. 

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