ITE Group announces increased revenue

Exhibition and conference organisers ITE Group announced in a pre-close statement on Tuesday that it was expecting to report higher revenue than initially forecast as the company's decision to focus on core market-leading events had begun to pay off.

ITE said it anticipated revenues for the financial year ended 30 September to come in at about £151m, roughly 13% higher than the previous fiscal year with like-for-like revenue to be about 3% ahead of the same time twelve months prior.

The firm noted it reduced net debt from £59m to around £50m over the period.

ITE said its three-year TAG programme, aimed at implementing new performance management processes and sales incentive schemes had led to demonstrable results.

As of 30 September 2017, ITE had booked almost £79m of revenue for the 2018 financial year, well ahead of the £58m it had booked at the start of the 2017 financial year.

The firm's preliminary results were scheduled for release on 28 November.

As of 1045 BST, shares had bumped 3.65% to 184.50p.