ITE Group Share News (ITE)

British-based organiser of exhibitions and conferences, ITE Group, said it has delivered "good organic growth" in the year to date, driven by investments in new businesses and emerging markets.Revenues in the three months to end of June rose to £95m from the prior year's £76m on the back of volume growth from events and exhibitions in Moscow and Turkey, according to trading update on Tuesday.On a like-for-like basis revenues for the third quarter were 8.0% higher than the previous year.The company said this year's results included a contribution from the biennial Moscow International Oil and Gas exhibition along with a first time contribution from Metaltech in Kuala Lumpur, Mayalsia, which the group acquired in January. The Moscow oil and gas event, performed strongly with volumes up by over 5.0% to 24,000 square metres (sqm) since 2011. Mosbuild, the group's principal Moscow construction event, grew volumes by 4.0% to 68,500 sqm.Turkeybuild, a construction event in Turkey, delivered a small increase in volumes by selling 36,200sqm, compared to 36,100sqm last year. Plans are in place to add capacity at the venue which will provide an opportunity for the event to grow strongly from 2015 onwards. During the period, the group expanded its operations to new markets with potential for further growth. In April, ITE acquired 50% of ECMI in Kuala Lumpur, Malaysia, for an initial consideration of MYR8.1m and a deferred consideration of approximately MYR4.1m due next year. ECMI runs annual exhibitions in the beauty and lab technology sector in Malaysia, Vietnam and Indonesia.ITE had net cash of £17m at July 12th, compared to net debt of £1.7m last year, after spending £26m on acquisitions and deferred consideration during this financial year.The firm had £184m of sales booked for the current financial year at July 12th, up from £164m last year, representing approximately 98% of the consensus revenue expectations for this financial year."The group continues to experience good trading conditions in its principal markets and the Board remains confident in the full year outcome," ITE said.RD