ITE Group reported a rise in first-half profits as its turnaround programme and acquisitions of Ascential events and Mining Indaba bolstered growth.  â¨

For the six months to 31 March, profit before tax rose to £1.9m from £1.3m, revenues for first half were up 44% to £107m, from a year earlier.

Revenue growth was underpinned by the acquisitions of Ascential Events and Mining Indaba, with both delivering a £49.4m boost, though this was offset partially by the 'sale of our non-core Russian regions' portfolio of events in October 2018 and the impact of this being our weaker biennial year,' the company said.

The company reaped the benefits from its turnaround programme, TAG, highlighting that its top five recurring events that received investment during the period, collectively achieved 14% like-for-like revenue growth.

Forward bookings of £200m were already contracted for 2019 and 2020 forward bookings were up 11% on a like-for-like basis, the company said.

The interim dividend of 0.9p a share was maintained in line with policy.

'The outlook for the remainder of the year is strong, owing to our continued focus on forward bookings. Contracted revenues already stand at 94% of full year consensus and are 6% ahead of this time last year on a like-for-like basis. We have also contracted £58m of revenues for FY20, representing a like-for-like increase of 11% giving us good visibility into next year,' said Mark Shashoua, CEO of ITE Group.

'We continue to trade in line with Board expectations for FY19 and looking further ahead, we expect to see the full benefits of the investments we have made into our acquired events from FY20 onwards, and we have a much-improved portfolio of events that is well positioned to deliver further sustainable growth in the years to come.'




At 8:32am: (LON:ITE) ITE Group PLC share price was +2.1p at 75.1p



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