International conference and exhibition organiser ITE Group has announced a trading update for Q1 2018 and a new chairman of the board.
As at 19 January 2018, the Group says it had booked circa £113m of revenue for the 2018 financial year (20 January 2017: £99m) representing circa 70% of market expectations for the full year.
On a like-for-like basis, these revenues are 16% ahead of this time last year and on a volume basis are 7% ahead.
The company says the results are in line with company expectations.
The bottom line was boosted by two top 10 events which ran in the quarter, collectively delivering double digit like-for-like revenue growth.
ITE also reports that its three-year Transformation & Growth (TAG) Programme, announced in May 2017, is progressing according to plan. The company says the early benefits of TAG continue to be felt with forward bookings up double digit on a like-for-like basis into 2018.
Other highlights of the update include the launch of the first iteration of ITE’s ‘Events Best Practice blueprint’.
The group has also announced the appointment of a new chairman, Richard Last. It is a non-executive role effective from 12 February 2018. Last has over 30 years of public company board experience, particularly in the technology and communications sectors and is currently chairman of Gamma Communications plc, a communications group and Tribal Group plc, a technology group.
Neil England, who has been serving as ITE Group chairman, will return to his role as a non-executive director, once Last joins.
Linda Jensen, senior independent director is stepping down from the board, 31 April 2018, to focus on her international business commitments.
Mark Shashoua, ITE Group chief executive officer, commented on the board changes: “Richard is joining ITE at an exciting time, as we begin to deliver on our Transformation & Growth programme (TAG). Richard’s experience in transforming businesses will be enormously beneficial as we continue to evolve the business. I am looking forward to working with him and benefitting from his insights. I would also like to thank Neil for his advice and guidance during his tenure as chairman.”
Last added: “I am delighted to be joining ITE at this juncture and I look forward to leading the Board and helping to guide the business through the implementation of the TAG programme and to its future success.”