News 1 december 2011
Premier Expo Completes the Acquisition of Autoexpo
Trade event organiser, Premier Expo, a subsidiary of the ITE Group, has today completed the acquisition of the exhibition assets of the Kiev-based company, Autoexpo.
The acquisition includes a portfolio of 10 exhibitions including SIA, the Kyiv International Autosalon, as well as other events in the travel & tourism, building, construction, transport and oil & gas sectors.
Premier Expo's Chief Executive, Anatoly Sushon commented. "This acquisition reaffirms and strengthens Premier Expo's position as a leading company in Ukraine's exhibition industry. It expands our portfolio into new industries and I am confident that we can further improve the events, many of which are already established and respected. We will aim to grow their reputation further still, not only in Ukraine, but also around the world. We have a bright and energetic team of exhibition professionals who will be working hard to maximise the development of the events".
Premier Expo has no plans to revise the profile, branding or calendar of the acquired events, all of which will take place as scheduled in 2012.
The agreement to acquire the exhibition assets of Autoexpo was announced by ITE to the London Stock Exchange. The announcement stated that revenues of the events in 2011 amounted to $3 million with profit before tax of $1 million. ITE's Chief Executive Officer, Russell Taylor said. ""The addition of this portfolio of exhibitions to ITE's Ukrainian business is consistent with our strategy of building market leading positions in core markets and sectors and will complement Premier Expo's existing activities. These events have strong market positions in Ukraine and will benefit from access to ITE's expertise and international customer base".
ITE has also announced its annual preliminary results this week, reporting record total revenues in its financial year of £155.5 million and profits before tax of £39.1 million. The company also has net cash of £5.5 million.
The ITE Group was founded in 1991 and now employs over 100 staff in 26 offices around the world. The Group organises over 200 trade events each year in 14 countries such as Russia, Ukraine, Kazakhstan, Azerbaijan, India, Turkey and Uzbekistan.
ITE was floated on the London Stock Exchange in 1998.