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ITE estimates 11 pct rise in full-year revenue

Reuters - UK Focus

Oct (KOSDAQ: 039200.KQ - news) 1 (Reuters) - Corporate events planner ITE Group Plc (LSE: ITE.L - news) estimated an 11 percent rise in full-year revenue after a strong third quarter boosted second-half performance.

The company, which organises about 200 trade exhibitions and conferences each year in 14 countries, said it had booked revenue of 75 million pounds ($121.46 million) for 2014.

ITE had reported a 25 percent rise in third-quarter revenue in July, helped by contributions from the biennial Moscow International Oil & Gas exhibition and revenue from the acquisition of an event organiser in Malaysia.

The company reported a 4 percent like-for-like revenue growth in the fourth quarter ended Sept. 30. It estimates revenue in the full year to be about 191 million pounds.

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"We've tweaked this year's forecast profit up slightly. Whilst the Russian macro outlook looks less helpful, there is still GDP growth with upside if Europe picks up," Investec analyst Steve Liechti said in a note.

Shares in the FTSE 250 (FTSE: ^FTMC - news) company were trading up marginally at 274 pence at 0721 GMT on Tuesday on the London Stock Exchange (LSE: LSE.L - news) .