LONDON (dpa-AFX) - ITE Group plc (ITE.L) reported an improved statutory profit before tax for the first-half, after increased M&A-related costs, including amortisation on acquired intangible assets, the loss on disposal of non-core events, transaction costs and integration costs. The Group said the benefits of the Growth programme are clear, with like-for-like revenue improving 6%, for the period. The Group continues to trade in line with Board expectations for fiscal 2019.
First-half profit before tax was 1.9 million pounds compared to 1.3 million pounds, previous year. Loss per share was 0.1 pence compared to a loss of 0.4 pence. Headline profit before tax increased to 24.5 million pounds from 16.0 million pounds. Headline earnings per share was 2.3 pence, flat with previous year.
First-half revenue increased to 107.8 million pounds from 75.4 million pounds, a year ago. Revenue increased 6% on a like-for-like basis, driven by Transformation and Growth (TAG) initiatives and focus on Core6 events. Excluding Acetech Delhi like-for-like revenue growth was 8%, for the period. Volume sales were 354,300 sqm compared to 353,300 sqm, reflecting the weaker biennial pattern, timing changes and disposals, all offset by acquisitions.
The Board has announced an interim dividend of 0.9 pence.
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