Updates

ITE - Strong recovery in Moscow market

July 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Business exhibitions group ITE delivered another impressive performance with H1 results showing revenues up 35% to Â£53m, while pretax profit increased from Â£6.4m to Â£9.1m. Eps rose by 50% to 3p, beating forecasts for 2.7p. Despite Â£28.5m spent on two acquisitions, net cash was still Â£15.6m. Key to its improvement is the cyclical recovery in its market with like-for-like volume sales growing 13% in the period. The outlook is also positive with April, when four of its top exhibitions are held (comprising one-third annual sales) reported to be excellent, with the biggest, Mosbuild, growing selling space by 24%. Most importantly, ITE's revenue visibility is improving further with Â£137m revenues booked for 2011, representing 95% ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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