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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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ITE - Q1 sales up 36%

March 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.

  • Epic Code:
  • ITE
  • Price:
  • 246p
In the seasonally quiet fiscal first quarter, business exhibitions group ITE recorded 36% growth in sales to £20.5m with like-for-like sales up a strong 22% in the period. Importantly, the outlook remains strong with like-for-like sales volumes continuing to be 10% ahead of the prior year. As at 25 January the group had £93m revenues contracted for this year, representing 68% of market expectations, broadly similar to the long-term average. The shares have gained 58% since first recommended last September at 156p and although forecasts remain unchanged (2011 eps: 14.1p) they are very likely to be upgraded later in the year given the strong sales growth. On that basis we suggest running profits. ...

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