ITE (ITE)

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268
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The international exhibitions group.

3-Oct-2017

Pre-Close Trading Update For The 12 Months Ended September 2017 – Positive – Revenue expected to be £151m (forecast on Stockopedia was £145.5m). Debt has been reduced to around £50m (£59m previously) and the bookings for 2018 stand at £79m versus £58m in 2017. The board is confident in the future prospects.

Expecting the market to like this recent update.

28-Nov-2017 – 180p – £484.7m – PER 21

Final Results For The 12 Months To End September 2017 – Revenue up 5% YoY (by 5%) for the first time in 5 years. But there’s a loss, again, not sure that was expected by the market.

Looking a bit closer at the Stockopedia numbers I actually decided to pass on this (and this update backs me up). I just don’t like the flat Revenues, EPS inconsistencies, the variable Operating Margin and ROCE. It just seems like an “anything can happen” here company – Not for me.

25-Jan-2018 – 179p – £482.0m – PER 20.0

Trading Update For The 12 Months To End December 2017 – In-line with £113m in Revenue booked for 2018 (£99m last year) which is 70% of market expectations for the full year. Net Debt is circa £52m. The board is pleased with performance to date.

Just not enough to get me interested here.

4-Apr-2018 – 157.4p – £424.5m – PER 17.1

Trading Update For The 6 Months To End March 2018 – In-line and confident in FY expectations.

There’s still not enough here to get me interested any further at present.

15-May-2018 – 145.8p – £404.5m – PER 16.1

Interim Results For The 6 Months To End March 2018 – Revenue up 8% to £75.4m, Statutory PBT £1.3m (£3.1m last time), Diluted EPS -0.7p (0.6p last time), Interim Dividend the same (1.5p, in line with policy). Order book is 31% ahead on a like-for-like basis.

There’s just not enough here to get me interested any further at present.

10-Jul-2018 – 79p – £213.0m – PER 12.7

Trading Update For The Period From 1st April 2018 (Q3) – In-line and confident of achieving FY expectations.

If they hit forecasts here this is probably due a re-rating but at present I will remain Neutral.

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