Updates

ITE

June 2012

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.

ITE has reported good H1 results with sales, pretax profits and earnings up by 29%, 43% and 47% respectively to Â£53m, Â£13.1m and 4.7p. These would have been even better were it not for the FX drag due to the weakness of the Euro. Its major events are priced in Euros and the weakening trend meant a dilution in translation (1 cent moves the forecast by Â£0.5m) so the fact that Numis has held both its eps forecasts of 16.5p for the full year and 18.5p next implies an underlying upgrade. During 2011, ITE had made three key acquisitions (MVK, Krasnodar and Turkeybuild) and these together with the more recent acquisition of Autoexpo in November meant H1 had a large number of new events run for the first time (adjusti ...

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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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

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