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ITE Group Announces Proposed Acquisition Of Ascential Exhibitions Business

ITE Group plc (ITE.L) announced a conditional agreement to acquire Ascential Events Limited from Ascential plc, based on an enterprise value of £300 million. This acquisition is expected to be completed in July 2018.

ITE Group noted that this acquisition aligns with its continuing TAG Programme and specifically its strategy of making product-led acquisitions of scalable events brands.

ITE expects this deal to be earnings enhancing in the first full year following completion. The company expects the enlarged group to be able to achieve annualised pre-tax gross cost synergies of £4 million - £5 million.

ITE Group also reported its first half results, with revenue improving to £75.4 million from £69.6 million in the same period a year-ago. Headline profit before tax increased to £16.0 million from £15.4 million in the last year period. Profit before tax declined to £1.3 million from £3.1 million in the last year period. Headline diluted earnings per share totaled 3.7p, while loss per share was 0.7p.

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