HYVE GROUP PLC — Interim / Quarterly Report 2018

Mar 31, 2018

==> picture [149 x 42] intentionally omitted <==

ITE Group plc Interim Report 2018

Introduction

ITE is one of the world’s leading organisers of international trade exhibitions and conferences.

CONTENTS

• 01 Financial Highlights

• 01 Strategy Update

• 02 Interim�Management�Report

• 11 Condensed Consolidated�Income Statement

• 12 Condensed Consolidated Statement of�Comprehensive�Income

• 13 Condensed Consolidated Statement of�Changes�in�Equity

• 16 Condensed Consolidated Statement of Financial Position

“�We�are�seeing�the�benefits�from�a�number�of�our� early initiatives in the TAG programme, which has driven�a�return�to�revenue�growth�in�most�of�our� markets.�Overall,�revenues�were�up�8%�on�a�like-forlike�basis�and,�encouragingly,�the�focus�on� operational�rigour�on�our�Core�events�delivered�the� first�like-for-like�volume�and�yield�growth�since�2014.� Consistent�with�this,�the�four�top�10�shows�that�took� place�during�the�first�half�collectively�delivered� double-digit�revenue�growth.

��Today�we�have�also�announced�the�proposed� acquisition�of�seven�highly�complementary�marketleading events from Ascential plc. These events are well�known�to�us�and�the�acquisition�is�in�line�with� our�product-led�acquisition�strategy�and�gives�us� the�benefit�of�a�more�balanced�portfolio�by� geography�and�product.�It�also�adds�two�more� global�brands�in�Bett�and�CWIEME�and�is�expected� to�be�earnings�enhancing�in�2019,�our�first�full� financial�year�of�ownership.

As�a�result�of�our�focus�on�forward�bookings�we�have� good�visibility�into�this�year�and�next�with�revenues� booked�for�2018�at�89%�of�consensus�for�the�full� year�and,�on�a�like-for-like�basis,�bookings�for�2019� are�up�31%�at�£31.0m.�The�combination�of�good� progress�on�TAG�and�the�proposed�acquisition�of� Ascential�Events�Limited�represent�the�significant� steps for ITE in realising its vision of creating the world’s�leading�portfolio�of�content-driven,�mustattend�events�that�deliver�an�outstanding�experience� and�ROI�for�our�customers.”

Mark Shashoua CEO�of�ITE�Group�plc

• 18 Condensed Consolidated Cash� Flow Statement

• 20 Notes to the Interim Financial Statements

• 35 Independent Review Report to�ITE�Group plc

36 Directors and Professional Advisers

• 37 Financial�Calendar

Financial Highlights

	Six months to 31 March 2018	Six months to 31March2017
Volumesales Revenue Headlineproftbeforetax1 Proftbeforetax Headlinedilutedearningspershare2 Dilutedearningspershare Interim dividend per share Net debt3	353,300 m2 £75.4m £16.0m £1.3m 3.7p (0.7p) 1.5p £51.2m	325,200m2 £69.6m £15.4m £3.1m 3.9p 0.6p 1.5p £55.2m

• First�year�of�like-for-like[4] �growth�in�volume�and�yields�since�2014�

• Revenue�of�£75.4m;�growth�of�8%�on�a�like-for-like�basis,�driven�by�early�TAG� initiatives,�focus�on�Core�events�and�the�majority�of�markets�returning�to� like-for-like�revenue�growth

• Four�top�10�events�ran�in�the�period�and�together�delivered�double-digit� like-for-like�revenue�growth

• Headline�profit�before�tax�(‘Headline�PBT’)�of�£16.0m;�statutory�profit�before� tax�of�£1.3m

• Growth�of�2%�on�a�like-for-like�basis�in�headline�PBT�reflects�reinvestment�into� future�events�

• Continued�strong�cash�generation�from�sales�initiatives�and�reduced�net�debt� by�7%�to�£51.2m�

Strategy Update

• Early�TAG�initiatives�and�focus�on�Core[6] events is driving performance

• Most�markets�have�now�returned�to�growth�–�continued�good�progress�in� Moscow

• Completed�negotiations�to�move�MosBuild�to�Russia’s�largest�exhibition�venue� on�a�long-term�basis

• TAG�investment�is�on�track,�expenditure�within�budget

• Continued�progress�in�managing�the�portfolio,�including�the�disposal�of� TradeLink�ITE�Sdn.�Bhd�(‘TradeLink’)�for�£4.2m

Proposed acquisition of Ascential Events Limited

• Proposed�acquisition�of�seven�market-leading�and�scalable�event�brands

• – Expected�to�be�earnings�enhancing�in�first�full�year�of�ownership

• Cost�synergies�achievable�net�of�investment

• Strong�scope�for�growth�under�ITE�management�as�part�of�Core�portfolio

• Diversifies�ITE’s�revenue�by�geography�and�product�

• Addition�of�market-leading�brands�supports�and�accelerates�the�delivery�of� ITE’s vision

• Standby�underwriting�entered�into�with�Investec�Bank�plc�in�respect�of�the� proposed�rights�issue�to�fund�the�acquisition

• Maintained�interim�dividend�of�1.5p,�in�line�with�policy

• Forward bookings[5] �of�£144m�already�contracted�for�FY�2018;�2019�forward� bookings�up�31%�on�a�like-for-like�basis

• 1� Headline�profit�before�tax�is�defined�as�profit�before�tax�and�adjusting�items�which�include�amortisation�of�acquired�intangibles,� impairment�of�goodwill,�intangible�assets�and�investments,�profits�or�losses�arising�on�disposal�of�Group�undertakings,� restructuring�costs,�transaction�and�integration�costs�on�completed�and�pending�acquisitions�and�disposals,�tax�on�income�from� associates�and�joint�ventures,�gains�or�losses�on�the�revaluation�of�deferred/contingent�consideration�and�on�equity�option� liabilities�over�non-controlling�interests,�and�imputed�interest�charges�on�discounted�equity�option�liabilities�–�see�note�3 to the condensed�consolidated�financial�statements�for�details.

• 2� Headline�diluted�earnings�per�share�is�calculated�using�profit�attributable�to�shareholders�before�adjusting�items�–�see�notes�3 and�6�to�the�condensed�consolidated�financial�statements�for�details.

• 3� Net�debt�is�defined�as�cash�and�cash�equivalents�after�deducting�bank�loans.

• 4� Like-for-like�results�are�stated�on�a�constant�currency�basis,�after�excluding�events�which�took�place�in�the�current�period�but�did� not�take�place�under�our�ownership�in�the�comparative�period�and�after�excluding�events�which�took�place�in�the�comparative� period�but�did�not�take�place�under�our�ownership�in�the�current�period.�For�clarity,�this�excludes�all:

• Cancelled�or�disposed�of�events�that�did�not�take�place� under�our�ownership�in�the�current�year;

• Biennial�events;

• Timing�differences�(i.e.�events�that�ran�in�only�one�of�the� current�or�comparative�periods,�due�to�changes�in�the� event�dates);

  • Acquired�events�in�the�current�period;�and

  • Acquired�events�in�the�comparative�period�that�didn’t� take�place�under�our�ownership�in�the�comparative� period�(i.e.�they�took�place�pre-acquisition).

• Launches;

• See�‘Trading�highlights�and�review�of�operations’�for�further�detail.

• 5� Forward�bookings�are�contracted�revenues�for�the�years�ending�30�September�2018�and�30�September�2019.�These�are�the� bookings�as�at�11�May�2018,�unless�otherwise�stated.

• 6� Core�events�are�those�of�strategic�importance�to�our�future�and�include�the�Group’s�largest�events,�those�with�the�greatest� potential�for�growth�and�a�number�of�smaller�but�strategically�important�events.�Following�the�strategic�review,�the�Group� deliberately�segmented�its�business�into�Core�and�Non-Core,�enabling�management�to�increase�its�focus�on�events�that�present� the�greatest�opportunities�whilst�reducing�distraction�from�smaller�events.

ITE Group plc 01 Interim Report 2018

Interim Management Report

About�ITE�Group�plc

ITE�Group�plc�was�founded�in�1991�and�is�now�one�of�the�world’s�leading�organisers� of international exhibitions and conferences.

ITE�Group’s�strategic�vision�is�to�create�the�world’s�leading�portfolio�of�content-driven,� must-attend�events�delivering�an�outstanding�experience�and�ROI�for�our�customers.�In� May�2017�the�Group�launched�its�Transformation�&�Growth�(TAG)�programme,�which�is� designed�to�transform�the�Company�from�a�geographic-led�business�to�a�product-led� business�that�focuses�on�market-leading�events,�wherever�they�are�in�the�world.�ITE� strives�to�run�the�best�shows�and�offer�the�best�service�to�its�customers�throughout�the� world�regardless�of�location.�By�putting�exhibitors�and�visitors�at�the�heart�of�everything� we�do,�we�plan�to�drive�sustainable�growth�for�our�shareholders.

ITE�Group�is�a�public�limited�company�and�has�been�listed�on�the�main�market�of�the� London Stock Exchange since 1998.

First�six�months’�revenue

£75.4m +8%�on�a�like-for-like�basis.

EXECUTIVE SUMMARY

ITE has delivered a strong overall trading performance as we start to�see�the�benefits�of�our�early�TAG�programme�initiatives�coming� through.�This�was�the�first�period�of�like-for-like�growth�in�both� yield�and�volume�since�2014�and�these�results�reflect�revenue� growth�in�the�majority�of�our�markets�as�a�result�of�our�early�TAG� initiatives�and�focus�on�our�Core�events.�

Revenues�of�£75.4m�(2017:�£69.6m)�for�the�first�six�months�are�8%� higher�than�the�same�period�last�year�on�a�like-for-like�basis.�This� was�as�a�result�of�improved�like-for-like�trading�(£6.2m),�driven�by� strong�performances�across�several�markets,�with�volume�growth� achieved�in�Russia,�Asia,�Central�Asia�and�Eastern�&�Southern� Europe.�Revenue�growth�was�also�supported�by�the�benefit�of� biennials�and�event�timing�differences�(£4.3m)�and�a�small�positive� impact�from�the�acquisition�of�the�Gehua�portfolio�of�events�in� China,�which�completed�during�the�previous�year�(£0.5m,�net�of� other�event�disposals).�This�was�offset�by�the�adverse�impact�from� foreign�exchange�(£3.5m)�and�the�cancellation�of�22�of�our�less� profitable�events�in�line�with�our�strategy�(£1.6m,�net�of�launches).

Despite�the�revenue�impact�of�the�net�cancellations�and�costs� associated�with�the�TAG�programme,�headline�profits�before�tax� of�£16.0m�are�4%�higher�than�the�same�period�last�year.�The� increase�is�due�to�the�positive�impact�of�biennial�events�and�timing� differences�(£2.4m),�net�acquisitions�(£0.4m)�and�foreign�exchange� (£0.2m).�This�was�offset�by�the�impact�of�ongoing�investment�in� the�TAG�programme�(£2.7m).�Because�of�the�positive�top�line� performance�and�continued�growth�at�Sinostar�(our�Chinese�joint� venture),�we�have�been�able�to�make�additional�investments�into� future�events,�spending�£1.5m�more�than�at�this�stage�in�the� comparative period. Despite these reinvestments, headline profit�before�tax�grew�by�2%�on�a�like-for-like�basis.

Reported�profits�before�tax�were�£1.3m�(2017:�£3.1m).�This�is�after� including�£2.3m�of�one-off�costs�relating�to�the�TAG�programme� (2017:�£nil).�This�takes�our�total�spend,�recognised�in�the�income� statement,�on�one-off�TAG�costs�to�£6.9m�since�the�launch�of�the� programme,�which�is�slightly�less�than�previously�indicated,�due� to timing.

ITE Group plc 02 Interim Report 2018

Interim Management Report continued

Russia,�a�significant�part�of�our�business,�has�delivered�a�strong� performance, ahead of market growth, following the decision to allocate the largest proportion of TAG investment into the region. Like-for-like�volumes�were�6%�higher�than�this�time�last�year,� following�a�strong�performance�across�the�Core�Moscow�portfolio� and�at�the�Core�agriculture�event�in�Krasnodar,�Yugagro.

Whilst there has been an increase in political tensions between Russia�and�the�West,�there�has�been�a�negligible�effect�on�both� results�to�date�and�forward�bookings.�It�is�important�to�note�that� the�effects�of�the�sanctions�in�2014�have�meant�that�exposure�to� US/UK�companies�attending�our�Russian�events�is�very�small,� accounting�for�just�£0.4m�(0.3%)�of�Group�revenues�in�2017.� Through�our�strong�sales�operations�in�certain�international� markets�we�are�experiencing�growth,�in�particular�from�Chinese� and�Turkish�exhibitors.�

In�other�regions,�we�delivered�like-for-like�revenue�growth� across�all�regions�in�Asia�and�our�Chinese�joint�venture�Sinostar� performed�well,�contributing�£6.7m�to�profitability.�On�a�like-for-like� revenue�basis�both�Turkey�and�Ukraine�experienced�double-digit� growth.�In�Turkey�this�represents�just�one�event�–�the�EMITT�travel� show�–�which�returned�to�growth�this�year,�following�management� attention and operational improvements delivered as part of the TAG programme.

We�have�recently�rolled�out�improved�content�at�our�Core�shows�in� Moscow,�Istanbul�and�across�the�Brands�portfolio,�and�exhibitor� NPS�scores�are�on�average�up�by�10�points.�Core�buying�groups� and�revisits�(which�is�a�key�indicator�of�quality�audiences�returning� throughout�the�show�and�staying�longer)�are�both�up.

This has led to increased levels of rebooking for 2019 where we are 31%�ahead�of�this�time�last�year�on�a�like-for-like�volume�basis,�with� bookings�at�£31m�(2017:�£27m).

As�at�11�May�2018,�the�Group�has�contracted�£144m�of�revenue�for� the�current�financial�year,�which�is�13%�ahead�of�last�year�on�a� like-for-like�basis.�This�is�partly�due�to�bookings�being�made�earlier� as�a�result�of�a�focused�sales�effort�on�Core�events,�and�gives�the� Group�much�improved�visibility,�which�represents�89%�of�consensus.

The�Group�has�contracted� £144m�of�revenue�for�the� current�financial�year,�which�is� 13%�ahead�of�last�year�on�a� like-for-like�basis.

Volume�sales

353,300m[2] (HY16:�325,200m[2] )

Headline PBT

£16.0m (HY16:�£15.4m)

Net debt

£51.2m (HY16:�£55.2m)

ITE Group plc 03 Interim Report 2018

Interim Management Report continued

Our�vision�is:�

“ To create the world’s leading portfolio of�content-driven,�must-attend�events� delivering�an�outstanding�experience� and�ROI�for�our�customers.”

STRATEGIC UPDATE – TAG PROGRAMME

By�putting�exhibitors�and�visitors�at�the�heart�of�everything�we�do,� we�plan�to�drive�sustainable�growth�for�our�shareholders.�ITE� strives�to�run�the�best�shows�and�offer�the�best�service�to�its� customers�throughout�the�world,�regardless�of�location.�The� Group’s�focus�on�a�product-led�strategy�will�see�ITE�focus�on� events that are market leading or have a clear path to become number�one�in�their�sector.�

Following�the�announcement�of�our�TAG�programme�a�year�ago,� our�early�TAG�initiatives�are�progressing�according�to�plan,�within� budget�and�already�driving�strong�organic�revenue�growth.�2018�is� about�rigorous�attention�to�detail�and�execution�of�our�plan.

• The TAG programme comprises of three pillars of strategic activity to�drive�revenue�and�accelerate�growth: – Create�a�scalable�platform�to�generate�real�organic�growth; – Actively�manage�our�portfolio;�and – Make�selective�product-led�acquisitions.

==> picture [390 x 268] intentionally omitted <==

Create a scalable platform

Organic�revenue�growth�is�being�delivered�by�directing�TAG� investment�towards�five�transformational�levers�by�creating�best� practice�functions�and�teams,�investing�in�show�operations,� building�capability�and�talent,�driving�a�performance�culture� and�building�and�maintaining�a�fit-for-purpose�IT�infrastructure� and systems.

Creating�a�strong�operational�headquarters�in�order�to�instil�best� practice�across�each�area�of�our�business�is�imperative�to�our� transformation.�Having�recruited�the�Heads�of�Best�Practice,� we�now�have�the�team�in�place�to�deliver�our�transformation.� To�ensure�that�our�shows�are�consistently�run�at�the�same�level�of� excellence�anywhere�in�the�world,�we�have�implemented�the�‘ITE� way’�and�rolled�out�multiple�best�practice�initiatives�following�the� launch�of�our�‘Events�Best�Practice’�blueprints.�We�are�committed� to�rolling�out�blueprints�for�every�activity�associated�with�running� a�successful�events�business.�

ITE Group plc 04 Interim Report 2018

Interim Management Report continued

Our�main�focus�for�TAG�in�2018�is�on�content,�lead�generation�and� customer�service.�During�the�period,�ITE�has�started�to�deliver� events�with�much�richer�content�in�order�to�attract�new�visitors� and drive retention. Initiatives have had an immediate impact. For example,�EMITT,�the�East�Mediterranean�International�Tourism�and� Travel�Exhibition�grew�double-digit�revenues�on�a�like-for-like�basis� and�rebooked�45%�of�2018�revenues�for�the�2019�event�onsite.� This�is�a�significant�achievement�as�many�of�the�customers�are� national�tourist�boards�whose�budgets�are�typically�only�set�later�in� the�calendar�year.�Our�focus�on�onsite�rebooking�at�a�number�of� Core�events�continues�to�strengthen�our�sales�visibility.

To�ensure�the�Group�becomes�more�efficient,�work�is�underway�to� put�in�place�common�systems�to�deliver�a�better�service�across�the� world�to�ITE’s�customers.�A�new�CRM�and�HR�system�is�set�to�be� launched�this�year�with�a�new�marketing�system�to�be�rolled�out� over the next 18 months, while we are also in the early stages of designing�our�new�global�finance�system.�

Actively manage the portfolio

The�Group�continues�to�manage�its�portfolio�by�implementing�a� more�rigorous�approach�to�the�allocation�of�capital.�Under�current� management,�since�October�2016,�in�line�with�the�aims�of�the�TAG� programme,�we�have�discontinued�59�less�profitable�events�as�we� continue�to�focus�on�our�Core�events.�Despite�these�closures,� revenues�have�grown.

Post�period�end,�the�Group�recognised�a�profit�on�disposal,�having� sold�TradeLink,�the�owner�of�Metaltech,�the�metalworking� exhibition�in�Malaysia,�to�UBMMG�Holdings�Sdn.�Bhd.,�a�subsidiary� of�UBM�plc,�for�a�total�cash�consideration�of�MYR�23m�(£4.2m).�This� transaction�marks�a�further�step�towards�this�second�element�of� TAG�to�manage�our�portfolio�of�events�and�the�proceeds�will�be� reinvested�into�the�Group.�

Having�deliberately�segmented�our�business�into�Core�and� Non-Core,�management�is�able�to�increase�its�focus�on�events�that� present�the�greatest�opportunities�whilst�reducing�distraction� from�smaller�events.�The�Group�continues�to�apply�the� transformational�levers�to�its�Core�events�to�realise�their�full� potential�and�each�segment�of�the�portfolio�requires�a�different� degree�of�focus�and�different�transformational�levers�to�maximise� its growth.

Clear�progress�has�been�made�during�the�first�half�of�the�year�across�the�five�levers�and�the�Group�is�on�track�with�its�2018�milestones:

==> picture [495 x 32] intentionally omitted <==

----- Start of picture text -----

Transformational lever 2018 milestones
Benefit
----- End of picture text -----

Create best practice functions and teams Invest in show operations Build capability and talent Drive a performance culture Build and maintain ft-for-purpose IT infrastructure and systems	– Deliverbest-in-classprocesses implementedgloballyacrosstheGroup, greaterefciencyviastandardised processes,amorestructuredand accountableleadership,andaglobally consistent‘ITEway’drivingefciency and greater attendee experience – Enhancecustomerretentionand exhibitor reach, obtain enriched data insights and improve operational efciency – Attract and retain talent, develop internal capabilities, and establish the rightcapabilitiestodrivebusinessand adapt to market changes – Createavalues-drivenorganisationthat encourageshighperformanceand rewardssuccessandtalent,buildinga winning team with an aspirational culture – CreateaglobalITfunctionand infrastructurethatcansupportthe requirementsofafexible,mobileand highlyefectiveworkforcethatoperates globally,butdeliverslocally,and supportsandenablesthe‘ITEway’of working	– Completedthedesignofthe‘ITEway’ – Implementationhasbegunofthe ‘ITEway’
		– Regionalcustomersuccessteams have been started – Dedicated regional content teams have been formed – Implementationofvalue-basedpricing methods has been started – Show‘blueprints’havebeenrolledout – Newshowcontenthasbeguntobe deployedinCoreshowse.g.MITT, MosBuild
		– Dedicatedspecifctrainingprogrammes havebeenrolledoutforSalesteams – All key Regional Directors have been recruited
		– Standardisation of performance management is ongoing
		– Integrated sales and marketing systems havebeenlaunched – Systems design and development has beencompletedforMarketingandHR and in the early stages of design for Finance – Systems to be deployed in phased waves

ITE Group plc 05 Interim Report 2018

Interim Management Report continued

In�line�with�its�product-led�strategy,�the�Group�will�continue�to� proactively review its portfolio on an ongoing basis and will review its�options�if�too�much�time�or�investment�is�involved�to�deliver� expected target growth.

Product-led acquisitions

The�third�TAG�pillar�is�for�the�Group�to�make�selective�product-led� acquisitions�to�accelerate�growth�in�line�with�its�strict�M&A�criteria.� Each�opportunity�will�be�carefully�reviewed,�but�will�not�be�limited� to�any�particular�geography�as�the�Group�aims�to�run�the�best� shows�in�the�best�industries�anywhere�in�the�world.�These� product-led�acquisitions�would�also�benefit�from�the�best�practice� teams that are now in place so that standardisation of processes would�drive�further�organic�growth�post�acquisition.

The�proposed�acquisition�will�diversify�ITE’s�exposure�to�some� end-market�verticals�such�as�education�technology�and�coil� winding,�electric�motor�and�transformer�manufacturing� technologies that the Directors believe are attractive and supported�by�structural�growth�drivers,�creating�a�more�balanced� portfolio of events.

The�proposed�acquisition�will�also�diversify�ITE’s�geographic� footprint,�giving�rise�to�further�opportunities�for�growth.�In� particular,�the�Directors�believe�that�following�the�proposed� acquisition,�Bett�and�CWIEME�will�benefit�from�the�leveraging�of� ITE’s�wider�geographic�footprint�and�existing�infrastructure,� providing�geo-cloning�opportunities.

The combination of good progress on TAG and the proposed acquisition�of�Ascential�Events�Limited�–�a�portfolio�of�marketleading�products�that�the�management�of�ITE�have�known�for�a� long�time�and�that�fit�well�with�our�strategy�–�means�that�ITE�is� taking�significant�steps�towards�realising�its�vision�of�creating�the� world’s�leading�portfolio�of�content-driven,�must-attend�events� that�deliver�an�outstanding�experience�and�ROI�for�our�customers.

Outlook

A�pipeline�of�product-led�opportunities�is�building,�but�the�Group� will�only�proceed�if�such�opportunities�meet�most�of�the�following� criteria:

• Scalability – in sectors with high growth potential

• A�distinct�customer�value�proposition�–�serving�a�clear�part�of� an�industry�sector

• Position in attractive markets for events – serving a high growth underlying�market�

• Evidence�of�strong�organic�revenue�growth�and�profit�margins

• – Potential�to�roll�out�internationally�–�dependent�on�the�product� – Earnings�accretive�–�offering�a�good�return�on�invested�capital�

The�Directors�believe�that�the�Ascential�exhibitions�business�is�an� attractive,�high-quality�portfolio�of�‘must-attend’�exhibitions.�The� acquisition�aligns�with�ITE’s�continuing�TAG�programme�and� specifically�its�strategy�of�making�product-led�acquisitions�of� scalable�events�brands�which�are�seen�as�offering�strong�growth� potential�under�ITE’s�ownership.�

The�TAG�programme�is�delivering�early�benefits�with�improved� financial�performance�from�our�Core�events�delivering�like-for-like� volume,�revenue�and�headline�PBT�growth�for�the�first�time�in� four�years.

Cash�conversion�remains�strong�and�the�Group�enters�the�second� half�with�high�visibility�of�revenues�having�contracted�£144m�of� revenue�for�the�current�financial�year�as�at�11�May�2018,� representing�circa�89%�of�market�expectations�for�the�full�year.� As�a�result�of�our�focus�on�forward�bookings,�the�Group�has�also� already�contracted�£31m�of�forward�bookings�for�FY�2019,� representing�19%�of�consensus�revenue.�This�is�up�31%�on�a� like-for-like�basis�and�the�improved�level�of�bookings�partly�reflects� the�Group’s�focused�sales�initiatives�on�Core�events,�in�line�with�its� strategy.

The�like-for-like�growth�and�cash�conversion�have�allowed� management�to�invest�£1.5m�more�in�future�period�events�than� at this stage last year.

ITE Group plc 06 Interim Report 2018

Interim Management Report continued

FINANCIAL PERFORMANCE

Statutory results

Revenues�for�the�first�six�months�of�the�year�were�£75.4m�(2017:� £69.6m).�Revenue�is�up�£5.8m,�8%�ahead�of�the�comparative�period.� Revenue�in�the�period�has�benefited�from�the�timing�impact�of�our� Breakbulk�North�America�event�which�took�place�in�October�of�the� current�year�but�did�not�occur�in�the�previous�financial�year,�and�the� impact�of�this�being�our�stronger�biennial�year.

The impact of foreign exchange rates has had an adverse impact of £3.5m�on�the�translation�of�revenue�into�sterling�when�compared� to�the�prior�period,�but�has�had�a�£0.2m�positive�impact�on�profits.� This�is�due�to�a�natural�hedging�of�costs�in�the�same�currencies� which�reduces�the�£3.5m�revenue�impact�to�£0.6m�at�a�profit�level,� which�is�more�than�offset�by�higher�gains�recognised�this�year�as�a� result�of�balance�sheet�retranslations�which�resulted�in�a�foreign� exchange�gain�of�£0.6m�compared�to�a�loss�of�£0.2m�in�the� comparative period.

The�average�exchange�rates�over�the�first�six�months�of�the�year� were:

were:
	Six months	Six months
	ended 31 March	ended 31March
	2018	2017	Movement
RussianRuble Turkishlira Indianrupee Euro	78.3 5.2 87.6 1.13	75.6 4.3 83.3 1.16	+4% +21% +5% –3%

Profit�before�tax�was�£1.3m�(2017:�£3.1m).�This�is�after�including� non-underlying�restructuring�costs�of�£4.1m�(2017:�£2.4m)�incurred� primarily�as�part�of�the�TAG�programme�(£2.3m,�2017:�£nil),�with� the�remaining�£1.8m�(2017:�£2.4m)�incurred�in�relation�to� redundancies�and�other�costs�necessary�to�ensure�our�divisions� are�appropriately�structured�to�realise�the�benefits�of�TAG,�and�the� accelerated�amortisation�charge�relating�to�our�previous�debt� facility�on�completion�of�the�refinancing�in�November�2017�(£0.6m).� One-off�costs�of�£2.2m�(2017:�£nil)�were�also�recognised�on� cessation�of�trading�at�our�UK�publishing�business�as�we�focus�on� our�Core�events�portfolio.�

Headline�profit�before�tax�for�the�first�six�months�of�the�year�was� £16.0m�(2017:�£15.4m).�Headline�profit�before�tax�was�up�2%�on�a� like-for-like�basis,�even�after�increased�reinvestment�in�our�Core� events,�some�of�the�benefit�of�which�will�not�be�realised�until�future� periods.�The�results�were�also�positively�impacted�by�£2.4m�as�a� result�of�biennial�and�event�timing�differences�and�by�£0.4m�due�to� the�first-time�impact�of�net�acquisitions�all�contributing�to�an� increase,�offset�by�planned�TAG�costs�of�£2.7m�included�in�headline� results.�

Diluted�earnings�per�share�for�the�first�six�months�were�(0.7)p� (2017:�0.6p).�The�decrease�in�earnings�per�share�is�largely�due�to� the�one-off�costs�of�the�TAG�programme,�but�is�also�in�part�due�to� a�higher�proportion�of�profits�being�generated�in�subsidiaries�that� are�not�wholly�owned,�increasing�the�profits�attributable�to� non-controlling�interests,�and�also�an�increase�in�the�Group’s� effective�tax�rate,�which�has�increased�due�to�an�anticipated� increase in withholding taxes on dividends from overseas entities.

Headline results

Headline�diluted�earnings�per�share�for�the�first�six�months�was� 3.7p�(2017:�3.9p),�reflecting�the�change�in�profit�mix�between�wholly� owned and not wholly owned consolidated entities and the increase�in�the�Group’s�effective�tax�rate.

In�addition�to�the�statutory�results,�headline�results�are�presented,� which�are�the�statutory�results�after�excluding�a�number�of� adjusting�items,�as�the�Board�considers�this�to�be�the�most� appropriate�way�to�measure�the�Group’s�underlying�performance.� In�addition�to�providing�a�more�comparable�set�of�results�year-onyear,�this�is�also�in�line�with�similar�adjusted�measures�used�by�our� peer companies and therefore facilitates comparison across the industry.�The�adjusting�items�presented�are�consistent�with�those� presented�in�the�previous�year.

The�following�table�reconciles�statutory�profit/(loss)�before�tax�to�headline�profit�before�tax:

		Six months to	Six months to	Yearended
		31 March	31March	30September
		2018	2017	2017
		£m	£m	£m
	Proft/(loss)onordinaryactivitiesbeforetaxation	1.3	3.1	(3.2)
	Operating items
	Amortisationofacquiredintangibleassets Impairment of goodwill Impairmentofinvestmentsinassociatesandjointventures Derecognition of goodwill on cessation of trading Restructuringcosts TAG Other Transactioncostsoncompletedandpendingacquisitions Loss on disposal of investments Taxonincomefromassociatesandjointventures Financing items Revaluationofliabilitiesoncompletedacquisitions Headline proft before tax	5.8 – – 2.2 2.3 1.8 0.7 – 1.5 0.4 16.0	7.8 – – – – 2.4 0.2 – 1.1 0.8 15.4	14.1 12.6 1.7 – 4.6 0.4 0.4 3.7 1.5 (4.2) 31.6

ITE Group plc 07 Interim Report 2018

Interim Management Report continued

Amortisation�of�acquired�intangible�assets�relates�to�the� amortisation�charge�in�respect�of�intangible�assets�acquired� through�business�combinations.�Derecognition�of�goodwill�on� cessation�of�trading�relates�to�the�closure�of�the�publishing�arm�of� our�UK�fashion�business.�Restructuring�costs�are�the�costs� incurred�in�designing�and�implementing�the�Group’s�strategy,�and� includes�£2.3m�specifically�related�to�the�TAG�programme.�The� remaining�£1.8m�of�restructuring�costs�relates�primarily�to� redundancy�costs�within�a�number�of�divisions�to�ensure�the� businesses�are�fit�for�purpose�going�forwards�under�the�current� leadership, and accelerated amortisation of banking facility fees as part�of�the�refinancing�undertaken�in�November�to�support�the� Group’s�strategic�aims�under�the�TAG�programme.�Transaction� costs�on�completed�and�pending�acquisitions�relates�to�costs� incurred�in�pursuing�acquisition�and�divestment�opportunities�as� part�of�the�TAG�programme�pillars;�to�actively�manage�our�portfolio� and�to�make�selective�product-led�acquisitions.�Tax�on�income� from�associates�and�joint�ventures�is�an�adjustment�to�ensure� consistency�with�pre-tax�operating�profits.

Revaluation�of�liabilities�on�completed�acquisitions�include�the� gains�from�the�revaluation�of�our�equity�options�over�noncontrolling�interests�in�our�subsidiaries�(credit�of�£0.5m),�principally� in�relation�to�the�remaining�30%�interest�in�ITE�Ebseek,�the�January� 2016�acquisition�of�the�industrial�fasteners�event�in�China,�and�the� imputed�interest�charge�on�the�unwinding�of�the�discounting�on� the�Group’s�equity�option�liabilities�(charge�of�£0.9m).

Cash flows

During�the�period�there�was�a�refinancing�of�the�Group’s�external� debt�facility,�which�was�completed�on�22�November�2017�and�gives� the�Group�access�to�a�new�£100m�facility�from�a�syndicate�of�four� banks:�HSBC,�Barclays,�Citibank�and�Commerzbank.�The�facility� amortises�by�£10m�each�year�and�expires�in�November�2021.

The�Group’s�cash�flow�generated�from�operations�over�the�first�six� months�was�£12.1m�(2017:�£21.8m)�which�after�adjusting�for�the� non-cash�foreign�exchange�gain�of�£0.6m�(2017:�loss�of�£0.2m)�and� net�venue�utilisation�of�£1.5m�(2017:�net�utilisation�of�£0.4m)� represents operating cash conversion[1] �of�88%.�Cash�conversion�in� the�first�half�is�lower�than�the�full-year�forecast�cash�conversion�as� a�result�of�the�six-month�period�to�31�March�being�the�stronger� half�for�our�associate�and�joint�venture�entities,�the�profits�of�which� are recognised in the period, ahead of the dividends which are received�in�the�second�half.�The�year-on-year�movement�in�cash� flow�generated�from�operations�is�largely�the�result�of�working� capital�movements.�Net�debt�at�31�March�2018�has�reduced�to� £51.2m�(2017:�£55.2m).�This�has�been�achieved�despite�significant� investment in the TAG programme over the last twelve months.

2018 interim dividend

The�Board�has�announced�an�interim�dividend�of�1.5p�(2017:�1.5p).

TRADING HIGHLIGHTS AND REVIEW OF OPERATIONS

During�the�period�the�Group�organised�99�events�(2017:�122� events)�which�generated�revenue�growth�of�8%.�Like-for-like� revenues�were�also�8%�higher�than�for�the�same�period�last�year.�

Volume�sales�for�the�period�were�353,300�sqm�(2017:�325,200�sqm),� reflecting�the�return�to�like-for-like�volume�growth�(up�3%)�for�the�first� time�since�2014,�the�stronger�biennial�pattern�and�timing�changes.

A�summary�of�the�Group’s�revenue�and�gross�profits�for�the�period�is�set�out�below.

==> picture [477 x 198] intentionally omitted <==

----- Start of picture text -----

Volume�sales� Revenue� Gross�profit�
sqm ’000 £m £m
First half 2017 325 69.6 27.6
Biennial (10) (1.9) (0.9)
Timing (11) (2.0) (1.3)
Non-recurring (21) (2.9) (0.4)
–
Disposals (0.7) (0.1)
Annually recurring 2017 283 62.1 24.9
Acquisitions 9 1.1 0.6
Launches 11 1.3 0.5
FX translation – (3.5) (1.3)
TAG costs – – (1.0)
Like-for-like�change 9 6.2 (0.1)
Annually recurring 2018 312 67.2 23.6
Timing 17 3.9 2.9
Biennial 24 4.3 1.6
First half 2018 353 75.4 28.1
----- End of picture text -----

• 1�� Defined�as�cash�generated�from�operations�adjusted�for�net�venue�utilisation,�expressed�as�a�percentage�of�Headline�PBT�adjusted�for�non-cash�foreign�exchange�gains/losses:� (Cash�generated�from�operations�(£12.1m)�+�net�venue�utilisation�(£1.5m))/(Headline�PBT�(£16.0m)�–�FX�gain�(£0.6m))�=�88%

ITE Group plc 08 Interim Report 2018

Interim Management Report continued

Russia

Like-for-like�volume�sales�were�6%�higher�than�the�comparative� period,�driven�by�Moscow�and�the�Core�agriculture�event�in� Krasnodar,�Yugagro.

Moscow’s�largest�event�in�the�first�half�was�the�Moscow� International�Travel�&�Tourism�(MITT)�event,�which�increased� volume�sales�to�14,100�sqm�(2017:�13,700�sqm)�reflecting�further� returns�of�Turkish�exhibitors�and�an�increase�in�other�international� and domestic stands.

Asia

Like-for-like�volume�sales�for�the�first�six�months�in�Asia�were�1%� higher than the comparative period.

Brands

Africa�Oil�Week�ran�in�October�2017�and�performed�in�line�with�the� previous�edition,�in�spite�of�the�impact�of�sustained�low�oil�prices� through�2017.�Delegate�numbers�were�broadly�the�same�year�on� year�and�this�led�to�revenues�being�maintained�at�the�levels�seen�in� the comparative period.

The�Breakbulk�Americas�event�also�ran�in�October,�but�did�not� feature�in�the�2017�results�as�it�last�ran�in�September�2016.� Compared�to�the�previous�edition,�the�event�delivered�7%�volume� growth�to�5,500�sqm�(2016:�5,200�sqm).�The�largest�event�in�the� portfolio,�Breakbulk�Europe,�is�due�to�take�place�in�the�second�half� of the year, and forward bookings are ahead of this time last year.

Trading�has�been�challenged�at�the�mid-market-focused�fashion� event,�MODA,�held�at�the�NEC�in�Birmingham,�with�volumes�falling� 17%�to�12,000�sqm�(2017:�14,400�sqm).�

April trading

April�is�the�largest�trading�month�for�the�Group.�MosBuild�has� benefited�from�the�increased�sales�and�marketing�focus,�resulting� in�volume�improvement�from�34,300�sqm�last�year�to�35,900�sqm� this year.

India�has�had�a�strong�half�year�with�the�majority�of�the�events� having�now�taken�place.�Acetech�Mumbai�is�the�largest� construction�event�in�India�and�saw�volumes�increase�by�4%�to� 28,800�sqm�from�27,800�sqm.�The�recent�acquisitions�in�China� have�seen�strong�revenue�growth�although�required�investment.

Central Asia

Trading�in�Central�Asia�has�returned�to�growth,�with�like-for-like� volume�sales�for�the�first�six�months�10%�higher�than�for�the� comparative period.

Set�out�below�are�the�results�for�the�Group’s�principal�events�taking�place�in�April�2018:

SetoutbelowaretheresultsfortheGroup’sprincipaleventstakingplaceinApril2018:
2018	2017	Variance
sqm	sqm	%
MosBuild(Russia) 35,900	34,300	+5%
TransRussia(Russia) 8,800	7,400	+19%
ExpoElectronica(Russia) 8,600	8,200	+5%
BeautyEurasia(Turkey) 6,100	6,000	+2%
Secutech(India) 5,600	6,200	–10%
MiningWorldRussia(Russia) 5,300	4,100	+29%

The�largest�part�of�the�Group’s�business�in�the�region�is� Kazakhstan,�which�reported�a�15%�increase�in�like-for-like�volume� sales,�underpinned�by�the�oil�price�which�helps�to�drive�the�local� economy.

Eastern & Southern Europe

The�only�Turkish�event�that�took�place�in�the�first�half�was�EMITT.� Volumes�were�marginally�down�at�22,300�sqm�(2017:�23,300�sqm),� as�anticipated�following�a�strategic�decision�to�focus�on�yield� increases.�This�decision�was�vindicated�by�like-for-like�double-digit� revenue�growth.

Ukraine�grew�like-for-like�volumes�by�14%.�

ITE Group plc 09 Interim Report 2018

Interim Management Report continued

PRINCIPAL RISKS AND UNCERTAINTIES

The�following�principal�risks�and�uncertainties�disclosed�in�the� 2017�Annual�Report�have�not�changed�during�the�period:

• Political�uncertainty�and�regulatory�risk

• Economic�instability�reduces�demand�for�exhibition�space

• Financial�risk�–�foreign�currency�risk��

• Financial�risk�–�liquidity�risk��

• Financial risk – covenant risk

• Commercial�relationships

• Venue�availability

• Competitor�risk

• Integration�and�management�of�acquisitions

• People

• Transformation�&�Growth�(TAG)�programme

Refer�to�pages�50�to�53�of�the�2017�Annual�Report�for�details�of� the potential impact and mitigating actions in place for each of these risks.

GOING CONCERN

The�Group’s�business�activities,�together�with�the�factors�likely�to� affect�its�future�development,�performance�and�position,�are�set� out�in�the�Interim�Management�Report.�The�financial�position�of� the�Group,�its�cash�flows�and�liquidity�position�are�described�in�the� financial�statements�and�notes.�The�Group�has�the�financial� resources�to�continue�in�operation�for�the�foreseeable�future,�a� period of not less than twelve months from the date of this report. The�Group�operates�in�territories�that�can�be�unpredictable�and� unexpected�geopolitical�and�economic�events�such�as�terrorism,� sanctions,�currency�controls�and�exchange�rate�movements�can� have�an�impact�on�the�Group’s�reported�trading�performance.�A� significant�deterioration�in�trading�from�the�major�markets�(notably� Russia�and�Turkey)�could�adversely�impact�the�Group’s�results,�but� following�the�refinancing�completed�during�the�period,�headroom� on�the�Group’s�banking�covenants�has�significantly�increased.�The� Directors also have a range of mitigating actions available and within�their�control.�As�a�consequence,�the�Directors�believe�that� the�Group�is�well�placed�to�manage�its�business�risks�successfully.� The�Directors�have�a�reasonable�expectation�that�the�Group� has�adequate�resources�to�continue�in�operational�existence� for�the�foreseeable�future.�Thus,�the�Group�continues�to�adopt� the going concern basis in preparing the interim report and financial�statements.

RESPONSIBILITY STATEMENT

We�confirm�that�to�the�best�of�our�knowledge:

• (a)�the�condensed�set�of�interim�financial�statements,�which�have� been�prepared�in�accordance�with�IAS�34�‘Interim�Financial� Reporting’�give�a�true�and�fair�view�of�the�assets,�liabilities,� financial�position�and�profit�or�loss�of�the�undertakings�included� in�the�consolidation�as�a�whole�as�required�by�DTR�4.2.4R;

• (b)�the�Interim�Management�Report�includes�a�fair�review�of�the� information�required�by�DTR�4.2.7R�(indication�of�important� events and their impact, and description of principal risks and uncertainties�for�the�remaining�six�months�of�the�financial�year);� and

• (c)�the�Interim�Management�Report�includes�a�fair�review�of�the� information�required�regarding�related�party�transactions� (under�DTR�4.2.8R).

By the order of the Board

Mark Shashoua

• Chief Executive Officer 15�May�2018

Condensed Consolidated Income Statement

FOR THE SIX MONTHS ENDED 31 MARCH 2018

Notes	Six months to 31 March 2018 Unaudited	Sixmonthsto31March2017 Unaudited	Yearended30September2017 Audited
	Headline £000 Adjusting items(note 3) £000 Statutory £000	Headline £000 Adjustingitems (note3) £000 Statutory £000	Headline £000 Adjustingitems (note3) £000 Statutory £000
Revenue Costofsales	75362 – 75362	69,588 – 69,588 (42,016) – (42,016)	152,623 – 152,623 (93,259) – (93,259)
	, , (47,217) – (47,217)
Gross proft Other operating income Administrative expenses Foreignexchangegain/(loss)onoperatingactivities Shareofresultsofassociatesandjointventures	28145 – 28145	27,572 – 27,572 333 – 333 (15,607) (10,363) (25,970) (246) – (246) 5,004 (1,140) 3,864	59,364 – 59,364 741 – 741 (32,194) (37,445) (69,639) 337 – 337 6,510 (1,504) 5,006
	, , 183 – 183
	(18127) (12844) (30971)
	, , , 555 – 555
	6,665 (1,526) 5,139
Operating proft/(loss) Investmentrevenue Finance costs	17421 (14370) 3051	17,056 (11,503) 5,553 283 1,309 1,592 (1,913) (2,102) (4,015)	34,758 (38,949) (4,191) 688 5,342 6,030 (3,824) (1,178) (5,002)
	, , , 399 537 936
	(1,774) (929) (2,703)
Proft/(loss) before taxation Taxonproft/(loss) 4	16046 (14762) 1284	15,426 (12,296) 3,130 (3,466) 3,582 116	31,622 (34,785) (3,163) (8,315) 5,063 (3,252)
	, , , (4,285) 2,977 (1,308)
Proft/(loss) for the period	11,761 (11,785) (24)	11,960 (8,714) 3,246	23,307 (29,722) (6,415)
Attributableto: OwnersoftheCompany Non-controllinginterests		10,208 (8,714) 1,494 1,752 – 1,752	21,476 (29,722) (8,246) 1,831 – 1,831
	9992 (11785) (1793)
	, , , 1,769 – 1,769
	11,761 (11,785) (24)	11,960 (8,714) 3,246	23,307 (29,722) (6,415)
Earnings per share (p) Basic 6 Diluted 6		3.9 0.6 3.9 0.6	8.2 (3.1) 8.1 (3.1)
	3.7 (0.7)
	3.7 (0.7)

The�results�stated�above�relate�to�continuing�activities�of�the�Group.

Notes�1�to�18�form�an�integral�part�of�the�condensed�consolidated�financial�statements.

ITE Group plc 11 Interim Report 2018

Condensed Consolidated Statement of Comprehensive Income

FOR THE SIX MONTHS ENDED 31 MARCH 2018

	Six months to	Six months to	Yearended
	31 March	31March	30September
	2018	2017	2017
	Unaudited	Unaudited	Audited
	£000	£000	£000
(Loss)/proftfortheperiodattributabletoshareholders Cashfowhedges: Movementinfairvalueofcashfowhedges Fairvalueofcashfowhedgesreleasedtotheincomestatement	(24) 1,447 (446)	3,246 1,336 (387)	(6,415) 1,336 (675)
Currencytranslationmovementonnetinvestmentinsubsidiaryundertakings	(3,059)	5,276	(2,976)
	(2,082)	9,471	(8,730)
Tax relating to components of comprehensive income	(141)	(290)	(222)
Total comprehensive income for the period	(2,223)	9,181	(8,952)
Attributableto: OwnersoftheCompany	(3,992)	7,429	(10,783)
Non-controllinginterests	1,769	1,752	1,831
	(2,223)	9,181	(8,952)

All�items�recognised�in�comprehensive�income�may�be�reclassified�subsequently�to�the�income�statement.

Notes�1�to�18�form�an�integral�part�of�the�condensed�consolidated�financial�statements.

ITE Group plc 12 Interim Report 2018

Condensed Consolidated Statement of Changes in Equity

SIX-MONTH PERIOD ENDED 31 MARCH 2018 (UNAUDITED)

==> picture [744 x 253] intentionally omitted <==

----- Start of picture text -----

Capital� Non-�
Share�premium� redemption Retained Put�option� Translation controlling
Share capital account Merger�reserve� reserve ESOT reserve earnings reserve reserve Hedge reserve Total interests Total equity
£000 �£000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000
Balance as at 1 October 2017 2,693 28,567 2,746 457 (4,240) 98,520 (13,255) (45,265) (2,553) 67,670 22,652 90,322
– – – – – – – –
(Loss)/profit�for�the�period (1,793) (1,793) 1,769 (24)
Currency�translation�movement�
on�net�investment�in�subsidiary�
– – – – – – – – –
undertakings� (3,059) (3,059) (3,059)
Movement�in�fair�value�of�cash�flow�
– – – – – – – – –
hedges 1,447 1,447 1,447
Gain�on�effective�portion�of�cash�
flow�hedges�recognised�in/
– – – – – – – – –
(released�from)�reserves (446) (446) (446)
Tax relating to components of
– – – – – – – – –
comprehensive income (141) (141) (141)
Total comprehensive income
for the six months to
31 March 2018 – – – – – (1,793) – (3,059) 860 (3,992) 1,769 (2,223)
Dividends 4 (4) – – – (5,962) – – – (5,962) (128) (6,090)
– – – – – – – –
Exercise of share options 1,396 (62) 1,334 1,334
Share-based�payments – – – – – 167 – – – 167 – 167
Issue�of�shares – (20) – – – – – – – (20) – (20)
– – – – – – – – –
Tax�debited�to�equity (40) (40) (40)
Balance as at 31 March 2018 2,697 28,543 2,746 457 (2,844) 90,830 (13,255) (48,324) (1,693) 59,157 24,293 83,450
----- End of picture text -----

Notes�1�to�18�form�an�integral�part�of�the�condensed�consolidated�financial�statements.

ITE Group plc 13 Interim Report 2018

Condensed Consolidated Statement of Changes in Equity continued

SIX-MONTH PERIOD ENDED 31 MARCH 2017 (UNAUDITED)

==> picture [744 x 263] intentionally omitted <==

----- Start of picture text -----

Capital� Non-�
Share�premium� redemption Retained Put�option� Translation controlling
Share capital account� Merger�reserve� reserve ESOT reserve earnings reserve reserve Hedge reserve Total interests Total equity
£000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000
Balance as at 1 October 2016 2,621 20,629 2,746 457 (4,370) 115,450 (21,317) (42,289) (2,992) 70,935 25,427 96,362
– – – – – – – –
(Loss)/profit�for�the�period 1,494 1,494 1,752 3,246
Currency�translation�movement�
on�net�investment�in�subsidiary�
– – – – – – – – –
undertakings� 5,276 5,276 5,276
Movement�in�fair�value�of�cash�flow�
– – – – – – – – –
hedges 1,336 1,336 1,336
Gain�on�effective�portion�of�cash�
flow�hedges�recognised�in/�
– – – – – – – – –
(released�from)�reserves (387) (387) (387)
Tax relating to components of
– – – – – – – – –
comprehensive income (290) (290) (290)
Total comprehensive income
for the six months to
31 March 2017 – – – – – 1,494 – 5,276 659 7,429 1,752 9,181
Dividends 16 (16) – – – (5,350) – – – (5,350) (112) (5,462)
Exercise of share options – – – – 6 (6) – – – – – –
Share-based�payments – – – – – 143 – – – 143 – 143
Issue�of�shares 23 3,444 – – – – – – – 3,467 – 3,467
Tax�debited�to�equity – – – – – 12 – – – 12 – 12
Acquisition�of�subsidiary – – – – – – – – – – 4,636 4,636
Balance as at 31 March 2017 2,660 24,057 2,746 457 (4,364) 111,743 (21,317) (37,013) (2,333) 76,636 31,703 108,339
----- End of picture text -----

Notes�1�to�18�form�an�integral�part�of�the�condensed�consolidated�financial�statements.

ITE Group plc 14 Interim Report 2018

Condensed Consolidated Statement of Changes in Equity continued

YEAR ENDED 30 SEPTEMBER 2017 (AUDITED)

==> picture [744 x 283] intentionally omitted <==

----- Start of picture text -----

Capital� Non-�
Share�premium� redemption Retained Put�option� Translation controlling
Share capital Account� Merger�reserve� reserve ESOT reserve earnings reserve reserve Hedge reserve Total interests Total equity
£000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000
Balance as at 1 October 2016 2,621 20,629 2,746 457 (4,370) 115,450 (21,317) (42,289) (2,992) 70,935 25,427 96,362
(Loss)/profit�for�the�period – – – – – (8,246) – – – (8,246) 1,831 (6,415)
Currency�translation�movement�
on�net�investment�in�subsidiary�
undertakings� – – – – – – – (2,976) – (2,976) – (2,976)
Movement�in�fair�value�of�cash�flow�
hedges – – – – – – – – 1,336 1,336 – 1,336
Fair�value�of�cash�flow�hedges�
released to the income statement – – – – – – – – (675) (675) – (675)
Tax relating to components of
comprehensive income – – – – – – – – (222) (222) – (222)
Total comprehensive income
for the year ended
30 September 2017 – – – – – (8,246) – (2,976) 439 (10,783) 1,831 (8,952)
Dividends 21 (21) – – – (8,678) – – – (8,678) (1,315) (9,993)
Exercise of share options – – – – 130 (60) – – – 70 – 70
Share-based�payments – – – – – 201 – – – 201 – 201
Issue�of�shares 51 7,959 – – – – – – – 8,010 – 8,010
Tax�debited�to�equity – – – – – (12) – – – (12) – (12)
Put�option�disposal – – – – – (60) 187 – – 127 (127) –
Acquisition�of�subsidiary – – – – – – – – – – 4,636� 4,636
Exercise�put�option�on�acquisition�of�
subsidiary – – – – – �(75)� �7,875� – – 7,800 (7,800) –
Balance as at 30 September 2017 2,693 28,567 2,746 457 (4,240) 98,520 (13,255) (45,265) (2,553) 67,670 22,652 90,322
----- End of picture text -----

Notes�1�to�18�form�an�integral�part�of�the�condensed�consolidated�financial�statements.�

ITE Group plc 15 Interim Report 2018

Condensed Consolidated Statement of Financial Position

31 MARCH 2018

		31 March	31March	30September
		2018	2017	2017
		Unaudited	Unaudited	Audited
	Notes	£000	£000	£000
Non-current assets
Goodwill	7	88,087	112,624	92,566
Other intangible assets Property,plantandequipment	8	54,213 3,366	71,046 2,857	61,867 2,783
Interestsinassociatesandjointventures Venueadvancesandotherloans	9	48,671 3,683	49,724 3,767	45,470 3,548
Derivativefnancialinstruments Deferred tax asset	13	182 4,828	8 4,320	– 5,411
Current assets		203,030	244,346	211,645
Trade and other receivables	10	56,899	59,471	61,425
Tax prepayment Derivativefnancialinstruments Cashandcashequivalents Assetsclassifedasheldforsale	13 15	777 – 26,234 3,261	375 15 15,795 –	2,880 – 23,321 –
Total assets Current liabilities Trade and other payables Currenttaxliabilities Deferred income	11	87,171 290,201 (16,443) (1,056) (83,105)	75,656 320,002 (21,221) – (80,115)	87,626 299,271 (21,332) (3,834) (82,591)
Derivativefnancialinstruments Provisions	13	(13,546) (503)	(21,875) (269)	(1,795) (527)
Liabilitiesclassifedasheldforsale	15	(1,881)	–	–
Non-current liabilities		(116,534)	(123,480)	(110,079)
Bank loans Provisions Deferred income Deferred tax liabilities	12	(77,385) (117) (2,124) (10,152)	(70,966) (168) – (13,848)	(72,998) (273) – (12,494)
Derivativefnancialinstruments	13	(439)	(3,201)	(13,105)
		(90,217)	(88,183)	(98,870)
Total liabilities		(206,751)	(211,663)	(208,949)
Net assets		83,450	108,339	90,322

ITE Group plc 16 Interim Report 2018

Condensed Consolidated Statement of Financial Position continued

31 MARCH 2018

		31 March	31March	30September
		2018	2017	2017
		Unaudited	Unaudited	Audited
	Notes	£000	£000	£000
Equity
Share capital Sharepremiumaccount Mergerreserve Capitalredemptionreserve ESOT reserve Retained earnings Putoptionreserve Translation reserve	14	2,697 28,543 2,746 457 (2,844) 90,830 (13,255) (48,324)	2,660 24,057 2,746 457 (4,364) 111,743 (21,317) (37,013)	2,693 28,567 2,746 457 (4,240) 98,520 (13,255) (45,265)
Hedge reserve		(1,693)	(2,333)	(2,553)
Equity attributable to equity holders of the parent		59,157	76,636	67,670
Non-controllinginterest		24,293	31,703	22,652
Total equity		83,450	108,339	90,322

Notes�1�to�18�form�an�integral�part�of�the�condensed�consolidated�financial�statements.

ITE Group plc 17 Interim Report 2018

Condensed Consolidated Cash Flow Statement

FOR THE SIX MONTHS ENDED 31 MARCH 2018

		Six months to	Six months to	Yearended
		31 March	31March	30September
		2018	2017	2017
		Unaudited	Unaudited	Audited
	Notes	£000	£000	£000
Operating activities Operatingproft/(loss)fromcontinuingoperations Adjustments for non-cash items: Depreciation and amortisation		3,051 6,901	5,553 8,953	(4,191) 16,326
Impairment of goodwill and intangible assets	3	–	–	12,585
Impairmentofinvestmentsinassociatesandjointventures	3	–	–	1,691
Derecognition of goodwill on cessation of trading	3	2,216	–	–
Share-basedpayments Shareofproftfromassociatesandjointventures (Decrease)/increaseinprovisions Gainfromdisposalofplant,propertyandequipment Foreignexchange(gain)/lossonoperatingactivities Loss on disposal of investments Fairvalueofcashfowhedgesrecognisedintheincomestatement	9	185 (5,139) (183) (2) (555) – (446)	143 (3,864) (30) – 246 – (379)	218 (5,006) 371 – (337) 3,712 (661)
Dividendsreceivedfromassociatesandjointventures	9	1,693	620	3,831
Operating cash fows before movements in working capital Decrease/(increase)inreceivables Advancesandprepaymentstovenues Utilisationofvenueadvancesandprepayments Increase in deferred income		7,721 5,838 (3,865) 2,362 4,327	11,242 (7,778) (2,500) 2,077 18,197	28,539 (10,130) (5,187) 5,526 20,673
(Decrease)/increaseinpayables		(4,283)	599	2,864
Cash generated from operations		12,100	21,837	42,285
Tax paid		(3,969)	(2,608)	(6,790)
Net cash from operating activities		8,131	19,229	35,495
Investing activities Interest received Investmentinassociatesandjointventures Acquisitionofbusinesses–cashpaid Cashacquiredthroughacquisitions Purchaseofproperty,plantandequipmentandcomputersoftware Disposalofproperty,plantandequipmentandcomputersoftware		399 – – – (1,760) 68	283 – (6,225) 343 (1,512) 10	688 (220) (9,673) 343 (3,136) 238
Disposalofsubsidiary–cashreceived		–	–	128
Cashdisposedofthroughdisposals		–	–	(125)
Net cash fows from investing activities		(1,293)	(7,101)	(11,757)

ITE Group plc 18 Interim Report 2018

Condensed Consolidated Cash Flow Statement continued�

FOR THE SIX MONTHS ENDED 31 MARCH 2018

	Six months to	Six months to	Yearended
	31 March	31March	30September
	2018	2017	2017
	Unaudited	Unaudited	Audited
	£000	£000	£000
Financing activities Equitydividendspaid Dividendspaidtonon-controllinginterests Interest paid and bank charges Proceedsfromtheissueofsharecapitalandexerciseofshareoptions Drawdown of borrowings	(5,985) (683) (1,774) 1,314 190,009	(5,368) (112) (1,913) – 115,830	(8,652) (760) (3,824) 4 219,060
Repayment of borrowings	(185,622)	(119,400)	(220,710)
Net cash fows from fnancing activities	(2,741)	(10,963)	(14,882)
Netincreaseincashandcashequivalents Net cash and cash equivalents at beginning of period Efectofforeignexchangeratesoncashandcashequivalents Cashandcashequivalentsclassifedasheldforsale	4,097 23,321 (270) (914)	1,165 15,508 (878) –	8,856 15,508 (1,043) –
Net cash and cash equivalents at end of period	26,234	15,795	23,321

Notes�1�to�18�form�an�integral�part�of�the�condensed�consolidated�financial�statements.

ITE Group plc 19 Interim Report 2018

Notes to the Interim Financial Statements

1. GENERAL INFORMATION AND BASIS OF PREPARATION

The�information�for�the�year�ended�30�September�2017�does�not�constitute�statutory�accounts�as�defined�in�section�434�of�the�Companies�Act�2006.�A�copy�of�the�statutory�accounts�for�that�year�has�been� delivered�to�the�Registrar�of�Companies.�The�auditor�reported�on�those�accounts:�their�report�was�unqualified,�did�not�draw�attention�to�any�matters�by�way�of�emphasis�and�did�not�contain�a�statement�under� section�498(2)�or�(3)�of�the�Companies�Act�2006.

The�annual�financial�statements�of�ITE�Group�plc�are�prepared�in�accordance�with�IFRS�as�adopted�by�the�European�Union.�The�condensed�set�of�financial�statements�included�in�this�half-yearly�financial�report� has�been�prepared�in�accordance�with�International�Accounting�Standard�34�‘Interim�Financial�Reporting’,�as�adopted�by�the�European�Union.

Accounting policies

The�accounting�policies�applied�by�the�Group�in�the�interim�financial�statements�are�the�same�as�those�set�out�in�the�Group’s�Annual�Report�and�Accounts�for�the�year�ended�30�September�2017.

Other�than�the�amendments�to�IAS�7�Statement�of�cash�flows,�no�new�standards,�amendments�to�standards�and�interpretations�have�been�adopted�and�applied�in�the�period.�

At�the�date�of�authorisation�of�these�financial�statements,�the�following�standards�and�interpretations�which�have�not�been�applied�in�these�financial�statements�were�in�issue�but�not�yet�effective�(and�in�some� cases�had�not�yet�been�adopted�by�the�EU):

caseshadnotyetbeenadoptedbytheEU):
New, amended and revised standards	Efectivedate
AmendmentstoIFRS2Share-basedpayments ClarifcationstoIFRS15Revenuefromcontractswithcustomers	1January2018 1January2018
IFRS9Financialinstruments	1January2018
IFRS15Revenuefromcontractswithcustomers	1January2018
Amendments to IAS 12 Income taxes	1January2019
IFRS16Leases	1January2019

The�Directors�anticipate�that�the�adoption�of�these�standards�and�interpretations�in�future�periods�will�have�no�material�impact�on�the�financial�statements�of�the�Group,�with�the�exception�of�the�adoption�of� IFRS�16�Leases,�which�will�replace�the�current�leasing�standard,�IAS�17�Leases,�and�IFRS�15�Revenue�from�contracts�with�customers.

IFRS�16�requires�all�leases�to�be�treated�in�a�consistent�way�to�the�current�rules�on�finance�leases.�This�will�result�in�all�leases�being�disclosed�in�the�Statement�of�Financial�Position,�with�the�exception�of� short-term�leases,�where,�for�lease�terms�of�less�than�twelve�months,�an�election�can�be�made�to�account�for�the�expense�in�line�with�the�payment�terms.

This�is�expected�to�have�a�significant�impact�on�both�the�Group’s�Statement�of�Financial�Position,�as�there�will�be�an�increase�in�lease�assets�and�financial�liabilities�recognised,�and�the�Group’s�Income� Statement,�through�a�changing�of�the�expense�profile�and�the�financial�statement�lines�in�which�the�expenses�are�recognised.�The�adoption�of�IFRS�16�will�increase�the�expense�charged�at�the�beginning�of�our� lease�contracts,�due�to�the�straight-line�operating�lease�expense�charge�being�replaced�by�the�finance�cost�approach,�which,�by�its�nature,�is�front-loaded.�Currently,�our�operating�lease�rentals�are�recognised� within�administrative�expenses�but,�under�IFRS�16,�these�will�be�classified�as�finance�costs�and�therefore�operating�profit�is�expected�to�increase�on�adoption.�The�financial�impact�of�the�changes�has�yet�to�be� quantified�by�management.

The�adoption�of�IFRS�15�is�not�expected�to�have�a�material�impact�on�the�Group’s�Income�Statement�but�may�lead�to�a�change�in�the�Statement�of�Financial�Position.�The�Group�has�significant�forward� bookings,�which�are�currently�recognised�within�trade�debtors�and�deferred�income�at�the�point�at�which�a�contractual�obligation�to�provide�the�service�arises.�Under�IFRS�15,�the�deferred�income,�and� corresponding�debtor,�may�not�be�recognised�until�the�earlier�of�the�service�being�provided�and�the�payment�falling�due.�This�may�result�in�a�material�reduction�to�the�deferred�income�and�trade�receivables�on� adoption�of�the�standard.�Management�is�currently�in�the�process�of�assessing�the�extent�of�the�impact�on�adoption�of�the�new�standard�and�the�financial�impact�of�the�changes�has�yet�to�be�quantified.

ITE Group plc 20 Interim Report 2018

Notes to the Interim Financial Statements continued

2. SEGMENTAL INFORMATION

The�Group�has�identified�reportable�segments�based�on�financial�information�used�by�the�Senior�Operating�Board�in�allocating�resources�and�making�strategic�decisions.�The�Senior�Operating�Board� (consisting�of�the�Chief�Executive�Officer,�Chief�Financial�Officer,�Chief�Operating�Officer,�Strategy�Director�and�HR�Director),�is�considered�to�be�the�Group’s�Chief�Operating�Decision�Maker.�The�Group� evaluates�performance�on�the�basis�of�headline�profit�or�loss�before�tax.

The�Group’s�reportable�segments�are�operational�business�units�and�groups�of�events�that�are�managed�separately,�either�based�on�geographic�location�or�as�portfolios�of�events.�In�the�year�ended� 30�September�2017�the�Group�made�changes�to�the�reportable�segments,�adding�a�new�Brands�segment,�which�includes�our�Africa�Oil�Week,�Breakbulk�and�Moda�portfolios�and�is�managed�by�the�Brands� Managing�Director.�This�replaced�the�Rest�of�the�World�segment�reported�in�the�half-yearly�financial�report�for�the�six�months�ended�31�March�2017,�which�also�previously�included�central�costs�and�other� unallocated�items�that�are�now�presented�separately,�as�a�reconciling�item.

The�products�and�services�offered�by�each�business�unit�are�identical�across�the�Group.�The�revenue�and�headline�profit�before�tax�are�attributable�to�the�Group’s�one�principal�activity,�the�organisation�of� trade�exhibitions,�conferences�and�related�activities,�and�can�be�analysed�by�operating�segment�as�follows:

				Eastern&
				Southern
	Asia	Brands	CentralAsia	Europe	Russia	Total Group
Six months to 31 March 2018 Unaudited	£000	£000	£000	£000	£000	£000
Revenue Segmentheadlineproftbeforetax	16,641 10,594	11,262 3,514	7,487 1,158	4,638 (127)	35,334 11,048	75,362 26,187
Unallocated items						(10,141)
Headline proft before tax						16,046
Adjustingitems(note3)						(14,762)
Proft before tax						1,284
Tax						(1,308)
Loss after tax						(24)

The�revenue�in�the�period�of�£75.4m�includes�£0.2m�(six�months�to�31�March�2017:�£0.2m;�year�ended�30�September�2017:�£0.3m)�of�barter�sales.�No�individual�customer�amounts�to�more�than�10%�of�Group� revenues.

Unallocated�items�include:

• other�income;

• head�office�costs;

• unallocated�TAG�costs�of�£2.3m;

• foreign�exchange�gains�and�losses�on�translation�of�monetary�assets�and�liabilities�held�in�Group�subsidiary�companies�that�are�denominated�in�currencies�other�than�the�functional�currency�of�the� subsidiaries;�and

• net�finance�costs.

ITE Group plc 21 Interim Report 2018

Notes to the Interim Financial Statements continued

2. SEGMENTAL INFORMATION CONTINUED

The�Group’s�share�of�profits�from�associates�and�joint�ventures,�capital�expenditure�and�amortisation�and�depreciation�can�be�analysed�by�operating�segment�as�follows:

				Eastern&
				Southern
	Asia	Brands	CentralAsia	Europe	Russia	Total Group
Six months to 31 March 2018 Unaudited	£000	£000	£000	£000	£000	£000
Share of results of associates and joint ventures
Shareofresultsbeforetax	6,665	–	–	–	–	6,665
Tax	(1,526)	–	–	–	–	(1,526)
Shareofresultsaftertax	5,139	–	–	–	–	5,139
Capital expenditure
Segmentcapitalexpenditure	94	65	17	56	381	613
Unallocatedcapitalexpenditure						1,147
Depreciation and amortisation						1,760
Segment depreciation and amortisation	1,982	2,534	204	1,315	145	6,180
Unallocated depreciation and amortisation						721
						6,901

The�impairment�and�derecognition�charges�recognised�in�respect�of�goodwill,�intangible�assets�and�investments�in�associates�and�joint�ventures�can�be�analysed�by�operating�segment�as�follows:

	Six months to	Six months to	Yearended
	31 March	31March	30September
	2018	2017	2017
	£000	£000	£000
	Unaudited	Unaudited	Audited
Asia	–	–	8,235
Brands	2,216	–	3,547
Eastern&SouthernEurope	–	–	2,494
	2,216	–	14,276

ITE Group plc 22 Interim Report 2018

Notes to the Interim Financial Statements continued

2. SEGMENTAL INFORMATION CONTINUED

The�Group’s�assets�and�liabilities�can�be�analysed�by�operating�segment�as�follows:

				Eastern&
				Southern
	Asia	Brands	CentralAsia	Europe	Russia	Total Group
As at 31 March 2018 Unaudited	£000	£000	£000	£000	£000	£000
Assets Segment assets	116,602	51,485	15,110	27,010	69,020	279,227
Unallocated assets						10,974
Total assets Liabilities Segment liabilities	(55,937)	(6,957)	(7,921)	(10,649)	(41,189)	290,201 (122,653)
Unallocated liabilities						(84,098)
Total liabilities						(206,751)
Net assets						83,450

The�comparative�period�segmental�information�has�been�restated�to�reflect�the�changes�made�to�the�operating�segments�in�the�prior�year.�

				Eastern&
				Southern
	Asia	Brands	CentralAsia	Europe	Russia	Total Group
Six months to 31 March 2017 Unaudited (restated)	£000	£000	£000	£000	£000	£000
Revenue Segmentheadlineproftbeforetax	13,186 7,413	10,020 3,031	8,622 1,553	6,837 1,264	30,923 10,981	69,588 24,242
Unallocated items						(8,816)
Headline proft before tax						15,426
Adjustingitems(note3)						(12,296)
Proft before tax						3,130
Tax						116
Proft after tax						3,246

ITE Group plc 23 Interim Report 2018

Notes to the Interim Financial Statements continued

2. SEGMENTAL INFORMATION CONTINUED

				Eastern&
				Southern
	Asia	Brands	CentralAsia	Europe	Russia	Total Group
Six months to 31 March 2017 Unaudited (restated)	£000	£000	£000	£000	£000	£000
Share of results of associates and joint ventures
Shareofresultsbeforetax	5,002	–	–	–	2	5,004
Tax	(1,140)	–	–	–	–	(1,140)
Shareofresultsaftertax	3,862	–	–	–	2	3,864
Capital expenditure
Segmentcapitalexpenditure	405	3	28	154	52	642
Unallocatedcapitalexpenditure						870
Depreciation and amortisation						1,512
Segment depreciation and amortisation	2,288	2,569	301	2,380	792	8,330
Unallocated depreciation and amortisation						623
						8,953

The�Group’s�assets�and�liabilities�can�be�analysed�by�operating�segment�as�follows:

				Eastern&
				Southern
	Asia	Brands	CentralAsia	Europe	Russia	Total Group
As at 31 March 2017 Unaudited (restated)	£000	£000	£000	£000	£000	£000
Assets Segment assets	131,598	70,350	14,543	40,260	49,434	306,185
Unallocated assets						13,817
Total assets Liabilities Segment liabilities	(38,033)	(4,781)	(6,540)	(29,738)	(40,962)	320,002 (120,054)
Unallocated liabilities						(91,609)
Total liabilities						(211,663)
Net assets						108,339

ITE Group plc 24 Interim Report 2018

Notes to the Interim Financial Statements continued

2. SEGMENTAL INFORMATION CONTINUED

2. SEGMENTAL INFORMATIONCONTINUED
				Eastern&
				Southern
	Asia	Brands	CentralAsia	Europe	Russia	Total Group
Year ended 30 September 2017 Audited	£000	£000	£000	£000	£000	£000
Revenue Segmentheadlineproftbeforetax	23,777 6,885	18,704 5,374	21,736 6,541	17,041 4,766	71,365 26,339	152,623 49,905
Unallocated items						(18,283)
Headline proft before tax						31,622
Adjustingitems(note3)						(34,785)
Loss before tax						(3,163)
Tax						(3,252)
Loss after tax						(6,415)
				Eastern&
				Southern
	Asia	Brands	CentralAsia	Europe	Russia	Total Group
Year ended 30 September 2017 Audited	£000	£000	£000	£000	£000	£000
Share of results of associates and joint ventures
Shareofresultsbeforetax	5,095	–	–	–	1,415	6,510
Tax	(1,173)	–	–	–	(331)	(1,504)
Shareofresultsaftertax	3,922	–	–	–	1,084	5,006
Capital expenditure
Segmentcapitalexpenditure	885	10	47	261	98	1,301
Unallocatedcapitalexpenditure						1,835
Depreciation and amortisation Segment depreciation and amortisation	4,567	5,166	566	3,815	959	3,136 15,073
Unallocated depreciation and amortisation						1,253
						16,326

ITE Group plc 25 Interim Report 2018

Notes to the Interim Financial Statements continued

2. SEGMENTAL INFORMATION CONTINUED

The�Group’s�assets�and�liabilities�can�be�analysed�by�operating�segment�as�follows:

2. SEGMENTAL INFORMATIONCONTINUED TheGroup’sassetsandliabilitiescanbeanalysedbyoperatingsegmentasfollows:
				Eastern&
				Southern
	Asia	Brands	CentralAsia	Europe	Russia	Total Group
As at 30 September 2017 Audited	£000	£000	£000	£000	£000	£000
Assets Segment assets	116,002	56,156	13,063	27,373	68,813	281,407
Unallocated assets						17,864
Total assets Liabilities Segment liabilities	(63,022)	(9,369)	(5,359)	(9,079)	(33,300)	299,271 (120,129)
Unallocated liabilities						(88,820)
Total liabilities						(208,949)
Net assets						90,322

Geographical information

Information�about�the�Group’s�revenue�by�origin�of�sale�and�non-current�assets�by�geographical�location�are�detailed�below:

	Revenue	Non-currentassets1
	Six months to 31 March 2018 Unaudited £000 Six months to 31March 2017 Unaudited £000 Yearended 30September 2017 Audited £000	Six months to 31 March 2018 Unaudited £000 Six months to 31March 2017 Unaudited £000 Yearended 30September 2017 Audited £000
Asia CentralAsia Eastern&SouthernEurope Russia Rest of the World	17,334 16,580 26,133 4,536 5,402 13,073 3,961 5,981 15,032 26,384 23,085 52,340 23,147 18,540 46,045	90,849 106,334 89,948 3,996 5,617 4,250 20,275 25,930 22,617 26,921 34,913 28,783 56,161 67,232 60,636
Total	75,362 69,588 152,623	198,202 240,026 206,234

1� Non-current�assets�exclude�deferred�tax�assets�and�assets�classified�as�held�for�sale.

ITE Group plc 26 Interim Report 2018

Notes to the Interim Financial Statements continued

3. ADJUSTING ITEMS

The�following�(charges)/credits�have�been�presented�as�adjusting�items:

	Six months to	Six months to	Yearended
	31 March	31March	30September
	2018	2017	2017
	Unaudited	Unaudited	Audited
	£000	£000	£000
Operating items Amortisationofacquiredintangibleassets	(5,764)	(7,832)	(14,069)
Impairment of goodwill	–	–	(11,204)
Impairment of intangible assets	–	–	(1,381)
Impairmentofinvestmentsinassociatesandjointventures	–	–	(1,691)
Derecognition of goodwill on cessation of trading Proftondisposalofinvestments Restructuringcosts Transactioncostsoncompletedandpendingacquisitions Taxonincomefromassociatesandjointventures	(2,216) – (4,090) (774) (1,526)	– – (2,347) (184) (1,140)	– (3,712) (4,982) (406) (1,504)
Financing items
Revaluationofliabilitiesoncompletedacquisitions	(392)	(793)	4,164
Taxation	(14,762)	(12,296)	(34,785)
Taxrelatedtoadjustingitems	1,451	2,442	3,559
Taxonincomefromassociatesandjointventures	1,526	1,140	1,504
	(11,785)	(8,714)	(29,722)
4. TAX ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES

4. TAX ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES
	Six months to	Six months to	Yearended
	31 March	31March	30September
	2018	2017	2017
	Unaudited	Unaudited	Audited
	£000	£000	£000
Currenttax
UKcorporationtax	200	37	(298)
Foreign tax	3,273	2,064	8,077
	3,473	2,101	7,779
Deferred tax	(2,165)	(2,217)	(4,527)
Taxonproftonordinaryactivities	1,308	(116)	3,252

Tax�at�the�interim�is�charged�on�pre-tax�profits,�including�those�of�associates�and�joint�ventures,�at�a�blended�rate�of�27%�(2017:�24%)�representing�the�best�estimate�of�the�weighted�average�annual�corporation� tax�expected�for�the�financial�year,�adjusted�for�discrete�items�in�the�interim�period.

ITE Group plc 27 Interim Report 2018

Notes to the Interim Financial Statements continued

5. DIVIDENDS

. Amountsrecognisedasdistributionstoequityholdersintheperiod:	Six months to 31 March 2018 Unaudited	Sixmonthsto31March2017 Unaudited	Yearended30September2017 Audited
	Per share p Settled in cash £000 Settled in scrip £000	Per share p Settled in cash £000 Settled in scrip £000	Per share p Settled in cash £000 Settled in scrip £000
Finaldividendinrespectoftheyearended30September2017 Interimdividendinrespectoftheyearended30September2017 Finaldividendinrespectoftheyearended30September2016	2.5 5962 701	– – – – – – 3.0 5,350 2,497	– – – 1.5 3,328 686 3.0 5,350 2,497
	, – – –
	– – –
	2.5 5,962 701	3.0 5,350 2,497	4.5 8,678 3,183

The�Directors�have�proposed�an�interim�dividend�for�the�year�ending�30�September�2018�of�1.5p�per�ordinary�share,�a�distribution�of�approximately�£4.0m.�The�proposed�dividend�has�been�approved�by�the� Board�and�has�not�been�included�as�a�liability�as�at�31�March�2018.

6. EARNINGS PER SHARE

The�calculation�of�basic,�diluted�and�headline�diluted�earnings�per�share�is�based�on�the�following�earnings�and�the�numbers�of�shares:�

6. EARNINGS PER SHARE Thecalculationofbasicdilutedandheadlinedilutedearninsershareisbasedonthefollowinearninsandthenumbersofshares:
,gpgg	Six months to	Six months to	Yearended
	31 March	31March	30September
	2018	2017	2017
	Unaudited	Unaudited	Audited
	Number of	Numberof	Numberof
	shares	shares	shares
	(‘000)	(‘000)	(‘000)
Weightedaveragenumberofshares: For basic earnings per share Dilutiveefectofexerciseofshareoptions	266,817 681	261,081 168	263,241 309
Fordilutedearningspershare	267,498	261,249	263,550

Basic and diluted earnings per share

The�calculations�of�basic�and�diluted�earnings�per�share�are�based�on�the�loss�for�the�financial�year�attributable�to�equity�holders�of�the�parent�of�£1.8m�(31�March�2017:�profit�of�£1.5m;�30�September�2017:� loss�of�£8.2m).�Basic�and�diluted�earnings�per�share�were�(0.7)p�and�(0.7)p�respectively�(31�March�2017:�0.6p�and�0.6p�respectively;�30�September�2017:�(3.1)p�and�(3.1)p�respectively).�681,000�share�options� (31�March�2017:�168,000)�were�excluded�from�the�weighted�average�number�of�ordinary�shares�used�in�the�calculation�of�the�diluted�earnings�per�share�because�their�effect�would�have�been�anti-dilutive.

Headline earnings per share

The�calculations�of�headline�basic�and�diluted�earnings�per�share�are�based�on�the�headline�profit�for�the�financial�year�attributable�to�equity�holders�of�the�parent�of�£10.0m�(31�March�2017:�£10.2m;� 30�September�2017:�£21.5m).�Headline�basic�and�diluted�earnings�per�share�were�3.7p�and�3.7p�respectively�(31�March�2017:�3.9p�and�3.9p�respectively;�30�September�2017:�8.2p�and�8.1p�respectively).

ITE Group plc 28 Interim Report 2018

Notes to the Interim Financial Statements continued

7. GOODWILL

7. GOODWILL
	Total
	Unaudited
	£000
At 1 October 2017	92,566
Derecognition of goodwill on cessation of trading Exchangediferences	(2,216) (2,263)
At 31 March 2018	88,087

A�derecognition�charge�of�£2.2m�has�been�recognised�in�the�Consolidated�Income�Statement�in�respect�of�the�derecognition�of�goodwill�in�RAS�Publishing,�within�the�Brands�segment.�This�arose�due�to�the� cessation�of�trading�at�RAS�Publishing�during�the�year,�resulting�in�the�derecognition�in�full�of�the�carrying�value�of�the�goodwill�held.

In�line�with�the�disclosures�made�in�the�2017�Annual�Report�and�Accounts,�where�impairments�were�recognised�in�respect�of�a�number�of�CGUs,�reducing�headroom�in�these�CGUs�to�nil,�we�acknowledge�a� reasonably�possible�change�in�the�future�cash�flows�or�discount�rates�for�these�CGUs�could�result�in�an�impairment�in�the�future.�

8. OTHER INTANGIBLE ASSETS

8. OTHER INTANGIBLE ASSETS
	Total
	Unaudited
	£000
At 1 October 2017	61,867
Additions	355
Amortisationofacquiredintangibleassets	(5,762)
Amortisationofcomputersoftware Exchangediferences Assetsclassifedasheldforsale1	(548) (764) (935)
At 31 March 2018	54,213

1� All�assets�and�liabilities�of�TradeLink�ITE�Sdn.�Bhd.�have�been�classified�as�held�for�sale�in�accordance�with�IFRS�5�prior�to�the�subsequent�disposal�of�the�entity�after�the�balance�sheet�date.�See�note�15�for�further�detail.

9. INTERESTS IN ASSOCIATES AND JOINT VENTURES

9 INTERESTS IN ASSOCIATES AND JOINT VENTURES
.	Total
	Unaudited
	£000
At 1 October 2017	45,470
Shareofresultsofassociatesandjointventures	5,139
Dividends received	(1,693)
Foreign exchange	(245)
At 31 March 2018	48,671

ITE Group plc 29 Interim Report 2018

Notes to the Interim Financial Statements continued

10. TRADE AND OTHER RECEIVABLES

10. TRADE AND OTHER RECEIVABLES
	31 March	31March	30September
	2018	2017	2017
	Unaudited	Unaudited	Audited
	£000	£000	£000
Trade receivables Other receivables Venueadvancesandprepayments	38,448 4,656 4,148	37,171 3,708 3,923	44,133 3,917 2,580
Prepaymentsandaccruedincome	9,647	14,669	10,795
	56,899	59,471	61,425

11. TRADE AND OTHER PAYABLES

11. TRADE AND OTHER PAYABLES
	31 March	31March	30September
	2018	2017	2017
	Unaudited	Unaudited	Audited
	£000	£000	£000
Trade payables Taxationandsocialsecurity Other payables Accruals Deferred consideration	755 1,723 3,378 9,670 917	2,210 1,925 4,021 9,365 1,777	2,595 2,357 5,715 9,712 953
Contingentconsideration	–	1,923	–
	16,443	21,221	21,332

12. BANK LOANS AND OVERDRAFT

A�refinancing�of�the�Group’s�external�debt�facility�was�completed�on�22�November�2017�and�gives�the�Group�access�to�a�new�£100m�facility�from�a�syndicate�of�four�banks:�HSBC,�Barclays,�Citibank�and� Commerzbank.�The�facility�amortises�by�£10.0m�each�year�and�expires�in�November�2021.

Total�drawdowns�under�the�facility�of�£77.4m�at�31�March�2018�were�denominated�in�Sterling�(£75.5m)�and�US�Dollars�(£1.9m).�At�31�March�2018�the�Group�had�£22.6m�(31�March�2017:�£22.0m)�of�undrawn� committed facilities.

All�borrowings�are�arranged�at�floating�interest�rates,�thus�exposing�the�Group�to�interest�rate�risk.�The�Group�uses�interest�rate�swaps�to�mitigate�this�risk,�hedging�£50.0m�of�the�debt�(31�March�2017:�£40.0m;� 30�September�2017:�£40.0m),�reducing�the�exposure�to�fluctuations�in�interest�rates.�All�borrowings�are�secured�by�a�guarantee�between�a�number�of�Group�companies.

ITE Group plc 30 Interim Report 2018

Notes to the Interim Financial Statements continued

13. DERIVATIVE FINANCIAL INSTRUMENTS

Derivative�financial�instruments�are�classified�according�to�the�following�categories�in�the�table�below.�The�Group’s�derivative�financial�instruments�are�categorised�into�levels�to�reflect�the�degree�to�which� observable�inputs�are�used�for�determining�their�fair�value.�The�Group’s�foreign�currency�forward�contracts�and�interest�rate�swaps�are�classified�as�Level�2,�while�the�equity�and�put�options�are�classified�as� Level�3.�

Level3.
	31 March 2018 Unaudited	31March2017 Unaudited	30September2017 Audited
	Notional £000 Fair value £000	Notional £000 Fairvalue £000	Notional £000 Fairvalue £000
Current assets Foreigncurrencyforwardcontracts		3,276 15	– –
	– –
Non-current assets Foreigncurrencyforwardcontracts Interest rate swaps	– –	3,276 15 3,621 8 – –	– – – – – –
	– –
	182 182
Current liabilities Foreigncurrencyforwardcontracts Equityoptions	182 182	3,621 8 15,346 1,356 23,067 20,519	– – 15,346 1,795 2,278 –
	14176 1021
	, , 15,745 12,525
Non-current liabilities Foreigncurrencyforwardcontracts Equityoptions Interest rate swaps	29921 13546	38,413 21,875 12,285 802 3,118 2,208 191 191	17,624 1,795 8,061 490 15,104 12,575 40 40
	, ,
	1969 39
	, 1298 400
	, – –
	3,267 439	15,594 3,201	23,205 13,105

Level�1�fair�values�are�measured�using�quoted�prices�(unadjusted)�in�active�markets�for�identical�assets�or�liabilities.�Level�2�fair�values�are�measured�using�inputs,�other�than�quoted�prices�included�within� Level�1,�that�are�observable�for�the�asset�or�liability�either�directly�or�indirectly.�Level�3�fair�values�are�measured�using�inputs�for�the�asset�or�liability�that�are�not�based�on�observable�market�data.

For�the�Group’s�Level�3�equity�options,�these�are�valued�based�on�a�multiple�as�contractually�agreed�of�forecast�future�EBITDA�for�each�relevant�option.�The�key�unobservable�inputs�relate�to�the�EBITDA� multiple�(ranging�from�7.5x�to�12.5x)�and�forecast�future�EBITDA�for�each�entity.�The�fair�values�of�unobservable�inputs�are�sensitive�to�changes�in�discount�rates�and�future�cash�flow�projections.

ITE Group plc 31 Interim Report 2018

Notes to the Interim Financial Statements continued

13. DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED

The�following�table�shows�the�movements�in�the�Group’s�equity�option�liabilities�during�the�period:

13. DERIVATIVE FINANCIAL INSTRUMENTSCONTINUED ThefollowingtableshowsthemovementsintheGroup’sequityoptionliabilitiesduringtheperiod:
	Total
	Unaudited
	£000
At 1 October 2017	12,575
Unwindofdiscount	929
Revaluation	(504)
Exchangediferencesrecognisedinothercomprehensiveincome	(75)
At 31 March 2018	12,925

The�Group�utilises�foreign�currency�forward�contracts�to�hedge�future�Euro-denominated�sales�made�from�the�UK.�The�Group�is�party�to�foreign�currency�forward�contracts�in�the�management�of�its�exchange� rate�exposures.�The�instruments�purchased�are�denominated�in�Euros,�which�represents�the�Group’s�primary�billing�currency.�Under�the�forward�contracts,�the�Group�has�an�obligation�to�sell�Euros�for� Sterling�at�specified�rates�at�specified�dates.�

The�foreign�currency�forward�contracts�as�at�31�March�2018�cover�exchange�exposures�over�the�next�15�months.�These�instruments�have�been�designated�in�hedging�relationships,�with�any�changes�in�their� fair�value�being�recorded�in�equity�and�reclassified�subsequently�to�the�income�statement.

14. SHARE CAPITAL

14. SHARE CAPITAL
	31 March	31March	30September
	2018	2017	2017
	Unaudited	Unaudited	Audited
	£000	£000	£000
Authorised
375,000,000ordinarysharesof1pennyeach(31March2017:375,000,000;30September2017:375,000,000)	3,750	3,750	3,750
Allottedandfullypaid
269,679,563ordinarysharesof1pennyeach(31March2017:266,044,865;30September2017:269,280,274)	2,697	2,660	2,693

The�Company�announced�a�scrip�dividend�alternative�for�the�year�ended�30�September�2017�final�dividend,�allowing�shareholders�to�elect�to�receive�their�dividend�in�the�form�of�new�ordinary�shares.�As�a� result�of�this,�399,289�new�ordinary�shares�of�1p�each�were�issued.�During�the�period,�no�ordinary�shares�of�1p�each�(2017:�nil)�were�allotted�pursuant�to�the�exercise�of�share�options.

The�Company�has�one�class�of�ordinary�shares�which�carry�no�right�to�fixed�income.

ITE Group plc 32 Interim Report 2018

Notes to the Interim Financial Statements continued

15. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE

On�24�April�2018,�the�Group�announced�the�disposal�of�TradeLink�ITE�Sdn.�Bhd.�In�relation�to�this,�the�assets�and�liabilities�of�TradeLink�ITE�Sdn.�Bhd.�have�been�classified�as�held�for�sale�at�31�March�2018.

In�order�to�be�recognised�as�a�disposal�group�held�for�sale,�IFRS�5�‘Non-current�assets�held�for�sale�and�discontinued�operations’�requires�the�business�to�be�available�for�immediate�sale�in�its�present� condition,�subject�only�to�terms�that�are�usual�and�customary�for�sales�of�such�assets,�and�the�sale�must�be�highly�probable.�

The�Group�has�considered�how�advanced�the�disposal�was�at�31�March�2018,�and�concluded�that�the�relevant�criteria�for�recognition�as�held�for�sale�have�been�met�as�at�this�date,�which�is�further�supported� by�the�subsequent�disposal�on�24�April�2018,�discussed�further�in�note�17.

	31 March
	2018
	Unaudited
	£000
Other intangible assets Property,plantandequipment Deferred tax asset Trade and other receivables	935 126 120 1,166
Cashandcashequivalents	914
Total assets classifed as held for sale Trade and other payables Corporationtax	3,261 (22) (170)
Deferred income	(1,689)
Total liabilities classifed as held for sale	(1,881)
Net assets classifed as held for sale	1,380

16. NET DEBT

16 NET DEBT
.				Cash and cash
				equivalents
	At 1 October 2017	Cash fow	Foreign exchange	classifed as held for sale	At 31 March 2018
	£000	£000	£000	£000	£000
Cash	23,321	4,097	(270)	(914)	26,234
Bank loans	(72,998)	(4,387)	–	–	(77,385)
Net debt	(49,677)	(290)	(270)	(914)	(51,151)

Net�debt�is�defined�as�cash�and�cash�equivalents�after�deducting�bank�loans.�The�Board�considers�net�debt�to�be�a�reliable�measure�of�the�Group’s�net�indebtedness�that�provides�an�indicator�of�the�overall� balance�sheet�strength.�It�is�also�a�single�measure�that�can�be�used�to�assess�the�combined�impact�of�the�Group’s�cash�position�and�its�indebtedness.

ITE Group plc 33 Interim Report 2018

Notes to the Interim Financial Statements continued

17. EVENTS AFTER THE BALANCE SHEET DATE

Subsequent�to�the�assets�and�liabilities�of�TradeLink�ITE�Sdn.�Bhd.,�the�owner�of�Metaltech,�the�metalworking�exhibition�in�Malaysia,�being�classified�as�held�for�sale�as�at�31�March�2018,�the�Group�announced� on�24�April�2018�that�it�had�disposed�of�TradeLink�ITE�Sdn.�Bhd.�to�UBMMG�Holdings�Sdn.�Bhd.,�a�subsidiary�of�UBM�plc,�for�total�cash�consideration�of�MYR�23m�(£4.2m)�subject�to�working�capital�adjustment� at�completion.�The�total�consideration�will�be�payable�upon�completion�and�the�proceeds�will�be�reinvested�into�the�Group.

18. RELATED PARTY TRANSACTIONS

Transactions�between�the�Company�and�its�subsidiaries,�which�are�related�parties,�have�been�eliminated�on�consolidation�and�are�not�disclosed�in�this�note.�Transactions�with�key�management�personnel�will� be�disclosed�in�the�Group’s�Annual�Report�for�the�year�ended�30�September�2018.�Transactions�between�the�Group�and�its�associates,�where�relevant,�are�disclosed�below.�

Trading transactions with associates

During�the�period�ended�31�March�2018,�the�Group�charged�management�fees�of�£0.3m�(2017:�£0.2m)�to�Sinostar�ITE,�the�Group’s�joint�venture�operation�in�Hong�Kong�and�China.

ITE Group plc 34 Interim Report 2018

Independent Review Report to ITE Group plc

We�have�been�engaged�by�the�Company�to�review�the�condensed�set�of�financial�statements�in�the�half-yearly�financial�report�for�the�six�months�ended�31�March�2018�which�comprises�the�condensed� consolidated�income�statement,�the�condensed�consolidated�statement�of�comprehensive�income,�the�condensed�consolidated�statement�of�financial�position,�the�condensed�consolidated�statement�of� changes�in�equity,�the�condensed�consolidated�cash�flow�statement�and�related�notes�1 to 18.�We�have�read�the�other�information�contained�in�the�half-yearly�financial�report�and�considered�whether�it� contains�any�apparent�misstatements�or�material�inconsistencies�with�the�information�in�the�condensed�set�of�financial�statements.

This�report�is�made�solely�to�the�Company�in�accordance�with�International�Standard�on�Review�Engagements�(UK�and�Ireland)�2410�‘Review�of�Interim�Financial�Information�Performed�by�the�Independent� Auditor�of�the�Entity’�issued�by�the�Auditing�Practices�Board.�Our�work�has�been�undertaken�so�that�we�might�state�to�the�Company�those�matters�we�are�required�to�state�to�it�in�an�independent�review�report� and�for�no�other�purpose.�To�the�fullest�extent�permitted�by�law,�we�do�not�accept�or�assume�responsibility�to�anyone�other�than�the�Company,�for�our�review�work,�for�this�report,�or�for�the�conclusions�we� have formed.

DIRECTORS’ RESPONSIBILITIES

The�half-yearly�financial�report�is�the�responsibility�of,�and�has�been�approved�by,�the�Directors.�The�Directors�are�responsible�for�preparing�the�half-yearly�financial�report�in�accordance�with�the�Disclosure� and�Transparency�Rules�of�the�United�Kingdom’s�Financial�Conduct�Authority.

As disclosed in note 1,�the�annual�financial�statements�of�the�Group�are�prepared�in�accordance�with�IFRSs�as�adopted�by�the�European�Union.�The�condensed�set�of�financial�statements�included�in�this� half-yearly�financial�report�has�been�prepared�in�accordance�with�International�Accounting�Standard�34�‘Interim�Financial�Reporting’�as�adopted�by�the�European�Union.

OUR RESPONSIBILITY

Our�responsibility�is�to�express�to�the�Company�a�conclusion�on�the�condensed�set�of�financial�statements�in�the�half-yearly�financial�report�based�on�our�review.

SCOPE OF REVIEW

We�conducted�our�review�in�accordance�with�International�Standard�on�Review�Engagements�(UK�and�Ireland)�2410�‘Review�of�Interim�Financial�Information�Performed�by�the�Independent�Auditor�of�the�Entity’� issued�by�the�Auditing�Practices�Board�for�use�in�the�United�Kingdom.�A�review�of�interim�financial�information�consists�of�making�inquiries,�primarily�of�persons�responsible�for�financial�and�accounting� matters,�and�applying�analytical�and�other�review�procedures.�A�review�is�substantially�less�in�scope�than�an�audit�conducted�in�accordance�with�International�Standards�on�Auditing�(UK)�and�consequently� does�not�enable�us�to�obtain�assurance�that�we�would�become�aware�of�all�significant�matters�that�might�be�identified�in�an�audit.�Accordingly,�we�do�not�express�an�audit�opinion.

CONCLUSION

Based�on�our�review,�nothing�has�come�to�our�attention�that�causes�us�to�believe�that�the�condensed�set�of�financial�statements�in�the�half-yearly�financial�report�for�the�six�months�ended�31�March�2018�is�not� prepared,�in�all�material�respects,�in�accordance�with�International�Accounting�Standard�34�as�adopted�by�the�European�Union�and�the�Disclosure�and�Transparency�Rules�of�the�United�Kingdom’s�Financial� Conduct�Authority.

Deloitte LLP

Statutory Auditor London 15�May�2018

ITE Group plc 35 Interim Report 2018

Directors and Professional Advisers

DIRECTORS Richard�Last,�Non-executive�Chairman�(appointed�12�February�2018) Mark�Shashoua,�Chief�Executive�Officer Andrew�Beach,�Chief�Financial�Officer Neil�England,�Non-executive�Director Linda�Jensen,�Non-executive�Director�(resigned�30�April�2018) Stephen�Puckett,�Non-executive�Director Sharon�Baylay,�Non-executive�Director� COMPANY SECRETARY Waterstone�Company�Secretaries�Ltd REGISTERED OFFICE ITE�Group�plc,�105�Salusbury�Road,�London,�NW6�6RG REGISTRATION NUMBER 1927339 AUDITOR Deloitte�LLP,�2�New�Street�Square,�London,�EC4A�3BZ SOLICITORS Olswang,�90�High�Holborn,�London,�WC1V�6XX PRINCIPAL BANKERS Barclays�Bank�plc,�1�Churchill�Place,�London,�E14�5HP HSBC�Bank�plc,�60�Queen�Victoria�Street,�London,�EC4N�4TR Commerzbank�AG,�30�Gresham�St,�London,�ECV2�7PG Citibank,�33�Canada�Square,�Canary�Wharf,�London,�E14�5BL� COMPANY BROKERS Numis�Securities�Limited,�The�London�Stock�Exchange�Building,�10�Paternoster�Square,�London,�EC4M�7LT REGISTRARS Equiniti�Limited,�Aspect�House,�Spencer�Road,�Lancing,�West�Sussex,�BN99�6DA PUBLIC RELATIONS FTI�Consulting�Limited,�200�Aldersgate,�Aldersgate�Street,�London,�EC1A�4HD WEBSITE www.ite-exhibitions.com

ITE Group plc 36 Interim Report 2018

Financial Calendar

INTERIM DIVIDEND 2018:

Ex-dividend�date 7�June�2018 Record date 8�June�2018 Payment date 2�August�2018

The�Group’s�financial�calendar�can�be�found�at�http://www.ite-exhibitions.com/Financial-Calendar

ITE Group plc 37 Interim Report 2018