ITE Group plc
International headquarters
105 Salusbury Road
London, NW6 6RG
T el: +44 (0)20 7596 5000
Fax: +44 (0)20 7596 5111
E-mail: enquiry
@
ite-exhibitions.com
www.ite-exhibitions.com
Creating marketplaces
for business...
ITE Group plc
Annual Report 2007
ITE Group plc Annual Report 2007
ITE would like to thank all those who participated in producing this report,
particularly the members of staff for their contributions.
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If you have finished reading the report and no longer wish to retain it,
please pass it on to other interested readers, return it to ITE or dispose
of it in your recycled paper waste. A further year 
of steady growth
Highlights
Net cash (£m)
+2 6%
Headline pre-tax profit (£m)
+3 5%
Net assets (£m)
+04%
Y ear ended Y ear ended
30 September 2007 30 September 2006
Volume sales 454,900 m
2
425,600 m
2
T urnover £99.1m £82.4m
Profit before tax £33.7m £24.8m
Headline pre-tax profit* £35.3m £26.0m
Basic earnings per share 9.1p 6.9p
Diluted earnings per share 9.0p 6.7p
Headline diluted earnings per share** 9.4p 7.0p
Dividend per share 4.5p 3.5p
Net cash £26.7m £21.2m
Net assets £45.4m £43.6m
Notes:
* Headline pre-tax profit is defined as profit before tax, amortisation of acquired intangibles and impairment of goodwill (including associates) 
and profits or losses arising on disposal of group undertakings – see the Consolidated income statement for details.
** Headline diluted earnings per share is calculated using profit before amortisation of acquired intangibles and impairment of goodwill (including
associates) and profits or losses arising on disposal of group undertakings.
Note:
The results for 2003 and 2004 are based on UK GAAP . 
2005 through to 2007 are based on IFRS.
03 04 05 06 07
22.1
33.5
13.0
21.2
26.7
T urnover (£m)
+2 0%
03 04 05 06 07
58.9
60.8
78.5
82.4
99.1
03 04 05 06 07
15.5
18.1
25.3
26.0
35.3
03 04 05 06 07
38.6
44.4
32.1
43.6
45.4
Directors Iain Paterson, non-executive Chairman
Bill Dye, Chief Executive Officer
The Rt Hon Sir Jeremy Hanley , KCMG, non-executive Director
Michael Hartley , non-executive Director
Edward Strachan, executive Director
Russell T aylor , Finance Director 
Malcolm Wall, non-executive Director
Company Secretary Russell Taylor
Registered office ITE Group plc
1 05 Salusbury Road
London, NW6 6RG
Registration number 1927339
Auditors Deloitte & Touche LLP
London
Solicitors Olswang
90 High Holborn
London, WC1V 6XX
Principal bankers Barclays Bank plc
27 Soho Square
London, W1D 3QR
Company brokers Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London, EC4M 7L T
Registrars Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Y orkshire, HD8 OLA
Public relations Financial Dynamics
Holborn Gate
26 Southampton Buildings
London, WC2A 1PB
Website www.ite-exhibitions.com
Directors, advisers and other information
Final dividend 2007
Ex date 13 February 2008
Record date 15 February 2008 
Annual General Meeting 6 March 2008
Payment date 14 March 2008
Interim dividend 2008
Record date June 2008
Payment date July 2008
Financial calendar
Designed and produced by The College
T +44 (0)20 7457 2030, www.thecollege.uk.com ■  Fifth successive year of record profits
■  Revenue up 20% to £99.1 million
■  Headline profits up 35% to £35.3 million
■  Good organic growth supported by strong economies 
of Russia and CIS
■  Strong balance sheet to support future growth opportunities
■  Cash generation £43 million – 120% of headline profits
■  £27 million of cash returned to shareholders during the year
■  Dividend up 28% to 4.5p reflecting continued confidence 
in future prospects
■  Like-for-like forward sales are up more than 10% 
■  Board confident of another strong performance in 2008
ITE Group is one of the world’ s leading organisers 
of trade exhibitions and conferences.
T rade exhibitions typically unite large numbers of 
buyers and sellers, making them a highly-effective
business communication tool. They provide outstanding
sales and promotion opportunities for exhibiting
companies and allow visitors to see at first hand the
products and services that are available in the market.
T rade conferences are places for discussion, debate,
learning and networking, where industry specialists share
their knowledge with delegates who are keen to stay 
at the forefront of their industry .
T rade events are marketplaces for business.
Across the ITE Group portfolio the key market sectors 
and the proportion of revenue they represent are:
■1 Construction
■2 Food
■3 T ravel
■4 Oil and Gas
■5 Fashion
■6 IT & T elecoms
■7 Motor
■8 Healthcare
■ 9 Other
T urnover by region is set out below:
01
ITE Group plc 
Annual Report 2007
1
2
3
4
5
6
7
8
9
■1 Russia
■2 Central Asia
■3 Eastern & Southern Europe
■ 4 UK & Western
■ 5 Rest of World
1
2
3
4
14 8
events held exhibition space sold in year 
454,900 m
2
Contents
Highlights 01
Chairman’s statement 10
Chief Executive’s statement 11
Business review – ITE’s business 14
Business review – Divisional review 17
Business review – Finance 21
Business review – Risks & uncertainties 23
Business review – Corporate and social responsibility 25
Directors 26
Directors’ report 28
Report on corporate governance 31
Report on remuneration 34
Independent auditors’ report 41
Consolidated income statement 42
Consolidated statement of recognised income and expense 43
Consolidated balance sheet 44
Consolidated cash flow statement 45
Notes to the consolidated accounts 46
Independent auditors’ report 65
Company balance sheet 66
Notes 67
Notice of Annual General Meeting 73
Directors, advisers and other information IBC
Financial calendar IBC  Business to Business
MosBuild is the largest trade event in
Russia and it is also the largest exhibition
organised by ITE.
The exhibition is held at two venues 
in Moscow and features a huge range 
of products that are promoted to the
building and interiors trade in Russia. 
In April 2007, the event attracted over
93,500 professional trade visitors in 
just four days and these visitors had the
opportunity to see products and services
displayed by 2,667 exhibiting companies
from 42 countries. Around half of the
exhibitors were from outside Russia.
MosBuild is a huge success story , not 
just for ITE but also for our participants
who regard the event as one of the 
most important in the world because 
it is a highly effective business forum 
in a rapidly-growing market.
B2B or ‘trade’ exhibitions 
and conferences are the
mainstay of our business.
93 , 5 0 0
2, 6 6 7
exhibiting companies
professional visitors
MosBuild
The Forum at Expocentr 
during MosBuild. Growth markets
+2 0%
+1 1 6%
One such market is Azerbaijan, where 
we organised 12 events in 2007.
Azerbaijan became an independent
republic following the collapse of the Soviet
Union in 1991. It is located in the Caucasus
region and its capital, Baku is a port city on
the coast of the Caspian Sea. The country
has a population of approximately 8.6
million and its principal export is oil. High
oil prices have contributed to an explosion
of commercial activity that has benefited 
all sectors of the economy . Azerbaijan
boasts the world’ s highest real GDP growth
rate at over 30%. 
Over the past three years, our business in
Azerbaijan has delivered excellent results
with 20% more events, 116% more square
metres sold, a 190% increase in revenue
and 400% more profit. 
Azerbaijan
m
2
sold
+1 90%
revenue up
+400%
profit
events organised
We organise trade events 
in some of the world’ s most
sought-after growth markets. 
Oil derricks are silhouetted against the rising
sun at an oil field in the capital Baku.  Strong network
Pictured (left to right)
Ludger Müller – Hamburg
Farid A. Mammadov – Baku
Ruzanna Sarkisova – Moscow
Veronica Zhuvaghena – London
Chris Brooks – London
This network allows us to understand
fully local and global market conditions
and develop relations with key
stakeholders to produce high-
quality events.
Our network also provides unrivalled
sales reach in our markets compared 
to our competitors. This maximises the
sales potential of our events and protects
our leadership position from other
international organisers who find it
difficult to compete with our established
brands and local expertise.
Our network is underpinned by a strong
emphasis on teamwork, co-operation 
and shared experiences. Event teams
meet regularly and this reinforces the
‘group’ approach to improving standards
throughout the company .
ITE has an extensive office
network, covering the
territories where our 
events are held, as well 
as international sales 
offices in key countries.
650
19
offices
1 5
countries
staff  Established brands
A track record of organising highly-
effective exhibitions and conferences
combined with a professional approach to
sales, marketing and event management
has resulted in rising brand values for our
key events and stronger portfolios.
Our exhibitions and conferences serve a
wide range of industries, including the
food & drink sector . Event staff build a
strong industry and territory knowledge
and are well placed to advise our
customers about the markets that might
best suit their development plans. Our
‘World Food’ and ‘Interfood’ brands now
include 10 events in countries such as
Russia, Kazakhstan, Georgia, Azerbaijan
and T ajikistan.
Our exhibitions and conferences are
highly respected as ‘must-attend’ events
and a fine example is World Food Moscow .
In the last five years, the exhibition has
grown by 69% and now hosts over 
1,300 exhibitors from 53 countries. 
The success and reputation of events 
like World Food Moscow results in high
levels of re-bookings providing a firm
foundation for future growth. 
World Food
Moscow
ITE’ s market leadership
10
1 ,3 2 0
exhibitors at World Food
Moscow 2007
‘World Food’ and ‘Interfood’
branded events
On-site promotion for World Food
Moscow 2008.  10
ITE Group plc 
Annual Report 2007
Group performance
ITE has announced an excellent set of results for the year 
ended 30 September 2007. Reported revenues improved in 
our stronger biennial year by 20% to £99.1 million and headline
profit before tax improved by 35% to £35.3 million (2006: 
£26.0 million). Fully diluted headline earnings per share for the
year was 9.4p (2006: 7.0p). Reported profits before tax were
£33.7 million (2006: £24.8 million) and fully diluted earnings
per share improved by over 30% to 9.0p (2006: 6.7p).
Strategic progress
The Group’ s primary strategy over the last five years has been to
maximise the organic growth opportunities that the Group has
earned through strong market positions in the emerging and
developing markets of Russia and Central Asia. Our success in
achieving this aim has come from the single mindedness with
which we have focused on this objective. As a result ITE has
enjoyed five years of continuous growth in revenues and profits
and, reflecting this success, ITE became a constituent company
of the FTSE 250 index in June this year . 
Highlights of the year included MosBuild, the Group’ s market-
leading construction event in Moscow , which this year was the
largest commercial exhibition held in Russia and is today one of
the world’ s leading events of its kind. The Moscow International
Oil and Gas event and the Kazakhstan International Oil and Gas
conference also demonstrated their credentials as world class
events for the international community . Also important this year
was the signing of an agreement extending our venue rights in
Almaty , Kazakhstan through to 2017. This agreement confirms
ITE’ s position in the Kazakhstan exhibition business at a time 
of economic health and expansion for the region.
The dedication and loyalty of our hard working staff together
with the support of our venue partners have been important
contributors to the overall success of the Group. Looking
forward, I see another year of growth based upon these
relationships and infrastructures we have assiduously built over
the last five years. The balance sheet is strong and the Group 
is well positioned to take advantage of any new opportunities
that arise in the year . 
Board and management
As previously announced, Ian T omkins, Chief Executive Officer
for the last five years, stepped down from the Board on 
3 September to return to Australia with his family . He left the
Company with a solid foundation and the Group will reap the
benefits of his stewardship. We have been fortunate to recruit
Bill Dye, who succeeds Ian as Chief Executive Officer . Bill’ s
experience encompasses entrepreneurial business building and
corporate management skills of a FTSE 100 company . Bill brings
a new dimension to the Company and the Board looks forward 
to the next stage of ITE’ s development under his direction.
Sir Jeremy Hanley joined the Board of ITE as a non-executive on
12 March 1998 when the Group first listed on the London Stock
Exchange. After nearly ten years of loyal service and hard work
Sir Jeremy will, under corporate governance guidelines, be
stepping down from the Board after the Company’ s next Annual
General Meeting in March. All the Board extend their thanks 
to Sir Jeremy for his support and guidance over the years. 
The search for a new non-executive Director is under way . 
Dividend
The Board is recommending to shareholders a final dividend of
3.2 pence per share (2006: 2.5 pence), making a total dividend
for the year of 4.5 pence per share (2006: 3.5 pence). The total
dividend for the year represents an increase of more than 28%
over last year’ s dividend, which reflects both the strong cash
dynamics of the business and the Board’ s confidence in its
opportunities looking forward. 
Outlook
The markets in which we operate continue to expand and the
domestic economies of the countries in which we trade are 
still growing strongly . With ITE’ s strong brands and expanding
international infrastructure, I look forward to another year of
growth for the ITE Group. 
Iain Paterson
Chairman
3 December 2007
ITE has enjoyed five 
years of continuous growth 
in revenues and profits
Chairman’ s statement 11
ITE Group plc 
Annual Report 2007
ITE has very strong 
market positions 
in geographies enjoying
good economic growth
Chief Executive’ s statement
Results for 2007 financial year
T urnover for the year was £99.1 million, an increase of 20% over
last year (2006: £82.4 million). Growth from our higher margin
products, selective price increases and good cost control all
helped to lift gross margins to 50% in the year (2006: 46.7%).
Organic revenue growth was 15%, earned through running 
148 events around the world and selling over 450,000 metres
of exhibition space through our 19 offices.
Headline profit before tax of £35.3 million was 35% ahead of
last year’ s £26.0 million comparable result. The 2007 result
includes a net £3.8 million biennial contribution, largely from
the Moscow Oil and Gas event and high organic growth across
the rest of the portfolio. On a like-for-like basis gross profit was
21% higher than last year , operating profit was 20% higher than
last year and headline profit was 21% higher than last year .
Overall this represents an excellent financial and trading result
for the year .
Cash generated from the business in the year before tax was
£43.1 million representing more than 120% of headline profit
before tax. After accounting for tax, the business generated
£33.0 million of free cash flow , of which a total £27.1 million
was returned to shareholders through share buybacks and
dividends. The strong cash flow resulted in the Group’ s cash
balances rising from £21.2 million at the beginning of the year
to £26.7 million at the end of the year . ITE’ s strong balance 
sheet puts it in a good position to take advantage of current
market conditions.
Strategy
ITE has very strong market positions in geographies enjoying
good economic growth and in which the media and marketing
businesses are underrepresented. My initial impressions of 
ITE are that it also has unique assets which have enabled it to
participate so well in the growth that these economic and
structural conditions have generated in recent years.
International sales reach
ITE has a culture throughout, such that each office sells ITE
events to its domestic customer base. In addition to the
international sales offices in Germany and the UK, the domestic
ITE offices generate significant cross border sales within Russia,
Central Asia and South Eastern Europe. No other organiser in
Russia and CIS is able to replace this ‘sales reach’. 
Established market leading positions
ITE has been organising exhibitions in these territories for over
15 years. The Group has extensive knowledge and experience
of the exhibitions, the exhibitors, the venues and the regions in
which ITE runs its business.
Local presence
The Group’ s offices are locally staffed and are accepted and
acknowledged as part of the local Russian – CIS exhibition
market. ITE’ s staff have for the most part grown up with the
business. Many of them have worked together on the same
shows for many years. Some of them have worked in different
offices at different times. Overall this has created a unique
‘family’ culture among the staff of ITE that is unusual in such 
a geographically diverse business.
Venue relationships
ITE has been working in partnership with its venues since the
beginning of its business. ITE has provided financial support to
build and extend venues and is now a significant customer 
to each of its main venues. 
These assets make ITE a unique business in the exhibition
industry . Allied to this are the strengths of the exhibition
business model. The business is strongly cash generative 
and has excellent sales visibility forward. The position of ITE
together with the nature of large established brands create
barriers to entry for any potential competitors. 
The Group’ s principal objectives have been the creation of
sustainable growth in headline earnings per share and the
creation of leading positions in each of its markets. The strategy
to deliver these targets was to:
• Increase revenues from existing offices, both through
expansion of existing exhibitions and through the launch 
of new exhibitions.
• Increase volume sales and maintain the rate achieved per 
unit (‘yield’) by office.
• Make incremental ‘bolt on’ acquisitions in support of our
objectives.
• Secure forward venue rights for significant exhibitions. 12
ITE Group plc 
Annual Report 2007
Chief Executive’ s statement
continued
Confident of another strong 
performance from ITE in 2008
ITE’ s 2007 performance against these objectives is set 
out below:
• Revenues have increased 15% on a like-for-like basis.
• Volume sales have increased 12% on a like-for-like basis from
380,600m
2
to 427,700m
2
. This has been achieved at the
same time as an improvement in comparable yields from
£206m
2
to £210m
2
across the Group. 
• There have been no significant acquisitions made in the year .
• An extension in our venue rights has been signed for our
Kazakhstan business and discussions are well advanced to
extend our relationship in Uzbekistan.
The Group’ s priority for cash is to develop ITE’ s business in line
with its strategy , either through internal investment or by
making acquisitions. Surplus free cash flow is returned to
shareholders through dividends and share buybacks. 
Trading and operating performance in 2007
ITE’ s growth has been driven by strong performance of its
exhibitions that service the construction and oil and gas sectors.
This year saw that trend continue with revenue growth from 
the construction exhibitions increasing 25% and revenue growth
from the oil and gas events increasing by 35% (adjusted for
biennial events). There has also been continued growth in the
next tier of B2B events – food, motor and travel notably in the
Central Asia regions. These events have been well established 
in Moscow and St Petersburg for some time, but until recently
have been less well represented in Central Asia. 
Moscow is now much better served in terms of venue facilities
than it was a few years ago and ITE has taken maximum
advantage of the opportunity to grow its business into the new
space. However , it is still difficult to find suitable space at peak
times in the calendar and more space will inevitably be built in
response to this underlying demand. St Petersburg remains a
static market with limited options for growth on its site, and 
a well-established ownership of the main exhibition themes in
the region. There are renewed discussions about new venue
projects in St Petersburg which will provide a fresh stimulus 
to the industry if and when they are built. 
In Central Asia we are recording good growth in the
construction and oil and gas sectors, but also a sustained
momentum in the hitherto small travel, food and motor
exhibitions. The largest Central Asian business is in Kazakhstan
where the venue has expanded steadily over the years, and
presently only our construction event is constrained in its
growth. In Azerbaijan the venue is small and not entirely
suitable for our business; ITE is actively searching for a solution
to resolve the situation. In Uzbekistan a new pavilion doubling
existing facilities will pave the way for expansion.
In Southern and Eastern Europe, T urkey and Ukraine have 
both suffered political unrest in the second half of the year . 
The weaker Dollar has also had an effect on revenues in T urkey
and Ukraine and some yield dilution is expected in both regions
in the first half of 2008.
The Group’ s overall operating metrics for its events business
(excluding publishing) are set out below:
Square Gross Average
metres sold Revenue profit yield
000s £m £m £per sqm
2006 Results from events 425.6 80.6 37.7
Non-annual 2006 (45.0) (2.3) (0.4)
2006 ‘Biennially adjusted’ 380.6 78.3 37.3 206
Acquisitions 4.7 0.7 0.2
Like-for-like growth 47.1 12.0 7.4
2007 ‘Biennially adjusted’ 432.4 91.0 44.9 210
Non-annual 2007 22.5 6.4 4.2
2007 Results from events 454.9 97.4 49.1
In 2007 the Group organised 148 events (2006: 146 events) 
in 15 countries (2006: 15 countries) from its 19 dedicated
offices. There were 17 new events in the year contributing a
total £2.5 million in revenue and £0.4 million in gross profits. 
The Group sold 454,900m
2
of exhibition space in 2007 (2006:
425,600m
2
). After adjusting for the effect of biennial events 
and acquisitions, the Group achieved a 12% increase in volume
sales, a 15% increase in revenues and a 21% improvement in
gross profits from its recurring portfolio. 
The average yield across the Group achieved on comparable
sales was 2% higher this year at £210 per m
2
(2006 comparable
yield: £206 per m
2
).  13
ITE Group plc
Annual Report 2007
Outlook
The economies of the regions where ITE operates are enjoying
good economic growth and the exhibition and media
businesses that serve them are larger and still growing. The
additional exhibition space constructed in Moscow and Ukraine
in 2007 will support growth in the exhibition business for the
next two to three years. ITE has the market-leading position in
several major international sectors, which are all growing their
presence in the economy: construction, oil and gas, travel,
food and automotive – transport. There remain opportunities
for ITE to improve its presence in other sectors where the
Group is currently less well represented. ITE, with its strong
infrastructure and financial resource, is well positioned to
take advantage of any opportunities to expand the scope
of its business.
Trading for 2008 has started well and like-for-like sales are
again more than 10% ahead of the comparable sales position
a year ago. At 3 December 2007, advance sales for 2008 were
£61 million. The Board is confident of another strong
performance from ITE in 2008.
Bill Dye
Chief Executive Officer
3 December 2007
Shareholder
performance
£6 1 m
advance sales for 2008
forward sales on a comparable basis
+1 0%
Shareholder return
02-03 03-04 04-05 05-06 06-07
40
35
30
25
20
15
10
5
8.3
4.4
10.8
6.0
18.4
37.0
Profit after tax (£m)
Return to shareholders (£m)
17.4
8.8
22.6
28.8
Total shareholder return
Source: Thomson Financial
Note:
04-05 and 06-07 include share buy backs.
0
100
200
300
400
500
600
700
800
30-Sep-02 30-Sep-03 30-Sep-04 30-Sep-05 30-Sep-06 30-Sep-07
Value (£)
ITE is committed to maximising diluted
earnings per share and through that, return
to shareholders. We have a strong record
of growth in headline profit before tax over
the last five years and through our policy of
increasing dividends in line with underlying
growth have returned significant amounts to
shareholders over this period. The Company
returned £30 million through a purchase and
cancellation of share capital in the year ended
30 September 2005 and returned a further
£17.5 million by way of a rolling share
purchase and cancellation programme in
this year.
This is illustrated in the graph below.
In line with our strong trading performance
and dividend policy, ITE’s share price has
grown from a low of 15p during 2001-02
to a value of 172p at 30 September 2007.
During the year, the share price peaked at
194.5p. ITE’s share price has outperformed
its comparators (FTSE Small Cap Index and
FTSE 250 Index) making ITE one of the best
performing media stocks in recent years.
This graph shows the value, by 30 September 2007, of £100 invested in
ITE Group plc on 30 September 2002 compared with the value of £100
invested in the FTSE Small Cap Index and the value of £100 invested in
the FTSE 250 Index. The other points plotted are the values at intervening
financial year-ends.
ITE Group plc
FTSE 250 Index
FTSE Small Cap Index
ITE8372_Annual Report 07_Frt_8:Layout 1  30/1/08  13:55  Page 13 ITE’s business 
ITE is an organiser of exhibitions and conferences specialising 
in emerging and developing markets. ITE organises high-quality
events of an international standard throughout the 15 countries
in which it operates. The business is managed in five main
geographic sectors: Russia, Central Asia, Southern & Eastern
Europe, Western Europe and Rest of World (see Divisional review
on pages 17 to 20). The Group’ s 2007 revenue analysed by
region is shown below .
ITE Group plc 
Annual Report 2007
Algeria
Azerbaijan
China
Georgia
Germany
Kazakhstan
Kyrgyzstan
Netherlands
Russia
T ajikistan
T urkey
Ukraine
United Kingdom
Uzbekistan
As an exhibition organiser , ITE hires venues at which it stages 
its events and markets the events to both exhibitors and
visitors. Its exhibitions and conferences provide an environment
where participants from national and international companies
meet, network and transact business. The exhibition media
provide a very direct way for suppliers to display and
demonstrate their products to potential buyers. 
ITE’ s principal business is organising B2B trade exhibitions
which account for over 90% of the Group’ s revenues. Consumer
exhibitions account for 2% of ITE’ s revenue, conferences circa 3%
and other activities relating to the core exhibition business
(mostly publishing) account for 2% of revenue. 
Business review 
ITE’ s business
Revenue by region
■1 Russia
■2 Central Asia
■3 Eastern & Southern Europe
■ 4 UK & Western
■ 5 Rest of World
1
2
3
4
14
ITE office network
19
offices
events held in 15 countries
1 48 15
ITE Group plc 
Annual Report 2007
ITE’ s sector brands are a key asset. The brands have been
established through a sustained record of presenting high
quality events which meet customer expectations. ITE events
serve key industries including oil & gas, food & drink,
construction & interiors, fashion, motor & transport, travel &
leisure, medical & healthcare and IT & telecoms. These sectors
are important drivers to the economic growth of the domestic
economies where ITE has events. 
ITE has an extensive office network, covering both the
territories where our events are held and international sales
offices in key countries. ITE is able to operate at national level
where local staff are close to local industry trends and at 
an international level where our sales teams are in regular
communication with the key industry suppliers to our markets.
The Group has 19 offices across the world, each of them
employing local staff.
% of 2007
Group
Region OfficesStaffEvents revenues
Russia 2 198 44 64%
Central Asia 8 191 65 18%
Southern & Eastern Europe 2 99 28 8%
Western Europe 4 158 6 8%
Rest of World 3 23 5 2%
T otal 19 669 148 100%
The offices of the Group co-operate in a unique way . Each office
sells its own exhibitions, but participates with equal levels 
of commitment in the exhibitions organised by other offices.
This holistic approach has been carefully cultivated through the
years and enables ITE’ s business to follow long-established 
trade routes.
ITE’s objectives
The Group’ s principal objectives are:
(1) to maximise diluted headline earning per share.
(2) to be the ‘market leaders’ in trade exhibitions in ITE’ s key
industry sectors in each of its principal trading offices.
The strategies adopted to achieve these objectives are:
(1) to increase revenues from our existing offices through
expansion of existing exhibitions and through the launch 
of new exhibitions.
(2) to increase volume sales and maintain the rate achieved 
per unit (‘yield’) by office.
(3) to make incremental ‘bolt on’ acquisitions where they
support the achievement of our objectives.
(4) to secure forward venue rights for significant exhibitions.
These strategies have been applied to drive the business
forward and the results for 2007 are an endorsement of their
effectiveness. The Group measures its performance against 
its objectives using the following measures:
Key performance indicators 2007 2006
Fully diluted headline earnings per share 9.4p 7.0p
Headline profit £35.3m £26.0m
Like-for-like revenue growth 15% 13%
V olume sales (excluding non-annual events) 000m
2
432 381
Average yield per m
2
(excluding non-annual events) £210 £206
Fully diluted headline earnings per share
Headline earnings per share excludes amortisation of intangible
assets and profits or losses arising on the disposal of business.
‘Like-for-like’ or ‘organic’ revenue growth
% revenue growth generated from exhibitions, conferences 
and new launches excluding significant biennial events and
acquisitions in the year .
Volume sales 
T otal m
2
sold excluding significant biennial events, including
acquisitions.
Average yield 
T otal revenue from exhibitions per m
2
sold.
Opening KievBuild Business meetings at 
World Food Moscow
Moda UK, NEC, Birmingham TIOGE Conference, 
Ashgabat, Turkmenistan 16
ITE Group plc 
Annual Report 2007
Headline earnings per share
ITE maximises headline earnings per share through increasing
profits and managing the float of shares in the market. Over the
past five years, headline earnings per share has grown by 124%
(over the same period, headline profit before tax has grown 
by 128%).
ITE’ s record of diluted headline earnings per share over the last
five years is set out below .
With the interim and proposed dividend and the share buy 
back in the year , ITE has returned £27.3 million to shareholders
in 2007. 
Market leadership in key sectors and regions
ITE aims to be the market leader in the sectors and territories in
which it operates. ITE is the largest international organiser of
exhibitions in the territories of Russia, Central Asia and Ukraine.
The table below shows the strength of ITE’ s market position in
its principal territories. 
In Russia, ITE is the leading international organiser of events and
has been an established exhibition organiser in Moscow and 
St Petersburg for more than ten years. In Moscow , ITE organises
over 30 events each year including market-leading events in the
construction, travel & tourism, oil & gas, motor , transport and
food sectors. The St Petersburg office organises the leading
event for the construction sector in north-west Russia.
In Central Asia, ITE has offices in six countries, organising 
65 events. ITE has been organising events in these regions 
for more than ten years and organises the leading events in 
the construction, oil & gas and food sectors.
In Ukraine, ITE’ s office organises a portfolio of over 20 events.
The exhibitions include leading events in the construction,
agriculture and travel sectors. The Ukraine business has 
grown significantly in recent years, from 14,400m
2
in 2003 
to 53,000m
2
in 2007.
ITE has a growing operation in Istanbul, T urkey , which organises
a small number of events and has an international outbound
sales team selling on the Group’ s portfolio of events.
In the UK, ITE owns the leading fashion trade exhibition, serving
the Womenswear , Menswear , Footwear and the Accessories
markets. Under ITE’ s stewardship this event, which takes place
twice a year has grown from 20,900m
2
to over 35,000m
2
(annual total) over a five-year period.
Business review continued
ITE’ s top 50 events in 2007 (by profit) are categorised by market and by sector as follows:
Building & T ravel & Motor & Food & Fashion & T echnology & Pharmaceuticals
interiors Oil & gas leisure transport drink textiles telecoms & healthcare Other T otal
Moscow ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ 17
St Petersburg ■ ■ ■ ■ ■ ■ 6
Kazakhstan ■ ■ ■ ■ ■■ ■ ■ ■ 9
Azerbaijan ■ ■ ■ ■ ■ 5
Uzbekistan ■ ■ 2
Ukraine ■■ ■ ■ ■ ■ 6
T urkey ■■ 2
UK ■ ■ 2
Africa ■ 1
T otal 8 8 5 3 7 2 5 5 7 50
Key:
■ > £0.5 million revenue
■   < £0.5 million revenue
+ 1 24%
03 04 05 06 07
4.2p
4.7p
6.6p
7.0p
9.4p
+1 5%
like-for-like growth in revenue
events held in Moscow each year
30+ 17
ITE Group plc 
Annual Report 2007
Business review
Divisional review
The construction of Moscow’s 
new business district
The capital of Azerbaijan, Baku
ITE’ s divisional performance
2007 2006 Actual Like-for-like
£m £m change growth 
Russia 63.7 49.9 28% 17%
Central Asia & Caucasus 17.6 15.4 14% 14%
Eastern & Southern Europe 7.9 8.3 (5%) 7%
UK & Western Europe 7.6 7.8 (3%) 3%
Rest of World 2.3 1.0 140% 140%
99.1 82.4 20% 15%
Like-for-like growth in revenue was 15% across ITE’ s total business. The table above sets out the actual and like-for-like growth in
revenues across the regions of ITE’ s business. 
Like-for-like growth excludes the effect of biennial events, acquisitions and disposals. 
Growth economies
Working in fast-developing markets can be very
challenging but also incredibly rewarding. Our reputation
has been built on an ability to create marketplaces for
business in countries where companies can achieve
significant growth. Commercially, these markets are
incredibly sought-after and our events are regarded 
as a reliable means of reaching a focused audience of
buyers and specifiers in a number of industry sectors.
Our markets are full of opportunities and are constantly
changing. There is a growing appetite for information and
details about the very latest products available. Add to
this the preference of doing business face to face and 
it is clear to see why exhibitions and conferences are 
so popular in countries with fast-growing economies. 
Azerbaijan
Georgia
T urkmenistan
Kazakhstan
Uzbekistan
Russia
Ukraine
T urkey
United Kingdom
Germany
France
United States
Italy
30.2
9.8 9.5
9.0
8.8
7.3
6.8
3.9 3.1
2.7
1.8 1.8 1.7
Real GDP growth % forecast 2007
ITE markets
Non-ITE markets
Sources:
BMI Emerging Europe Monitor (Russia & CIS)
economist.com 18
ITE Group plc 
Annual Report 2007
Russia
Offices: Moscow , St Petersburg
2007 2006
Staff employed: 198 191
Exhibitions organised: 44 44
Square metres sold (000s): 250 206
The exhibitions business in Russia has continued to show
strong growth in the year to 30 September 2007. Supported by
national GDP growth of 7% and increasing levels of international
trade between Russia and the rest of the world, the exhibition
business has performed exceptionally well. Particularly
prominent is the growth in the construction sector and the
continued activity in the oil and gas sector . The construction
sector in particular has benefited from increased government
spending in this pre-election year . At the beginning of the
financial year , the two main Moscow exhibition centres, Crocus
and Expocentr , offered between them about 180,000m
2
of gross
exhibition space. By the end of the financial year , Expocentr had
opened their new pavilion 8 – an extra 8,000m
2
gross and
Crocus had opened their new 90,000m
2
pavilion 3, bringing the
total available exhibition space to about 280,000m
2
. There are
still active discussions concerning the possibility of a third
major exhibition centre in Moscow , though nothing concrete
has yet transpired. In St Petersburg, there are also discussions
about plans to build a major new exhibition centre.
In Moscow , the exhibition business has been vibrant. ITE’ s
Moscow events in the biennially strong year were 215,000m
2
of solid exhibition space; some 25% more than in the previous
year . Average yields in Moscow improved 10% as ITE made
some selective price increases for the first time in a number 
of years. Ingredients Russia is the first of our more significant
events and it generated a 15% increase in space sales to
6,400m
2
. The travel event, Moscow International T ravel and
T ourism took place in March. Revenues and profits earned from
the event were both ahead of the 2006 result despite the event
being slightly smaller than the previous year at 18,500m
2
(2006: 19,500m
2
). MosBuild takes place in Expocentr and was
the first of ITE’ s events to make use of the newly constructed
pavilion 8. For the first time in several years the Expocentr part
of the show was able to grow and sold 40,000m
2
, an additional
5,000m
2
. MosBuild Plus, held at the Crocus centre, grew by
more than 30% and achieved sales of 44,600m
2
– and in doing
so achieved real improvement in the quality and quantity of the
interiors and decorative sections of the building exhibition. In
April, the security event, Moscow International and Protection
Security , grew to 6,700m
2
using all available space in its existing
venue. This event is moving to Expocentr in 2008, which will
facilitate further growth. The Moscow International Boat Show
had its first staging in the Crocus venue this year and achieved a
strong result through the combination of a 10% increase in the
size of the show and a reduction in costs achieved at the new
venue. T ransRussia is another event which achieved a 10% uplift
in volume sales this year , and is also moving to Expocentr in
2008 to facilitate its growth in future years. In June the biennial
Moscow International Oil and Gas Event returned to our
calendar and was another beneficiary of the new pavilion 
in Expocentr . Using the new pavilion, the event achieved space
sales of 22,400m
2
– a 40% increase on the 2005 event. 
The Moscow International Motor Show , which took place for the
second time at Crocus, was a similar size event to the previous
edition. The last significant Moscow event in our calendar 
was World Food Moscow , which used the new pavilion 8 and,
freed from the space constraints of earlier years, grew by 10% 
to 24,500m
2
.
Amongst successful new launches in the year was the
adventure travel show , Select T ravel, which launched in 
October 2006. One year later , in September 2007, the event 
sold 2,700m
2
. Pharmtech was launched in November 2006,
from the niche of a larger event at Expocentr , and has
established itself at Crocus. ITE’ s joint venture with Messe
Frankfurt to run Automechanika Moscow got off to a successful
start in May and will run again in February 2008. This year 
also saw the first time for two events acquired from Maxima 
in June 2005, Expoclean and Bytchimexpo, which were both
successfully integrated into ITE’ s portfolio. 
St Petersburg is relatively settled in the confines of the 
venue that serves the city . Overall, the volume sales of the 
St Petersburg office were 10% improved on the prior year 
and the office made an enhanced financial contribution to 
the Group. The main event of the St Petersburg office is the
construction event, BalticBuild, which uses all the space
available in the Lenexpo venue and was the same size as in the
previous year . However , profitability improved on the basis of
better yields and higher gross margins achieved on the event. 
Looking forward, the drivers of the exhibition and media
businesses in Russia show signs of continuing for the future.
Our major construction event in Moscow has a date clash 
for one of its sectors with a leading German show in 2008.
However , overall demand in construction activity remains a
buoyant feature of the Russian economy and we expect the
exhibition to continue its growth pattern after the 2008 event. 
Business review continued
Divisional review
The Hermitage Museum, 
St Petersburg
The imposing Moscow 
State University 19
ITE Group plc 
Annual Report 2007
Baku’s legendary Maiden Tower,
Azerbaijan
The beautiful Zenkov Cathedral,
Almaty, Kazakhstan
Central Asia & Caucasus
Offices: Kazakhstan (Almaty , Astana, Atyrau) Azerbaijan (Baku),
Uzbekistan (T ashkent), Georgia (Tbilisi), Kyrgyzstan (Bishkek),
T ajikistan (Dushanbe)
2007 2006
Staff employed: 191 183
Exhibitions organised: 65 59
Square metres sold (000s): 86 72
Kazakhstan, Azerbaijan and Uzbekistan have all enjoyed 
twelve months of economic growth with GDP growth of 1 0%, 
30%, and 7% respectively . 
Kazakhstan
ITE’ s businesses in Kazakhstan sold a total of 60,500m
2
across
all offices (2006: 49,900m
2
). The largest exhibitions are in 
the construction and oil & gas sectors – fairly reflecting the
dominant economic themes of the region. Kazakhstan
International Oil & Gas Exhibition increased its space sales by
20% to 9,600m
2
and grew its conference revenues by 1 2%. 
The two smaller oil and gas events in Atyrau and Astana also
performed well. Construction events grew strongly across 
the locations with KazBuild Spring (4,900m
2
) and KazBuild
(13,400m
2
) both growing in size by over 20%. In the next tier 
of events World Food Kazakhstan grew to 3,600m
2
(2006:
2,600m
2
) and the Kazakhstan International T ravel Fair grew to
2,900m
2
(2006: 1,900m
2
) – both improving gross margins 
with their size.
The strength of our relationship with the principal venue 
in Almaty was endorsed with ITE signing a new long-term
agreement with Atakent covering pricing and priority for our
events through to 2017. Atakent constructed a small new
pavilion in the year and extended the space available at 
the venue by circa 1,500m
2
. Venue facilities in Astana, 
Atyrau and Aktau still impede the growth of the potential
exhibition business.
Azerbaijan
The exhibition industry has thrived in Azerbaijan selling
15,500m
2
in the year , a like-for-like increase of over 25% in
exhibition space sold. The principal events are again in oil and
gas and construction. The Caspian Oil & Gas exhibition and
conference is venue-bound and is a relatively mature product –
it produced a similar result to the 2006 event. The construction
event, BakuBuild, grew strongly to 3,900m
2
(2006: 3,000m
2
).
Smaller events in telecoms, motor and food all grew by more
than 40%, indicating a spreading of economic growth to a
broader range of sectors.
The venue facilities in Azerbaijan remain an impediment to the
exhibition industry achieving larger scale. The existing venue 
is circa 6,000m
2
gross and doubles as a sports facility . ITE is
active in its support of schemes to build a bigger and more
modern complex.
Uzbekistan
The Uzbekistan office in T ashkent sold 11,900m
2
of exhibition
space in 2007, representing like-for-like growth of more than
20%. There was no textile event this year but strong growth was
achieved in the Auto Motor Show , the building event, UzBuild,
and the local oil and gas event.
The venue facility has recently been increased through the
construction of a new pavilion, which was unavailable for 
this year’ s events, will facilitate growth for the larger events 
next year .
The historic Sherdar Madrassa,
Uzbekistan 20
ITE Group plc 
Annual Report 2007
Business review continued
Divisional review
The old and the new, Kyiv 
across the Dnipro River
The iconic Selfridges Building,
Birmingham
Western Europe and UK
Offices: UK (London, Huddersfield), Germany (Hamburg),
Holland (Utrecht)
2007 2006
Staff employed:* 158 155
Exhibitions organised:* 6 7
Square metres sold (000s):* 36 36
* of the total staff London and Germany international sales account for 
80 staff; 44 staff are London corporate and 34 staff manage the UK fashion
magazines and exhibitions.
The fashion exhibition and publishing business performed 
well in challenging market conditions. The mainstream 
fashion and footwear exhibitions taking place in Spring and
Autumn at Birmingham collectively increased space sales 
to 34,700m
2
(2006: 33,900m
2
), which can be regarded as 
a good performance in an ambiguous trading environment. 
As expected, the Group cancelled its involvement in the small
London Footwear exhibitions which were sub-scale, and is
focusing its efforts on the market-leading fashion events in
Birmingham. The publishing business suffered a small reduction
in advertising income fairly evenly across its four publications.
Costs were well controlled and the division’ s contribution,
excluding the London events, was maintained.
Rest of the World 
Offices: Algeria (Algiers), China (Beijing, Urumqi)
ITE has run three events this year in Africa. Through its small
office in Algiers, ITE enjoyed a successful participation in the 
SEA 3 National Oil and Gas Conference in November 2006. 
As a result of this, ITE is among the preferred bidders for the
next event, due to be held in November 2008. 
ITE ran its first owned event in China this year , the
WestChinaBuild show in Urumqi in May 2007. The Urumqi 
office has been established to run exhibitions in this locality .
The ITE Beijing office is primarily sourcing outbound customers
for our Russian and CIS events.
Eastern and Southern Europe
Offices: Ukraine (Kyiv), T urkey (Istanbul)
2007 2006
Staff employed: 99 97
Exhibitions organised: 28 32
Square metres sold (000s): 78 104
ITE’ s offices in these regions are the Kyiv office in Ukraine and
two separate businesses in Istanbul, a wholly-owned subsidiary
and a 50% share in an associate business. Both Ukraine and
T urkey have had political distractions in the year but have
maintained reasonable economic performance with real 
GDP growth in their economies of 7% and 5% respectively .
Ukraine
The Ukraine office has had a mixed year with some events
performing exceptionally and some facing fierce competition.
Nevertheless, overall growth in space sales against last year was
over 20%. The most impressive performance in the portfolio
was Kyiv AgritHort which, making full use of the new pavilion 3
at IEC, grew from 9,500m
2
to 16,100m
2
. There are competitive
agricultural events in Ukraine but ITE believes it now holds the
premier agricultural exhibition for international businesses. 
The events ITE owns in health, travel and food all enjoyed very
good growth in the year . The building event, KievBuild, is facing
strong local competition. 
T urkey
ITE’ s wholly-owned subsidiary achieved satisfactory
performance in its main recurring events serving the optical and
stationery industries. The oil and gas conference performed well
and like-for-like financial contribution was well ahead of last
year . A significant part of the T urkish office activity is in making
outbound sales into the Group’ s CIS exhibitions, and in this the
performance was exceptional, nearly doubling the value of
T urkish sales to other ITE exhibitions. 
The contribution of ITF , the Group’ s 50% associate, was 
£0.3 million less than last year . Most of the main events enjoyed
an increase in size but the strength of the T urkish Lira against
revenue streams denominated in US Dollars had an effect on 
the performance for the year .  21
ITE Group plc 
Annual Report 2007
Revenue and gross profit 
T urnover for the year was £99.1 million (2006: £82.4 million).
After making adjustment for the effect of biennial events, this is
a 15% improvement over last year’ s comparable turnover . 
The direct costs of exhibitions were well controlled in 2007 and
the gross margin of 50% was circa 3% higher than the gross
margin achieved on last year’ s portfolio of events.
Administrative expenses across the Group increased by 14% 
to £17.6 million. The increase in overheads stemmed mostly
from costs related to the change in Chief Executive Officer .
Additionally , the Group’ s property overhead increased as 
the growth in our Moscow office over the last few years
necessitated re-location to bigger and more modern offices.
Administrative expenses include an amortisation charge 
of £1.6 million (2006: £1.3 million), an ‘IFRS 2’ charge for
expensing share-based payments of £1.6 million (2006: 
£1.5 million) and net foreign exchange differences of £nil 
(2006: loss of £0.2 million). Overall, Group administrative
expense represented 18% of revenue (2006: 19%), resulting 
in net operating margins of 33% (2006: 29%) for the year . 
Operating profit was £32.6 million against a prior year profit 
of £24.0 million.
Headline profit before tax this year of £35.3 million was ahead
of last year’ s headline profit before tax of £26.0 million and,
after adjusting for the effect of biennial events, represents 
a 21% increase over the comparable result for 2006.
Other operating income
Other operating income represents rental income earned 
from subletting surplus office space, principally at ITE’ s 
London offices.
Finance income 
Finance income for the year was £1.8 million (2006: 
£1.4 million). Interest from bank deposits increased to 
£1.7 million in the year (2006: £0.8 million) as the Group 
held higher average cash balances throughout the year of 
£29.9 million (2006: £14.8 million) and benefited from higher
interest rates in the UK. Finance income includes an unwind 
of fair value provisions of £0.1m against venue loans in 2007
(2006: £0.4m). 
Finance costs
Finance costs of £0.7 million (2006: £0.6 million) represent 
the interest cost of the Group’ s borrowings in Euro and 
US Dollar and bank charges. The Group enters into these
borrowing arrangements as part of its currency-hedging 
activity . At 30 September 2007, the Group had borrowings 
of u16.2 million, and US$4.0 million.
Tax charge
The tax charge of £10.8 million represents 32% of profit before
tax. This unusually high tax charge for the year reflects extra
costs associated with withdrawing the distributable reserves
from our Russian businesses in the year . 
Business review
Finance
Earnings per share
Basic earnings per share increased to 9.1p (2006: 6.9p). Fully
diluted earnings per share increased to 9.0p from 6.7p in the
prior year .
The Group achieved headline diluted earnings per share of 9.4p
per share compared with 7.0p for the year to 30 September
2006. Headline diluted earnings per share is based upon 
profit for the financial year before amortisation of acquired
intangible assets and any profits or losses on disposal of 
Group undertakings.
Dividends
The Group has recommended a final dividend of 3.2p for 2007,
to bring the total dividend for the year to 4.5p (2006: 3.5p).
Return to shareholders
ITE is committed to maximising shareholder return and is a
leading performer in its sector . ITE’ s progressive dividend policy
has resulted in total dividends in 2007 of 4.5 pence per share,
up more than 28% over 2006 (3.5p). Since 2003 the dividend
has increased on a compound basis by more than 40% per year .
Set out on page 13 is a graph showing total cash returned to
shareholders (including the share buybacks in August 2005 
and in the year ended 30 September 2007) against the post 
tax profits earned by ITE over the last five years.
Cash flow
Cash generated from operations in the year was £41.5 million
(2006: £34.2 million). The principal applications of cash were 
of £17.5 million on purchasing shares from the open market
(2006: £1.1 million), £0.9 million applied to venue loans and
advances (2006: £7.4 million); £10.3 million was paid in tax;
(2006: £9.1 million); £1.4 million was applied to acquisitions 
in the year (2006: £3.0 million) and £9.6 million was distributed
as dividends (2006: £7.1 million). The net increase in cash
balances at 30 September 2007 was £5.5 million.
Net cash at 30 September 2007 was £26.7 million (2006: 
£21.2 million). Of the £26.7 million of cash, £3.9 million 
was held in a trust account, which will be released before 
the end of 2007.
Acquisitions & disposals
In September 2007, ITE acquired the Harbin International Winter
Sports Show in China for £50,000. 
Further deferred consideration payments were made in relation
to the acquisition of ITE Exhibitions BV and the Gift & Décor
events, totalling £0.3 million in the year .
Balance sheet
The Group’ s consolidated balance sheet at 30 September 2007 
is summarised in the table below:
Assets Liabilities Net assets
£m £m £m
Goodwill and intangibles 38.7 – 38.7
Property , plant and equipment 1.4 – 1.4
Associates 1.4 – 1.4
Venue advances 3.6 – 3.6
Cash 40.0 (13.3) 26.7
Current assets and liabilities excluding 
cash and venue advances 35.3 (60.1) (24.8)
Provisions – (1.6) (1.6)
Deferred tax 1.7 (1.7) –
T otal as at 30 September 2007 122.1 (76.7) 45.4
T otal as at 30 September 2006 111.1 (67.4) 43.6 Venues
22
ITE Group plc 
Annual Report 2007
Business review continued
Finance
Building strong relations
with key stakeholders
In 2007, we organised events in 37 venues
worldwide. These included large, purpose-built,
state-of-the-art exhibition centres such as Crocus
Expo in Moscow, through to five-star hotels 
such as the Sheraton Metechi Palace Hotel 
in Tbilisi, Georgia.
One of ITE’s most long-standing venues is 
the Atakent Exhibition Centre in Almaty,
Kazakhstan. In 2007, 23 ITE events were hosted
here including the influential KIOGE (oil & gas)
and KazBuild (construction) exhibitions. 
Atakent Exhibition Centre is situated close to
Almaty city centre. It has a distinctive arched
entrance (pictured) and the Zailisky Alatau
Mountains create a spectacular backdrop to the
venue. It can now accommodate exhibitions up
to 12,000m
2
(net) having recently expanded its
capacity to cope with the growth of major
international events.
We continue to work very closely with the
Atakent Exhibition Centre owners and have
previously helped to fund the development 
and expansion of the venue’s facilities. In 2007,
we signed a new ten-year agreement to secure
exclusivity rights and pricing terms for our key
events. The deal reaffirmed our close relationship
and common strategic vision with the venue, 
as well as our long-term commitment to growing
our business in this fast-developing country.
Net assets increased to £45.4 million. The main changes are in
intangibles (decrease of £1.6 million), venue advances (decrease
of £3.5 million), net cash (increase of £5.5 million) and an overall
increase through reduced current liabilities and provisions of
£1.8 million. 
Investment and capital expenditure
The Group’ s capital expenditure on plant and equipment for the
year was £0.8 million (2006: £0.4 million) and included exhibition
equipment, computer equipment and associated software. 
The Group funds the development of venues and facilities where
improved facilities will enhance the prospects and profitability 
of our organising business. The funding can take the form of 
a prepayment of future venue fees (‘advance payments’), or 
a loan which can be repaid by cash or by offset against future
venue fees (‘venue loan’). Generally , the funding brings rights
over future venue use and advantageous pricing arrangements.
Venue loans and advance payments are included under non-
current and current assets in the balance sheet.
At 30 September 2007, the Group’ s Sterling value of the
outstanding balances of advance payments and venue loans
was £3.6 million (2006: £7.1 million) as follows:
30 September 30 September
2006 New Repayments 2007
£m £m £m £m
Moscow 2.8–(2.8)–
Kyiv 1.8–(0.5)1.3
Almaty 1.01.1(1.1)1.0
St Petersburg 1.0 – (0.3) 0.7
Uzbekistan 0.20.3(0.1)0.4
Bulgaria 0.3–(0.1)0.2
T otal 7.1 1.4 (4.9) 3.6
These balances will be recovered from future venue use within
three years except in Bulgaria and St Petersburg. In St Petersburg
part of the advance repayments relate to future events taking
place between 2008 and 2011. ITE is not presently active in
Bulgaria and the loan is being repaid in instalments.
Capital
During the year , the Company has purchased 10,185,000 shares
which were held in T reasury and then cancelled. The Company
has also issued 569,804 ordinary shares of 1p in the year . Of 
the total new issues, 545,353 were pursuant to the exercise of
options and yielded aggregate consideration of £0.2 million. The
remaining shares were issued as part of Directors’ remuneration.
The Employees Share Option T rust (“ESOT”) held 1,854,875
(0.7%) of the Company’ s issued share capital at the year end
(2006: 9,372,100; 3.6%).
Post balance sheet events
There have been no significant post balance sheet events. 
Going concern
After considering the current financial projections for the 
Group, the Directors have a reasonable expectation that the
Company has adequate resources to continue its operations 
for the foreseeable future. For this reason, they continue to 
adopt the going concern basis in preparing the accounts. 23
ITE Group plc 
Annual Report 2007
Business review
Risks & uncertainties
The Group identifies and monitors the key risks and
uncertainties affecting the Group and runs the business in 
a way that minimises the impact of such risks where possible.
Political uncertainty and regulatory risk
The Group’ s business is principally carried out in Russia and 
the CIS. Changes in law or the regulatory environment could
have an effect on some or all of the exhibitions of the Group. 
ITE has reduced the risk by establishing its business as
independent Russian and CIS companies fully contributing 
to the local economy . A regulatory change affecting the 
trading prospects of a particular sector could affect short-term
prospects, but ITE’ s diversity of businesses across sectors and
geography provides protection for the longer-term prospects 
of the Group.
Commercial relationships
The Group has key commercial relationships with venues which
secure the Group’ s rights to run its exhibitions in the future.
These key relationships are regularly reviewed and the Group
seeks to maintain its exhibition rights for at least three years
forward for significant exhibitions.
Venue availability
Damage or unavailability of a particular venue could impact 
the Group’ s short-term trading position. Accordingly , the Group
carries business interruption insurance policies which protect
profits against such an event in the short term.
Competitor risk
Competition has existed in ITE’ s markets for some years. 
ITE faces competitive pressures on a market-by-market basis.
Recent increases in venue space available in Moscow have
increased the potential for new market entrants in the Moscow
exhibition business. In Central Asia, ITE has a strong position 
in all its markets as the largest international organiser . In Kyiv ,
Ukraine, there are a number of exhibition venues and directly
competitive events exist in most of ITE’ s favoured sectors. 
In all of its overseas markets, ITE has a strong position as an
international organiser , achieved through effective use of its
international sales network and its established brands for major
events. A single exhibition or sector in a market could have its
prospects curtailed by a strong competitor launch; however , 
the breadth of ITE’ s portfolio of events, with its geographic and
sector diversity , reduce the risk of a competitive threat to the
Group’ s overall business.
People
ITE’ s employees have long-standing relationships with
customers and a unique knowledge of the exhibitions business.
Loss of key staff to a competitive event could impact the short-
term prospects of a specific event or sector . ITE has sought to
build loyalty in its staff by ensuring remuneration is competitive
and through a wide distribution of the Group’ s long-term
incentive plans. ITE has a good record to date of retaining 
its key staff.
Financial risk
The Group also faces financial risks; the key risk being foreign
currency risk. The Board has reviewed and agreed policies to
manage financial risk as follows:
Foreign currency risk 
The Group is exposed to movements in foreign exchange 
rates against Sterling for both trading transactions and for the
translation of net assets and the profits and loss accounts of
overseas operations. The principal exposure is to the Euro and
Dollar exchange rates, which form the basis of invoicing for our
international customers. During the year , the Group experienced
net foreign exchange losses of £12,000 (2006: £0.2 million).
The exchange rate for the Euro at 30 September 2007 was
u1.43: £1 (30 September 2006: u1.48: £1); the exchange rate 
for the US Dollar at the year end was $2.02: £1 (30 September
2006: $1.88: £1).
The bulk of the Group’ s business is in emerging and developing
markets and to minimise the currency risk, the Group prices
predominantly in Euros and US Dollars. A proportion of total
invoicing amount is settled in local currency equivalent,
translated at prevailing rates at the date of settling invoices. 
In 2007, 70% of the Group’ s sales were priced in Euros and 17%
in US Dollars. Overall 56% of the Group’ s cash receipts in the
financial year ending 30 September 2007 were in hard currency
and 44% was in various local currencies. The Group has a large
proportion of its revenues and costs denominated in non-
Sterling currencies. Sterling costs exceed Sterling revenues 
due to the level of UK based costs – in particular London sales
and head office costs. 
The Group uses derivative instruments and currency
borrowings to protect itself against the effect of currency
fluctuations on forward sales and its balance sheet. The Group’ s
policy on derivative instruments is that:
• it will only hedge up to 80% of the value of anticipated cash
flows; and
• it will not enter into derivative transactions more than 
18 months ahead.
At 30 September 2007, the Group had options to sell u41
million spread over the 18 months to 31 March 2009, split into
three instruments. 
The first is to sell u12 million at a rate of u1.485: £1 (the ‘Option
Rate’) between October 2007 and September 2008. Were the
exchange rate for the Euro to fall below u1.408: £1 then the
Group would be obliged to sell Euros at the Option Rate at a
multiple of 1.5 times the value (ie up to u18 million).
The second to sell u21 million at u1.45: £1 between October
2007 and November 2008. Were the exchange rate for the Euro
to fall below u1.4095: £1 then the Group would be obliged to
sell Euros at the Option Rate. 24
ITE Group plc 
Annual Report 2007
The final instrument is to sell u8 million at u1.4175: £1 between
December 2008 and March 2009. Were the exchange rate for
the Euro to fall below u1.3625: £1 then the Group would be
obliged to sell Euros at the Option Rate.
Over the course of the year , the Group has entered into currency
borrowing arrangements to minimise its exposure to foreign
exchange risk on trade receivables. The currency borrowings
can be offset against the matching Sterling deposits. At 
30 September 2007 the Group had borrowings of u16.2 million,
and US$4.0 million. The cash balance of £26.7 million at 
30 September 2007 is presented net of these borrowings.
Interest rate risk
The Group finances its operations through cash holdings 
and debt facilities. The objective of the Group is to maximise
investment income and minimise interest costs, bearing in 
mind its liquidity requirements. 
For short-term debt, such as overdraft facilities or debt with a
term of less than six months, fixed or floating rates of interest
are used. For debt with a term of greater than six months, it is
policy that at least 75% must have fixed rates of interest so as 
to minimise the Group’ s exposure to interest rate movements. 
It is Group policy that surplus cash is not invested in instruments
that would put the capital value at risk. All invested funds have a
determinable rate of interest.
Liquidity risk
The Group policy is to ensure continuity of funding for
operational needs through cash deposits and debt facilities as
appropriate. The key requirement for the business is to maintain
flexibility to allow the Group to take advantage of opportunities
that could arise over the short term. The needs of the business
are determined on a rolling cash flow forecast basis, covering
weekly , monthly and twelve monthly requirements. Short-term
flexibility is maintained by holding cash in current accounts and
high liquidity money market funds. The Group has overdraft
facilities in place both to permit currency borrowing as part of
its foreign exchange management and to allow flexibility in
where it holds its cash balances.
Business review continued
Risks & uncertainties 25
ITE Group plc 
Annual Report 2007
Overview
ITE believes that corporate and social responsibility is an
important part of the Group’ s culture and, by adopting good
practice in these areas, it will have a positive impact on 
profits and increasing the long-term value for shareholders. 
The Board gives due consideration to risks arising from social,
environmental and ethical issues as part of its ongoing risk
review process.
Social interaction
The Board of the Company is aware of both the benefits to 
its business of engaging with its various constituencies in a
socially-responsible manner and the risks of failing to do so. As
an operator of internationally-focused businesses in emerging
markets, the Company ensures that it is culturally sensitive in its
dealings with the local community and that its employment and
development policies are non-discriminatory and encourage 
the employment of local nationals at all levels in the Company .
Employees are selected and promoted on the basis of merit 
and ability , regardless of age, gender , race, religion, sexual
orientation or disability . Employees are encouraged to
participate in and support their respective communities.
The Company has a policy of encouraging employees,
especially those from the locations in emerging markets, 
to move around the offices of the Group, thus providing
development opportunities for all staff. In addition, employees
are assisted in their career development through an annual
appraisal scheme. All staff are eligible for issues of share
options or awards under the Employee’ s Performance Share Plan
as the Board feels that it is important for them to take an active
part in the success of the Company and to share in the value
they help to create.
We recognise the need to provide a safe working environment
for employees and exhibitors and visitors at our events. Each
office is responsible for ensuring that their business operates in
compliance with Group policies and the relevant local health
and safety legislation. 
Ethics
The Company actively promotes integrity in its dealings with its
employees, shareholders, customers and suppliers and with the
authorities of the countries in which it operates and recognises
that a reputation is a valuable and fragile asset gained over a
substantial period. The leadership position of its exhibitions 
and the continued growth of its core shows is evidence of the
success of its practices.
The Company promotes high ethical standards in carrying 
out its business activities and has clear guidelines for dealing
with gifts, hospitality , corruption, fraud and the use of inside
information. All ITE staff must comply with the laws and
regulations of the country in which they operate. It is the
responsibility of all staff to ensure that they are fully aware 
of all relevant laws and regulations.
The Group is a member of UFI (worldwide) and the AEO (UK)
and, through this, the attendance figures at our key exhibitions
are audited by independent services. This helps to provide
assurance to our exhibitors and visitors as to the standard 
of our exhibitions.
The Group aims to provide a high-quality service for all its
events in all its locations. The Group operates to a strict
minimum quality level to ensure our events are provided to
exhibitors and visitors at international standards, irrespective 
of where they are held.
The Group ensures that all advertising and public
communications avoid untruths or overstatements. ITE 
builds a relationship with suppliers based on mutual trust 
and undertakes to pay suppliers on time and in accordance 
with agreed terms of business. All information regarding 
the relationship between the Group and a supplier must 
remain confidential.
Environment
As a media services company , the Group acknowledges that its
business has an impact on the environment, albeit relatively
minor , however it understands the importance of following
good environmental practice. The Company is aware that this 
is an area of increasing concern to employees, shareholders 
and customers alike. The Company does not manufacture 
or sell any tangible products and has identified the principal
areas of environmental impact as energy use, waste recycling,
paper & printing and travel. By identifying environmental
improvements, we expect to see increased efficiencies and 
with that, reduced costs and the management of environmental
issues is part of our business strategy to create long-term 
value for shareholders.
• The Group encourages the recycling of waste paper and office
waste and plans to increase the recycling rates and materials
recycled throughout the Group.
• Computers and IT equipment are recycled where possible 
and redundant equipment is either sold to staff or given to
charitable organisations. 
• The Company has been reducing its printed materials over
the last few years, with a greater reliance on electronic media
for its marketing materials. However , catalogues and delegate
packs are still printed and the Group is implementing a set of
operating standards to be followed by suppliers to look at
paper sourcing and use of materials.
• The Company encourages staff to use public transport
through offering season ticket loans.
The Company has a resolution at the Annual General Meeting 
to take advantage of e-communications legislation for
communicating with shareholders. If adopted, this will reduce
the volume of printed materials produced with the publication
of our Annual Report and Interim Statement.
The Group’ s activities in staging exhibitions and conferences 
do impact on the environment, through waste and natural
resources usage from materials used in assembling exhibition
stands and participating in the exhibition and travel to
exhibitions and conferences for exhibitors, delegates and 
ITE staff. Presently , practice in controlling waste at different
exhibition centres varies widely through the different regions 
in which the Group operates, however the Group follows 
best practice in each of its markets and meets industry and
country legislation.
Business review
Corporate and social responsibility 26
ITE Group plc 
Annual Report 2007
Directors
3 The Rt. Hon. Sir Jeremy Hanley, KCMG (62) 
Non-executive Director
Audit, Remuneration & Nomination Committees
Sir Jeremy Hanley was appointed a non-executive Director of 
the Company in March 1998. He is a Chartered Accountant. 
His other directorships include Willis Group Holdings Inc, 
CSS Stellar plc, Onslow Suffolk Limited and Langbar
International Limited. He is also a Director of the Arab-British
Chamber of Commerce, a consultant to Lottomatica Spa 
and a member of the Advisory Board of Blue Hackle Limited. 
Sir Jeremy was a Member of Parliament for Richmond and
Barnes from 1983 to 1997 and held a number of ministerial
positions including Under Secretary of State for Northern
Ireland, Minister of State for the Armed Forces, Cabinet Minister
without Portfolio whilst Chairman of the Conservative Party and
Minister of State for Foreign & Commonwealth Affairs. He retired
from politics in 1998 to concentrate on his Director’ s duties. 
Sir Jeremy is the Senior Independent non-executive Director .
1 Iain Paterson (60) 
Non-executive Chairman
Remuneration & Nomination Committees
Iain Paterson was appointed a Director and non-executive
Chairman of the Company in May 2002. He has over 35 years 
of international management experience at a senior level, most
particularly in the oil industry . He was a Board Member and
International Director of Enterprise Oil plc. Previously he spent
14 years at British Petroleum plc. He currently holds non-
executive Directorships at MOL Rt. (the Hungarian Energy
Company), Hunting plc and Armor Group International plc. 
He is also Chairman of the Plebble Loyalty Limited, a private
internet business.
2 Bill Dye (45) 
Chief Executive Officer
Bill Dye joined ITE as Chief Executive Officer on 3 September
2007. Previously he was Director of the Business Services
division of Capita Group plc. In his five years at Capita, Bill held
a number of senior management positions including Corporate
Development Director , responsible for guiding the company 
into new markets. Prior to joining Capita Bill built two media
companies, Elements (1989-96), which provided support
services to the computerised advertising and graphic arts
sector , and Unidigital (1996-2001), also a media services 
group and which was NASDAQ listed.
2
1 3 27
ITE Group plc 
Annual Report 2007
4 Malcolm Wall (51) 
Non-executive Director
Audit, Remuneration & Nomination Committees
Malcolm Wall was appointed as a non-executive Director of 
the ITE Group in May 2006. He has enjoyed a highly-successful
career in the media sector and brings senior-level board
experience and extensive knowledge of the B2B market and 
the exhibitions business. Mr Wall is currently Chief Executive 
of the Content Division of NTL T elewest. Previous posts include
a ten-year spell with United Business Media during which, as
Chief Operating Officer he had direct responsibility for the
professional media business unit that included B2B publications
and the exhibition business.
5 Michael Hartley (58) 
Non-executive Director
Audit, Remuneration & Nomination Committees
Michael Hartley was appointed a non-executive Director 
on 21 October 2003. He brings extensive international
management experience to the Board, having spent ten years
with Coats Viyella plc, for the last three years as Chief Executive
of the Viyella division. Mr Hartley is currently Chairman of
Dawson International plc and Chairman of Servocell plc. He has
worked extensively in Asia, Australia and Africa. Mr Hartley has
also held several chief executive and marketing roles in the
retail sector , including at T ootal Group plc, Lewis Meeson Ltd,
T rinity International Holdings plc and Marks & Spencer plc. 
Mr Hartley holds an MBA from Manchester Business School.
6 Edward Strachan (43) 
Executive Director
Edward Strachan joined ITE in 1993 when he launched ITE’ s
business in Kazakhstan. Since then he has opened and
managed ITE’ s operations in St Petersburg, Central Asia and 
the Caucasus regions and currently lives abroad in the CIS. 
He also has responsibility for EUF , ITE’ s 100% owned subsidiary
in T urkey . He became a main Board Director in July 2003 and
brings to the Board his extensive experience of the exhibition
industry in Russia and the CIS regions.
7 Russell Taylor (49) 
Finance Director , Company Secretary 
Russell T aylor was appointed Finance Director on 24 March
2003. He was previously Finance Director of Air Miles
International Group, where he managed all financial and
commercial aspects of the international loyalty schemes
business. He brings extensive experience of all sectors of the
exhibition industry , having spent seven years at Earls Court
Olympia Group, where he was Group Finance Director and
subsequently Managing Director of Earls Court & Olympia Halls.
He is a Chartered Accountant, and holds a BA in Economics.
4
5 7
6 28
ITE Group plc 
Annual Report 2007
Directors’ report
The Directors present their Annual Report on the affairs of the Group, together with the accounts and auditors’ report, for the year
ended 30 September 2007.
Principal activities and review of business
The principal activities of the Group comprise the organisation of trade exhibitions and conferences. The main subsidiary and
associate undertakings which affect the profits or net assets of the Group in the year are listed in note 5 to the financial statements
of the Company .
Details of the Group’ s performance during the year and expected future developments are contained in the Chief Executive’ s 
statement on pages 11 to 13 and in the Business review – Divisional review on pages 17 to 20. Details of the Group’ s financial risk
management policies are contained on pages 23 to 24.
Results and dividends
The audited accounts for the year ended 30 September 2007 are set out on pages 42 to 64. The Group profit for the year , after
taxation and minority interests, was £23.0m (2006: £17.4 million).
The Directors recommend a final dividend of 3.2p (2006: 2.5p). The total dividend for the year , including the proposed final
dividend, is 4.5p (2006: 3.5p).
Directors
The Directors, who served throughout the year , except as noted, are as follows:
Executive Directors Non-executive Directors
Ian T omkins Resigned 3 September 2007 Iain Paterson – Chairman
Ceyda Erem Resigned 16 November 2006 Sir Jeremy Hanley
Edward Strachan Michael Hartley
Russell T aylor Malcolm Wall
Bill Dye Appointed 3 September 2007
In accordance with Company Law and the Articles of Association, Iain Paterson and Russell T aylor will retire by rotation at the next
Annual General Meeting and, being eligible, offer themselves for re-election. 
Substantial shareholdings
At 3 December 2007, the Company had been notified, in accordance with sections 198 to 208 of the Companies Act 1985, of the
following interests in the ordinary share capital of the Company .
Name of holder Number of shares Percentage held
Schroder Investment Management Limited 35,382,940 14%
BlackRock Investment Management (UK) Limited 32,576,966 13%
Barclays Plc 21,669,821 9%
Ceyda Erem 16,590,065 7%
Fidelity Investments 11,555,715 5%
Legal & General Investment Management Ltd 11,396,389 5%
Edward Strachan (including Kyzyl T an Consultants Limited) 7,847,206 3%
Directors’ share interests
The Directors who held office at 30 September 2007 had the following interests in the shares of group undertakings:
30 September 30 September 
Name of Director 2007 2006
Executive
Bill Dye – –
Edward Strachan* 6,847,206 10,433,481
Russell T aylor 55,000 15,000
Non-executive
Sir Jeremy Hanley 24,090 24,090
Michael Hartley 10,000 10,000
Iain Paterson 281,509 257,058
Malcolm Wall 11,456 –
* Edward Strachan is a majority shareholder of Kyzyl T an Consultants, which holds 6,000,000 shares in the Company . These are included in the 6,847,206 above. 29
ITE Group plc 
Annual Report 2007
The Directors, as employees and potential beneficiaries, have an interest in the 1,854,875 shares held by the ITE Group Employee’ s
Share T rust at 30 September 2007. There has been no movement in this shareholding between 30 September and 3 December 2007.
Bill Dye acquired 26,000 shares on 1 October 2007 and Edward Strachan acquired 1,000,000 shares on 3 October 2007. Other 
than these, there were no other changes in the interests of Directors between 30 September 2007 and 3 December 2007.
Right to purchase the Company’s shares
At the Annual General Meeting on 22 February 2007, the shareholders authorised the Company to make one or more market
purchases of up to 25,992,919 of the Company’ s ordinary shares at a price between 1p (exclusive of expenses) and 105% of the
average middle market price of a share for the five business days immediately preceding the date on which the share is purchased. 
Since that date, the Company purchased 10,185,000 of its own shares which were cancelled before 30 September 2007. The 
shares acquired in the year had a nominal value of £101,850, presenting 3.8% of the issued share capital and were purchased for
consideration of £17.5 million. The reason for the purchase was to reduce surplus cash balances and enhance earnings per share.
The Company has a remaining authority to purchase a further 15,807,919 of its own shares which will expire at the next Annual
General Meeting on 6 March 2008.
In total, the Company cancelled 11,160,833 of its ordinary shares in the year .
Donations
The Group made no charitable donations (2006: £3,000) during the year . No political donations were made (2006: Nil).
Employees
The Group’ s human resources strategy is to attract and retain talented, high-calibre employees focused on achieving excellent
results. Remuneration policy is designed to achieve this aim.
It is the Group’ s policy to consider fully applications for employment by disabled persons, bearing in mind the aptitude of the
applicant concerned. In the event of a member of staff becoming disabled, every effort would be made to ensure their continued
employment and progression in the Group. It is Group policy that training, career development and promotion of disabled
employees match that of other employees as far as possible.
The Group places great importance in the development of its staff to support the business in meeting its objectives. This is reflected
in the training initiatives in place for staff, both internally and externally . The Group keeps employees informed on matters affecting
them and on matters effecting the Group’ s performance through regular newsletters and through meetings, both formal and
informal. Employees are able and are encouraged to move around the Group in order to experience the business environment in
other offices. The Group actively encourages the participation of employees in activities of offices other than their own. The Group
distributes long-term incentives widely to staff in all offices. At 30 September 2007 approximately 60% of staff held long-term
incentives in some form. As a result, the Group’ s employees identify strongly with ITE’ s overall objectives. 
Supplier payment policy
The Company’ s policy , which is also applied to the Group, is to agree payment terms with suppliers when entering into each
transaction to ensure that suppliers are made aware of the terms of payment and to abide by the terms of payment. The Company
has no trade creditors.
Annual General Meeting
Shareholders will see from the Notice of the Annual General Meeting on pages 73 to 76 that they are to consider and, if thought fit,
to pass three resolutions as special business. These resolutions have become routine business at the Annual General Meeting of
most public companies. The resolutions relate to:
• renewal of the authority for the Directors to allot relevant securities
• renewal of the powers of the Directors to allot equity securities as if pre-emption rights did not apply
• renewal of the authority for the Company to purchase certain of its own shares and to hold them as treasury shares
Additionally , the Company has proposed two new resolutions, numbers 11 and 12, which allow the Company to offer shareholders
the opportunity to have documents and information made available to them through the Company’ s website and in electronic form,
following implementation of the relevant provisions of the Companies Act 2006, and consequential changes to the Articles of
Association. In due course, the Company will ask shareholders, individually , whether they would like to elect to continue to receive
documents and information in paper form. Otherwise, they would be made available to them through the website or in other
electronic form.  30
ITE Group plc 
Annual Report 2007
Auditors
The Directors will place a resolution before the Annual General Meeting to reappoint Deloitte & T ouche LLP as auditors for the
ensuing year .
Each of the persons who is a Director of the Company at the date when this report was approved confirms:
• so far as each of the Directors is aware, there is no relevant audit information (as defined in the Companies Act 1985) of which
the Company’ s auditors are unaware; and
• each of the Directors has taken all the steps that he ought to have taken as a Director to make himself aware of any relevant
audit information (as defined) and to establish that the Company’ s auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with s234ZA Companies Act 1985.
Statement of Directors’ responsibilities for the Group financial statements
The Directors are responsible for preparing the Annual Report and the financial statements. The Directors are required to prepare
financial statements for the Group in accordance with International Financial Reporting Standards (IFRS) and have chosen to
prepare the Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP). 
In the case of UK GAAP Company financial statements, the Directors are required to prepare financial statements for each financial
year , which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to: 
• select suitable accounting policies and then apply them consistently; 
• make judgements and estimates that are reasonable and prudent; and
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements. 
In the case of IFRS financial statements, International Accounting Standard 1 requires that financial statements present fairly for
each financial year the Group’ s financial position, financial performance and cash flows. This requires the faithful representation 
of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets,
liabilities, income and expenses set out in the International Accounting Standards Board’ s ‘Framework for the preparation and
Presentation of Financial Statements’. In virtually all circumstances, a fair presentation will be achieved by compliance with all
applicable International Financial Reporting Standards. Directors are also required to: 
• properly select and apply accounting policies; 
• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable
information; and
• provide additional disclosures when compliance with the specific requirements in International Financial Reporting Standards 
is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s
financial position and financial performance.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the
financial position of the Company , for safeguarding the assets, for taking reasonable steps for the prevention and detection of
fraud and other irregularities and for the preparation of a Directors’ report and Report on remuneration which comply with the
requirements of the Companies Act 1985. 
The report of the Directors has been approved by the Board and signed on its behalf by:
Russell T aylor
Company Secretary
3 December 2007
Directors’ report
continued 31
ITE Group plc 
Annual Report 2007
Statement of compliance with the revised Combined Code on corporate governance
The Company is committed to the principles of corporate governance contained in the Combined Code.
During the financial year , the Company complied with the provisions set out in section 1 of the 2003 FRC Combined Code
(“Combined Code”) insofar as it applies to the Company .
Statement about applying the principles of good governance
The Company has applied the principles of good corporate governance as set out in the Combined Code. The explanation of how
the principles have been applied is set out below and in connection with Directors’ remuneration, in the Report on remuneration. 
Board of Directors
The Board of Directors meets not less than seven times a year . The Board considers a range of matters for its approval, including
setting Group strategy , acquisition policy , the budgets, major capital expenditure and material contracts. The Board monitors the
performance of the businesses against appropriate forecasts and key performance indicators. The Board is supplied with financial
and operational information on a timely basis to enable it to discharge its duties and carry out its responsibilities. All Directors have
access to the Company Secretary and there is a procedure to enable them to take additional independent professional advice at the
expense of the Company . The Senior Independent non-executive Director is Sir Jeremy Hanley .
In addition to the Chairman, the Board comprises three non-executive Directors and three or four executive Directors during 
the year . The Board currently has four non-executive Directors (including the Chairman) and three executive Directors which it
considers to be an appropriate balance of executive and non-executive Directors. The roles of Chairman and Chief Executive are
separate, and each has defined roles and responsibilities approved by the Board.
The Nomination Committee considers all appointments made to the Board. The only appointment in the year was Bill Dye on 
3 September 2007. The full terms and conditions of the appointment are available for inspection at the Company’ s registered office
and will be available for review before the Annual General Meeting. The Nomination Committee and Chief Executive agreed the
specifications for the position and an external search company was appointed to provide a shortlist of candidates. The candidates
were all interviewed by the Chairman and the Chief Executive and a shortlist of candidates were interviewed by the members 
of the Nomination Committee. The Nomination Committee collectively recommended his appointment to the Board.
The Directors’ diversity of experience and knowledge of the markets in which ITE operates is key to the development of a robust
strategy for the Group and to its execution. The non-executive Directors contribute an independent and objective view to the
management of the Company and play a full and active part in the various Board committees. The names and biographies of the
Directors are on pages 26 and 27.
The Board considers Michael Hartley , Sir Jeremy Hanley and Malcolm Wall to be independent, and recognises that Iain Paterson was
independent on the date of his appointment.
Any Directors appointed since the last Annual General Meeting are required to offer themselves for re-election at the first available
Annual General Meeting. In accordance with the Articles of the Company , all Directors are required to stand for re-election at least
every three years. 
The non-executive Directors met formally without the executives present twice during the year . A formal evaluation of the Board
and its Committees was carried out. The Chairman circulated a questionnaire to each Director that sought views on various factors
concerning the workings of the Board and its effectiveness. The results were collated and debated by the Board. As a result,
improvements have been made particularly to the allocation of time spent at Board meetings discussing the key significant
business and strategic issues. The Chairman’ s performance was evaluated by the Senior Independent Director . A number of
matters were discussed at these meetings which served to enhance further the satisfactory performance of the Board.
Report on corporate governance 32
ITE Group plc 
Annual Report 2007
The following table sets out the number of meetings of the Board, and of the principal Committees of the Board during the financial
year , together with details of attendance.
Board Audit Remuneration Nomination
Number of meetings 94 8 5
Attendance:
Iain Paterson 985
Ian T omkins
1
6
Ceyda Erem
2
–
Sir Jeremy Hanley 9 4 6 5
Michael Hartley 9 4 8 5
Edward Strachan 8
Russell T aylor 8
Malcolm Wall 73 7 4
Bill Dye
3
1
1 Ian T omkins resigned from the Board on 3 September 2007.
2 Ceyda Erem resigned from the Board on 16 November 2006.
3 Bill Dye was appointed to the Board on 3 September 2007.
Communication with shareholders
The Board considers communication with all shareholders to be extremely important. Shareholders are provided with full-year and
interim accounts to help them keep up to date with the performance of the Group and are given the opportunity to ask questions
directly of the Board at the Annual General Meeting. The Chairmen of the Audit, Remuneration and Nomination Committees are
available at the Annual General Meeting to answer questions. The Chairman and the Senior Independent Director are generally
available to discuss shareholders’ concerns as and when required. The Group’ s website (www .ite-exhibitions.com) is regularly
updated with copies of all Group press releases and presentations given to shareholders.
The Directors seek to build on a mutual understanding of objectives between the Company and its institutional shareholders by
making strategic presentations to institutional investors every six months following the publication of the half-year and annual
results, by meeting shareholders to discuss long-term issues and obtain their feedback and by communicating regularly throughout
the year . 
Board Committees
The Board has established three Committees all of which have written terms of reference. The terms of reference for the
Committees are available on the Company’ s website at www .ite-exhibitions.com.
The Audit Committee
The Audit Committee comprises only non-executive Directors. The Committee is chaired by Sir Jeremy Hanley whom the Board
considers has appropriate financial expertise to fulfil this role. The other members are Michael Hartley and Malcolm Wall. The
meetings are also attended by the Chairman, the Finance Director , the deputy Finance Director and the auditors, together with any
other member of staff considered necessary by the Committee to complete its work. The Committee meets at least four times a
year and ensures that at least twice a year it meets with the auditors without executives or other members of staff present to
discuss matters relating to its remit and any issues arising.
The Committee is responsible for reviewing accounting procedures and the internal control environment. The Committee also
reviews announcements of the Company’ s results and monitors compliance with accounting standards and Company law . In
addition, the Committee considers the appointment of the Auditors, the scope of the audit and any issues arising, their fees and 
the nature, extent and costs of any non-audit services provided by them. The Committee has access to any employee and is able 
to obtain external advice on any matter as required. The auditors are able to request additional meetings at any time. 
The Remuneration Committee
The Remuneration Committee comprises only non-executive Directors. The Committee, which is chaired by Michael Hartley , meets
at least three times a year . The other members are Iain Paterson, Sir Jeremy Hanley and Malcolm Wall. The meetings are attended by
the Chief Executive Officer and external advisers as appropriate. 
Further information about the Committee is set out in the Report on remuneration on page 34.
Report on corporate governance
continued 33
ITE Group plc 
Annual Report 2007
The Nomination Committee
The Nomination Committee comprises the non-executive Directors Iain Paterson, Sir Jeremy Hanley , Michael Hartley and Malcolm
Wall. The Committee, which is chaired by Iain Paterson, is responsible, if requested by the Board, for nominating candidates to the
whole Board for approval, recommending the re-appointment or continuation in office of any Director , and for considering and
making recommendations to the Board on its composition and balance.
The Company Secretary is secretary to each of the above Committees.
Independence of external auditors
The Audit Committee has established clear guidelines concerning the levels of discretionary non-audit fees it considers are
appropriate to safeguard the independence of the auditors. The Committee has implemented review and approval processes
relating to the provision of non-audit services by the auditors, and undertakes an annual assessment of the auditors’ independence
and effectiveness. The Audit Committee is satisfied that there are sufficient safeguards in place to ensure auditor independence.
Whistle-blowing arrangements
The Company has a set policy to enable and encourage staff to report in confidence any possible improprieties in matters of
financial reporting or otherwise. The procedure for reporting any such matter has been communicated to all staff. 
Internal audit function
The Company does not currently have an internal audit function. The Audit Committee annually considers whether an internal
audit function is appropriate and makes an appropriate recommendation to the Board. The central finance function is responsible
for checking, monitoring and reporting on the control environment in the Group’ s accounting centres. The Committee considers
that at present the central finance function has sufficient independence to report objectively on the control environment in the
accounting centres. The Board has concluded that an internal audit function is not currently required. The Audit Committee will
continue to monitor this matter and make appropriate recommendations to the Board.
Review of internal controls and of risk management process
The Directors recognise that they have overall responsibility for ensuring that the Group maintains a system of controls, including
financial, operational and compliance controls and risk management to provide them with reasonable assurance regarding
effective and efficient operations, internal control and compliance with laws and regulations.
A system of internal controls has been established to allow the Board, in conjunction with management, to identify , evaluate and
manage the significant risks faced by the Company on an on-going and pro-active basis. The system also seeks to monitor the
Company’ s overall financial, operational and compliance positions and to help safeguard shareholders’ investments and to protect
the Company’ s assets. The Board is responsible for this process and for ensuring that it remains effective and, in order to facilitate
it, it has established a single organisational structure with clearly drawn lines of accountability , appropriate delegation of authority
and open lines of communication. 
The Company has a comprehensive system of financial reporting. There is a thorough budgeting system for all lines of income and
expenditure, with an annual budget approved by the Board. Historical financial performance and revised forecasts for the full year
are reported against budget and considered by the Board at each meeting. The Board pays particular attention to those matters
which, by their nature, expose the Company to significant risks and uncertainties, including exchange rates, which can be subject
to considerable volatility and can have a material impact on the Company’ s operating results.
The Company has established procedures to deal with authorisations for expenditure. The Board is committed to ensuring that the
Company’ s data and infrastructure, and its information technology systems, are as secure as is reasonably practicable. Security
controls and procedures are in place to prevent unauthorised access to the Company’ s premises. Hardware and software controls
have also been instigated to prevent unauthorised access to the Company’ s computer system and network. Regular back-ups of
electronic information are taken with copies being stored offsite.
This system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide
reasonable and not absolute assurance against material misstatement or loss.
This system of internal control has been in place throughout the year and up to the date of approval. It is reviewed regularly by 
the Board and complies with the T urnbull guidance. The Board has performed a specific assessment of internal controls for the
purpose of this Annual Report. The Audit Committee assists the Board in discharging its review responsibilities. 34
ITE Group plc 
Annual Report 2007
Report on remuneration
This report has been prepared in accordance with Schedule 7A Companies Act 1985. The report also links the relevant
requirements of the Listing Rules of the Financial Services Authority and describes how the Board has applied the principles
relating to Directors’ remuneration. As required by the Act, a resolution to approve the report will be proposed at the Annual
General Meeting of the Company at which the financial statements will be approved.
The Act requires the auditors to report to the Company’ s members on certain parts of the Report on remuneration and to state
whether in their opinion those parts of the report have been properly prepared in accordance with the Companies Act 1985. 
This report has therefore been divided into separate sections for audited and unaudited information.
Unaudited information
The Remuneration Committee
The members of the Remuneration Committee are Michael Hartley (Chairman), Sir Jeremy Hanley , Iain Paterson and Malcolm Wall.
All the members are non-executive Directors. The Board considers Michael Hartley , Sir Jeremy Hanley and Malcolm Wall to be
independent Directors.
The Remuneration Committee is responsible for:
• recommending to the Board the remuneration and terms and conditions of employment of the Chairman, executive Directors
and key members of senior management; 
• measuring subsequent performance as a prelude to determining the executive Directors’ and key managers’ total remuneration
on behalf of the whole Board; and
• Granting awards under the ITE Group’ s Performance Share Plans and options under the various ITE Group Share Option Schemes
detailed below . 
During the year , the Committee consulted with New Bridge Street Consultants LLP to advise on executive remuneration and the
operation of the various ITE Group share option schemes. New Bridge Street Consultants LLP has provided no other advice to the
Company , having been appointed by the Committee. 
Remuneration policy 
The Company’ s principal remuneration policy aim is to ensure that compensation offered is appropriate to attract, retain and
motivate executive Directors and staff with the ability and experience to deliver the Company’ s strategy and grow the business,
having regard to the challenging economic conditions and competition for such people in the markets in which the Company
operates. 
In formulating its policies the Committee has regard to and balances the following factors:
a) the remuneration packages offered to executives in companies competing in the same markets as the Company;
b) the remuneration practice in the markets in which the executive is principally based;
c) the need to align the interests of the executive with those of the shareholders;
d) the performance of the individual executive and of the Company as a whole; and
e) any amounts payable to executives in respect of services performed for the associates of the Company .
The remuneration packages of the executives comprise base salary and benefits, a performance-related bonus and longer-term
share-based incentive arrangements. A significant proportion of executive Directors’ remuneration is performance related. 
The fees of the non-executive Directors are proposed by the Chief Executive and approved by the Board, taking account of practice
adopted in other companies and the time commitment required. The fees of the Chairman are determined by the Committee
taking account of the role and the time commitment required. The Chairman does not take part in those discussions.
Policy criteria for various components 
Base salary 
Base salaries are reviewed annually by the Committee. Base salary levels are set by the Committee, taking into account each
executive Director’ s role, experience, performance and the markets in which they perform their duties. The base salaries for 
Bill Dye and Russell T aylor , and the consultancy remuneration for Edward Strachan are regularly reviewed and are subject to
benchmarking exercises against industry and sector comparators. Details of the executive Directors’ base salaries for the year
commencing 1 October 2007 are set out under ‘Directors’ service contracts’.  35
ITE Group plc 
Annual Report 2007
Variable bonus
Certain of the executive Directors and senior management participate in performance-related annual bonus schemes (“Executive
Bonus Plan”), which recognise Company objectives in compound growth of headline profit before tax. For the financial year
commencing 1 October 2007, Bill Dye’ s and Russell T aylor’ s maximum annual bonus opportunity provided under the Executive
Bonus Plan will be 100% and 65% of base salary respectively . Edward Strachan’ s annual bonus opportunity through the Company’ s
consultancy agreement with Kyzyl T an Consultants Limited (‘Kyzyl T an’) is on a similar basis to the Executive Bonus Plan, and 
for the financial year commencing 1 October 2007 is capped at 85% of the Kyzyl T an consultancy fee and his remuneration 
as a Director . 
The bonus caps for the year commencing 1 October 2007 are unchanged from the caps that applied previously for the same posts.
In the financial year ending 30 September 2007, maximum bonus was achieved by Ian T omkins, Russell T aylor and Edward
Strachan (through Kyzyl T an) under the Executive Bonus Plan, reflecting another year of excellent performance.
The Executive Bonus Plan applying to Bill Dye, Russell T aylor and Edward Strachan (through Kyzyl T an) for the 2007-08 financial
year is based upon achievement of a sliding scale of compound growth targets based upon headline profit before tax (as it was last
year). No bonus is payable unless the minimum growth target is achieved. 
Long-term incentives 
The Company has, in the past, operated Performance Share Plans and Share Option Schemes. In addition, this year , the
Remuneration Committee exceptionally approved a grant of conditional share awards to Bill Dye on his joining the Company 
as Chief Executive Officer . Further details are set out under Directors’ service contracts. It remains the Committee’ s intention 
to use Performance Share Plan awards as the principal long-term incentive scheme for the future. Options will only be issued 
if exceptional circumstances merit their use.
The Committee will regularly review the Company’ s share-based, long-term incentive policy in light of market practice, best
practice and the Company’ s particular circumstances.
Performance Share Plans
The Company operates the ITE Group plc Employees Performance Share Plan 2004 and the ITE Group plc Key Contractors’
Performance Share Plan 2004. Awards can be made to executives and senior management over shares worth up to 100% of base
salary each year , and under the latter scheme to key individuals who are not Group employees. 
The performance targets set for awards to be made in the financial year commencing 1 October 2007 are set out below . 
Aggregated headline diluted earnings per share* for the 
financial years ending 30 September 2008, 2009 and 2010 Percentage of award that vests
Below 29.8p Nil
29.8p 30% 
29.8p – 33.4p Between 30% and 100%
* ‘Headline diluted earnings per share’ is calculated using profit before amortisation of acquired intangibles and impairment of goodwill (including associates) 
and profits or losses arising on disposal of group undertakings. 
These performance conditions have been chosen by the Committee to take account of the Company’ s biennial business cycle 
and to incentivise management to deliver sustained headline earnings per share performance over the relevant three year period.
The targets are based upon a compound rate of growth in headline diluted earnings per share over the comparable figure achieved
in the year ended 30 September 2007. The targets are calculated for each of the three performance years, taking account of any
material events which are not annually recurring and aggregated into the ‘Aggregated headline diluted earnings per share target’.
The Committee will, for the purposes of third party verification, confirm with external advisers the extent to which these targets
are met. 
Executive Directors will be required to retain shares of a value equal to 25% of the after-tax gain made on the vesting of awards
under the Plans, until they have built up a shareholding equal to 1x salary .
Conditional share award grant
On the appointment of Bill Dye as Chief Executive Officer on 3 September 2007, the Committee granted him a conditional share
award. Further details of this scheme are set out under Directors’ service contracts. 36
ITE Group plc 
Annual Report 2007
Report on remuneration
continued
Share option plans
The Company has previously operated the following option schemes: the ITE Group 1998 Company Share Option Plan; the ITE
Group 1998 Discretionary Share Option Scheme; the ITE Group 1998 Key Contractor Share Option Scheme, and the ITE Group
Employee Share T rust Unapproved Share Option Scheme. 
Options can be granted under the ITE Group 1998 Company Share Option Plan and the ITE Group 1998 Discretionary Share Option
Scheme to ITE Group employees. Options can be granted under the ITE Group 1998 Key Contractor Share Option Scheme to key
individuals who are not Group employees. The ITE Group Employee Share T rust Unapproved Share Option Scheme can grant
options to ITE Group employees over shares held in the ITE Group Employees’ Share T rust (the “ESOT”).
It is the Committee’ s present intention not to grant further options under these arrangements, save in exceptional circumstances.
The last grant of options made by the Company under these schemes was in December 2004. 
Pensions 
The Company offers a stakeholder pension to its employees but currently makes no company contribution under this scheme. 
The Company makes a contribution equal to 10% of Bill Dye’ s base salary to his existing money purchase pension scheme. 
Directors’ service contracts 
Chief Executive Officer 
Ian T omkins was the Chief Executive up to 3 September 2007 when his employment terminated. 
Bill Dye – Disclosure of Recruitment Award in Remuneration Report
Bill Dye was appointed Chief Executive on 3 September 2007. His terms of employment included the payment of a cash sum 
of £150,000 that equated to bonus amounts foregone by him as a result of his leaving his previous employment to join ITE. He
was required to invest half of the net amount received in ITE shares which took place on 1 October 2007. Bill Dye also received a
conditional award over 215,385 ITE shares on 21 September 2007 which compensated him for the loss of equity positions he had
held in his previous employment and lost as a result of leaving that employment to join ITE. The ITE shares were worth £350,000
at the date of the grant of the award.
The conditional award was granted pursuant to the exemption from the need for prior shareholder approval contained in Listing
Rule 9.4.2. The award is non-pensionable and non-transferable. One third of the shares (i.e. 71,795 ITE shares) will vest on each of
the first three anniversaries of grant (being 21 September 2008, 21 September 2009 and 21 September 2010) but if Bill Dye sells
any of the purchased shares, ceases employment with the Company or gives or receives notice to terminate such employment, 
the award will lapse. T o the extent that the award vests, the relevant ITE shares will be delivered free of charge but, to the extent 
it does not vest (in part or in full), it will lapse. On a change of control or winding-up of the Company , the award shall vest in
respect of such number of shares as the Committee determines (taking into account, in the event of a change of control and 
if the Committee so determines, the period that is elapsed since the grant of the award to the date of the change of control). 
In the event of any variation of the Company share capital, the award may be adjusted by the Committee in such manner as 
it deems appropriate. 
The award will not confer any shareholder rights on Bill Dye until it vests. The award agreement may be amended in such manner
as the Company and Bill Dye may see fit, except that the Company will seek prior shareholder approval for any amendments 
which are to his benefit. 
The Committee confirms that the conditional award was felt to be necessary to facilitate the recruitment of Bill Dye as 
Chief Executive, given the benefits he was foregoing in leaving his previous employment.
Executive Directors
Bill Dye (Chief Executive) and Russell T aylor (Finance Director) have UK contracts of employment which reflect market and best
practice for senior management serving in the UK and have no fixed term. Notice periods and base salary details for all directors 
are outlined in the tables set out below . Other than the contribution to Bill Dye’ s pension scheme described above, there are no
contributions to pension schemes. The standard terms provide for medical insurance and life insurance but provide for no other
fringe benefits such as company cars. 
In the event of early termination of an executive Director’ s contract, it is the Committee’ s policy that (subject to the provisions of
each contract) the amount of compensation (if any) paid to the executive Director will be determined by reference to the relevant
circumstances that prevail at the time. The Committee’ s objective will be to avoid rewarding poor performance. Furthermore, the
Committee will take account of the executive Director’ s duty to mitigate his loss. 37
ITE Group plc 
Annual Report 2007
Edward Strachan’ s remuneration as a Director from 1 October 2007 is £37,000. In addition, Edward Strachan is remunerated 
as a consultant through the Company’ s agreement with Kyzyl T an. The agreement with Kyzyl T an is a three-year contract to 
provide the services of Edward Strachan to the Company from 1 October 2005 to 30 September 2008. The base consultancy 
fee under this agreement for the year commencing 1 October 2007 is £320,000. Kyzyl T an is entitled to a bonus based upon the
same targets and criteria as Bill Dye and Russell T aylor , which is capped at 85% of Kyzyl T an’ s base consultancy fee and Edward
Strachan’ s remuneration as a Director for the year ending 30 September 2008 i.e. £357,000 in total. For the financial year ending 
30 September 2007, Kyzyl T an is entitled to a bonus based upon the profitability of certain events. This additional amount accrues 
from a previous contractual arrangement between Kyzyl T an and the Company , the effect of which expires at 30 September 2007.
Under the Kyzyl T an contract, Edward Strachan is required to reside in the markets where his management responsibilities are 
based and Kyzyl T an is entitled to a living away from home allowance of $90,000 for its employee for each year of the contract.
The Remuneration Committee considers that Edward Strachan’ s unique knowledge and skills of managing the exhibition business
in the regions for which he is responsible, together with the requirement for him to reside abroad, warrants the Company entering
into a consultancy contract with a fixed term in excess of one year . The Committee firmly believes that this contract is in the best
interest of the Company . The arrangement will be reviewed on its termination to ascertain whether this basic approach remains, 
at that time, in the interests of shareholders.
Consistent with market practice, other than Edward Strachan’ s arrangements that have been established to take account of his
specific circumstances and value to the Company , there are no service contracts or other employment arrangements with any 
of the executive Directors with fixed terms or notice periods in excess of one year or terms which would expose the Company 
to compensation payments in excess of one year’ s total remuneration.
The dates of each contract, the relevant notice period and base salary for 2007-2008 are as follows:
Name Date of contract Notice period Base salary 2007-2008
Bill Dye 3 September 2007 12 months £400,000
Russell T aylor 25 March 2003 12 months £236,250
Ian T omkins 1 July 1998 12 months T erminated 3 September 2007
Non-executive Directors
The Chairman and non-executive Directors are entitled to one months’ written notice to terminate their contracts but no further
rights to compensation payments on termination. The dates of the contracts are for Iain Paterson 27 May 2002, for Sir Jeremy
Hanley 26 February 2004, for Michael Hartley 20 October 2003 and for Malcolm Wall 4 May 2006. 
The non-executive Directors’ salaries were subject to an independent benchmarking exercise against industry comparators, taking
account of their time commitment and responsibilities. As a result of this, each of the non-executive Directors’ fees (not including
the Chairman) was increased by £6,000 p.a. effective from 1 October 2007. Accordingly the remuneration for the year commencing
1 October 2007 for Sir Jeremy Hanley will be £58,000, for Michael Hartley £39,000 and for Malcolm Wall £36,000.
Performance graph
T otal shareholder return of ITE Group plc over the last five financial years compared to the FTSE Small Cap and FTSE 250 Index. 
ITE Group plc became a constituent company of the FTSE 250 Index in June 2007.
Total shareholder return 
Source: Thomson Financial
This graph illustrates the performance of the Company compared to “The FTSE Small Cap Index” and “The FTSE 250 Index” over 
the past five years. The Company was a constituent of the FTSE Small Cap index up to 18 June 2007 and thereafter of the FTSE 250
Index and these indices are considered the most appropriate form of “broad equity market index” against which the Company’ s
performance should be measured. Performance is measured by T otal shareholder return (share price growth plus dividends paid).
0
100
200
300
400
500
600
700
800
30-Sep-02 30-Sep-03 30-Sep-04 30-Sep-05 30-Sep-06 30-Sep-07
Value (£)
This graph shows the value, by 30 September 2007, 
of £100 invested in ITE Group plc on 30 September
2002 compared with the value of £100 invested in the
FTSE Small Cap Index and the value of £100 invested in
the FTSE 250 Index. The other points plotted are the
values at intervening financial year-ends.
ITE Group plc
FTSE 250 Index
FTSE Small Cap Index Audited information
Aggregate Directors’ remuneration
The total amounts for Directors’ remuneration and other benefits were as follows:
2007 2006
£000 £000
Emoluments 2,736 2,185
Gains on exercise of share options (see page 39 for details) 6,964 273
Total 9,700 2,458
Directors’ emoluments 
Compensation
Fees/basic Annual Benefits for loss 2007 2006
salary bonuses in kind of office total total
Name of Director Notes £000 £000 £000 £000 £000 £000
Executive
Bill Dye 1,4 33 150 4 – 187 –
Ian T omkins 2,4 367 400 – 374 1,141 718
Ceyda Erem 3,4 24 – – – 24 188
Edward Strachan 5 340 390 46 – 776 721
Russell T aylor 225 146 1 – 372 332
Non-executive
Iain Paterson 6 120 – – – 120 120
Sir Jeremy Hanley 53 – – – 53 53
Michael Hartley 33 – – – 33 33
Malcolm Wall 30 – – – 30 12
Former Director – – – – – 8
Aggregate emoluments 1,225 1,086 51 374 2,736 2,185
Notes
1. Bill Dye was entitled to a payment of £150,000 on commencement of his contract. This equated to amounts due to him in his former employment and foregone 
as a consequence of taking up his position as Chief Executive of ITE, as stated under Directors’ services contracts. This amount is included under ‘Annual bonuses’ 
in the table above. Contributions to his pension scheme are included under ‘Benefits in kind’.
2. Ian T omkins’ employment contract was terminated on 3 September 2007. Under his contract of employment, he was due to be paid to 31 December 2007 and
£134,333 was paid in lieu of notice for the period from 3 September to 31 December 2007 (included above under ‘Compensation for loss of office’). Ian T omkins’
bonus of £400,000 for the year ended 30 September 2007 was paid following confirmation that the financial targets had been achieved in full for that year . The
Company is contractually obliged to pay Ian T omkins a bonus for the period to 31 December 2007 which will be based on sales achieved at that date. An estimate 
of £240,000 has been included under ‘Compensation for loss of office’ in respect of this obligation.
3. Ceyda Erem was paid $40,000 (approximately £20,000) for her services as Managing Director of the associate Company ITF for the part of the year for which she 
was also a Director of ITE Group plc ($311,000 for the year ended 30 September 2006). 
4. These Directors served for only part of the year ended 30 September 2007.
5. Edward Strachan earned Director’ s fees of £37,000 for the year and he is a shareholder of Kyzyl T an Consultants Limited (‘Kyzyl T an’), which received consultancy 
fees for services provided to the Group of £303,000 per annum. These amounts are included under ‘Fees/basic salary’. Kyzyl T an earned total performance-related
bonuses of £390,000 for the year of which £289,000 related to his annual bonus arrangements for the year and £101,000 was in respect of performance related
payments due to him under a previous agreement, the effect of which expires on 30 September 2007. Kyzyl T an was paid £46,000 in the year to 30 September 2007
for living away from home allowance in accordance with its consultancy agreement. These amounts are all included in the table above.
6. Iain Paterson received half of his remuneration in shares issued at an average mid-market price over the year ending 30 September 2007. With regard to his
accumulated shareholding and so as to protect his independent status, Iain Paterson has agreed to receive all of his remuneration in cash from 1 December 2007.
T otal compensation for loss of office in the year was £374,000 (2006: nil).
38
ITE Group plc 
Annual Report 2007
Report on remuneration
continued 39
ITE Group plc 
Annual Report 2007
Directors’ share options
Aggregate emoluments disclosed above do not include any amounts for the value of options to acquire ordinary shares in the
Company granted to or held by the Directors. Details of the options are as follows:
01 Oct 06 Granted Exercised Market price Gain on
or date of during Option during at exercise Exercisable Exercisable exercise
Director/Scheme appointment the year price the year date 30-Sep-07 from to £000
Bill Dye
Conditional Share Award 71,795 nil 71,795 21/09/2008*
71,795 nil 71,795 21/09/2009*
71,795 nil 71,795 21/09/2010*
Ian T omkins*** 
1998 Discretionary Scheme 1,000,000 – 34.25p 1,000,000 163p – – – 1,287
2,000,000 – 34.25p 2,000,000 177p – – – 2,855
2004 Employees’ Performance 
Share Plan 470,588 – 1p 470,588 165p – – – 772
328,070 – nil** 328,070 170p – – – 558
196,000 – nil** 196,000 170p – – – 333
Edward Strachan
1998 Discretionary Scheme 100,000 – 47.5p 100,000 174p – – – 126
1,000,000 – 26.5p – – 1,000,000 01/10/2007 30/09/2012
2004 Employees’ Performance 
Share Plan 31,372 – 1p 31,372 169.75p – – – 53
23,392 – nil** – – 23,39213/01/2008
16,800 – nil** – – 16,80018/01/2009
2004 Key Contractors’ Performance 
Share Plan 282,353 – 1p 282,353 174p – – – 488
225,146 – 1p – – 225,14613/01/200812/01/2015
149,800 – 1p – – 149,800 18/01/2009 17/01/2016
Russell T aylor
1998 Discretionary Scheme 1,000,000 – 35.5p – – 1,000,000 26/03/2008 25/03/2013
2004 Employees’ Performance 
Share Plan 258,823 – 1p 258,823 191p – – – 492
180,439 – nil** – – 180,43913/01/2008
106,400 – nil** – – 106,400 18/01/2009
* This award is a conditional award. Shares subject to the award will be transferred automatically to the participant without any need to exercise the award following 
the relevant vesting date.
** These awards are conditional awards. Subject to the satisfaction of the relevant performance targets, shares subject to the awards will be transferred automatically 
to the relevant participant without any need to exercise the award following the end of the performance period.
*** On the termination of Ian T omkins’ contract on 3 September 2007, the Committee, acting pursuant to the terms of the relevant schemes, approved the early vesting
of 2,000,000 34.25p share options which would have otherwise vested on 20 December 2007. The Committee also approved the early vesting of 328,070
Performance Share Plan awards relating to financial performance for the three years ending 30 September 2007 and otherwise due to vest on 13 January 2008, 
and the early vesting of 196,000 2004 Employees Performance Share Plan contingent awards relating to financial performance for the three years ending on 30
September 2008 and which would otherwise have vested on 18 January 2009. In determining the extent to which performance criteria over the full period would
have been met, the Committee relied upon independent forecasts. The Company , having taken advice, concluded that the performance criteria should be treated as
having been met in full reflecting the outstanding performance of the Company under Ian T omkins’ stewardship. 40
ITE Group plc 
Annual Report 2007
Report on remuneration
continued
The market price of the ordinary shares at 30 September 2007 was 172p and the range during the year was 130p to 194.5p. 
The 1998 Discretionary Scheme and Employee Share T rust options are not subject to any performance conditions governing 
their exercise. 
For the 2004 Employees’ and Key Contractors’ Performance Share Plans, the performance conditions to be met for the awards 
made on 13 January 2005 required the Company’ s aggregated diluted headline earnings per share for the three years ending 
30 September 2007 (excluding the costs associated with such awards or any other share awards) to be equal to or have exceeded
17.1p. On account of the Company’ s exceptional performance over the last three years, these awards will, on the basis of the
results for the year ended 30 September 2007, vest in full on 13 January 2008.
Aggregated diluted headline earnings per share for the 
financial years ending 30 September 2005, 2006 and 2007 Percentage of award that vests
Below 17.1p Nil
17.1p 30%
Between 17.1p and 18.6p Between 30% and 100% calculated on a straight line basis
The market price of an ordinary share on 13 January 2005 was 85.5p.
For the 2004 Employees’ and Key Contractors’ Performance Share Plans, the performance conditions to be met for the awards made
on 17 January 2006 require the Company’ s aggregated diluted headline earnings per share (including the costs associated with
such awards or any other share awards) for the three years ending 30 September 2008 to be equal to or have exceeded 19.0p, 
in which case the awards vest as set out below:
Aggregated diluted headline earnings per share for the 
financial years ending 30 September 2006, 2007 and 2008 Percentage of award that vests
Below 19.0p Nil
19.0p 30%
Between 19.0p and 21.0p Between 30% and 100% calculated on a straight line basis
The market price of an ordinary share on 17 January 2006 was 126.5p.
The conditional share awards granted to Bill Dye will vest on the condition that Bill Dye is still in the employ of the Company and 
is not under notice to leave, and has not disposed of his initial shareholding on the date when each tranche vests. The market price
of an ordinary share on date of grant on 21 September 2007 was 162.5p.
The cost of all share awards charged to the profit and loss account for the year ending 30 September 2007 was £1.6 million 
(2006: £1.5 million). 
The maximum number of new share issues possible under the dilution limits in the option trust deeds is 11,738,272. The current
headroom for making further share awards to be satisfied by the issue of new shares is 9,276,000 new share awards. Additionally
the Employee’ s Share T rust (ESOT) can hold up to 5% of the Company’ s issued share capital against share awards.
Directors’ pension
Contributions paid by the Company in respect of Directors’ pension:
2007 2006
£000 £000
Bill Dye 4 Nil
On behalf of the Board
Michael Hartley
Chairman of the Remuneration Committee
3 December 2007 41
ITE Group plc 
Annual Report 2007
We have audited the Group financial statements of ITE Group plc for the year ended 30 September 2007 which comprise the 
Group income statement, the Group statement of recognised income and expense, the Group balance sheet, the Group cash flow
statement, and the related notes 1 to 26. These Group financial statements have been prepared under the accounting policies set
out therein. We have also audited the information in the Report on remuneration that is described as having been audited.
We have reported separately on the parent company financial statements of ITE Group plc for the year ended 30 September 2007.
This report is made solely to the Company’ s members, as a body , in accordance with section 235 of the Companies Act 1985. Our
audit work has been undertaken so that we might state to the Company’ s members those matters we are required to state to them
in an auditors’ report and for no other purpose. T o the fullest extent permitted by law , we do not accept or assume responsibility 
to anyone other than the Company and the Company’ s members as a body , for our audit work, for this report, or for the opinions
we have formed.
Respective responsibilities of directors and auditors
The Directors’ responsibilities for preparing the Annual Report, the Report on remuneration and the Group financial statements in
accordance with applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union are set
out in the statement of Directors’ responsibilities.
Our responsibility is to audit the Group financial statements in accordance with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the Group financial statements give a true and fair view , whether the Group financial
statements have been properly prepared in accordance with the Companies Act 1985 and Article 4 of the IAS Regulation and
whether the part of the Report on remuneration described as having been audited has been properly prepared in accordance with
the Companies Act 1985. We also report to you whether , in our opinion, the information given in the Directors’ report is consistent
with the Group financial statements.
In addition, we report to you if, in our opinion, we have not received all the information and explanations we require for our audit,
or if information specified by law regarding Director’ s remuneration and other transactions is not disclosed.
We review whether the Corporate governance statement reflects the Company’ s compliance with the nine provisions of the 2003
Combined Code specified for our review by the Listing Rules of the Financial Services Authority , and we report if it does not. 
We are not required to consider whether the Board’ s statements on internal control cover all risks and controls, or form an opinion
on the effectiveness of the Group’ s corporate governance procedures or its risk and control procedures.
We read the other information contained in the Annual Report as described in the contents section and consider whether it is
consistent with the audited Group financial statements. We consider the implications for our report if we become aware of any
apparent misstatements or material inconsistencies with the Group financial statements. Our responsibilities do not extend to 
any further information outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices
Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the Group financial
statements and the part of the Report on remuneration to be audited. It also includes an assessment of the significant estimates
and judgments made by the Directors in the preparation of the Group financial statements, and of whether the accounting policies
are appropriate to the Group’ s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in 
order to provide us with sufficient evidence to give reasonable assurance that the Group financial statements and the part of 
the Report on remuneration to be audited are free from material misstatement, whether caused by fraud or other irregularity or
error . In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the Group financial
statements and the part of the Report on remuneration to be audited.
Opinion
In our opinion:
• the Group financial statements give a true and fair view , in accordance with IFRSs as adopted by the European Union, of the 
state of the Group’ s affairs as at 30 September 2007 and of its profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with the Companies Act 1985 and Article 4 of the 
IAS Regulation; 
• the part of the Report on remuneration described as having been audited has been properly prepared in accordance with the
Companies Act 1985; and
• the information given in the Directors’ report is consistent with the Group financial statements.
Deloitte & T ouche LLP
Chartered Accountants and Registered Auditors 
London
3 December 2007
Independent auditors’ report 42
ITE Group plc 
Annual Report 2007
Consolidated income statement
For the year ended 30 September 2007
2007 2006
Notes £000 £000
Continuing operations
Revenue 1 99,134 82,368
Cost of sales (49,397) (43,885)
Gross profit 49,737 38,483
Other operating income 253 278
Administrative expenses before amortisation (16,032) (14,112)
Amortisation of acquired intangibles 4 (1,603) (1,330)
T otal administrative expenses (17,635) (15,442)
Profit on disposal of group undertakings – 158
Share of results of associate 14 266 564
Operating profit 32,621 24,041
Finance income 2 1,778 1,368
Finance costs 3 (663) (621)
Profit on ordinary activities before taxation 4 33,736 24,788
T ax on profit on ordinary activities 6 (10,777) (7,351)
Profit for the period 22,959 17,437
Attributable to:
Equity holders of the parent 22,978 17,401
Minority interests 23 (19) 36
22,959 17,437
Earnings per share (p)
Basic 8 9.1 6.9
Diluted 8 9.0 6.7 43
ITE Group plc 
Annual Report 2007
Consolidated statement of recognised income and expense 
For the year ended 30 September 2007
2007 2006
Notes £000 £000
Currency translation difference on net investment in subsidiary undertakings (62) (197)
Increase in fair value on cash flow hedge 22 331 356
T ax on items taken directly to equity 1,921 159
Net income recognised directly in equity 2,190 318
T ransferred to profit or loss on cash flow hedges 22 (614) (22)
Implementation of IAS 39 22 – (500)
Profit for the period attributable to the shareholders 22,959 17,437
T otal recognised income and expense for the period 24,535 17,233
Attributable to:
Equity holders of the parent 24,554 17,197
Minority interests (19) 36
24,535 17,233 44
ITE Group plc 
Annual Report 2007
Consolidated balance sheet
30 September 2007
2007 2006
Notes £000 £000
Non-current assets
Goodwill 9 34,424 34,406
Other intangible assets 11 4,295 5,869
Property , plant and equipment 12 1,412 1,269
Investments in associates 14 1,358 1,438
Venue advances and other loans 15 1,583 3,015
Deferred tax asset 19 1,690 2,022
44,762 48,019
Current assets
T rade and other receivables 15 37,372 31,174
Cash and cash equivalents 15 39,963 31,883
77,335 63,057
T otal assets 122,097 111,076
Current liabilities
Bank overdraft 16 (13,306) (10,717)
T rade and other payables 17 (60,142) (52,291)
Provisions 18 (824) (907)
(74,272) (63,915)
Non-current liabilities
Provisions 18 (754) (1,367)
Deferred tax liabilities 19 (1,671) (2,145)
(2,425) (3,512)
T otal liabilities (76,697) (67,427)
Net assets 45,400 43,649
Equity
Share capital 21 2,503 2,609
Share premium account 22 871 698
Merger reserve 22 2,746 2,746
Capital redemption reserve 22 403 291
ESOT reserve 22 (597) (3,016)
Retained earnings 22 38,930 40,555
Own shares held 22 – (1,142)
Hedge and translation reserve 22 544 889
Equity attributable to equity holders of the parent 45,400 43,630
Minority interests 23 – 19
T otal equity 45,400 43,649
The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2007. They were signed
on their behalf by:
Bill Dye Russell T aylor
Chief Executive Officer Finance Director 45
ITE Group plc 
Annual Report 2007
Consolidated cash flow statement
For the year ended 30 September 2007
2007 2006
Notes £000 £000
Cash flows from operating activities
Operating profit from continuing operations 1 32,621 24,041
Adjustments for:
Depreciation and amortisation 4 2,159 1,895
Share-based payments 1,550 1,492
Other non-cash expenses 47 208
Profit on sale of fixed asset (39) –
Share of associate profit (266) (564)
Gain on disposal of subsidiary – (158)
Decrease in provisions (1,072) (213)
Operating cash flows before movements in working capital 35,000 26,701
Increase in receivables (1,230) (233)
Increase in payables 7,748 7,752
Cash generated from operations 41,518 34,220
T ax paid 6 (10,324) (9,064)
Venue advances and loans (929) (7,422)
Net cash from operating activities 30,265 17,734
Investing activities
Interest received 2 1,752 925
Dividends received from associates 444 422
Acquisition of businesses (359) (2,923)
Exercise of Moda Put Option (1,030) –
Purchase of property , plant and equipment and computer software (783) (525)
Disposal of property , plant and equipment 142 –
Net cash generated from investing activities 166 (2,101)
Financing activities
Dividends paid 7 (9,634) (7,143)
Interest paid (663) (621)
Net cash flow in relation to ESOT shares 2,623 541
Purchase of own shares 22 (17,506) (1,142)
Proceeds from issue of share capital 144 634
Net cash flows from financing activities (25,036) (7,731)
Net increase in cash and cash equivalents 5,395 7,902
Net cash and cash equivalents at beginning of period 21,166 13,019
Effect of foreign exchange rate changes 96 245
Net cash and cash equivalents at end of period 26,657 21,166
Comprising:
Cash and cash equivalents 15 39,963 31,883
Bank overdrafts 16 (13,306) (10,717)
26,657 21,166 46
ITE Group plc 
Annual Report 2007
General information
ITE Group plc is a Company incorporated in the United Kingdom. The address of the registered office is given on the inside back
cover . The nature of the Group’ s operations and its principal activities are set out in note 1. 
These financial statements are presented in pounds Sterling because that is the currency of the primary economic environment 
in which the Group operates. Foreign operations are included in accordance with the accounting policies set out below .
In addition the following new standards, amendments to standards and interpretations are mandatory for the year ending 
30 September 2007, and these have been adopted but have had no impact on the 2007 Group financial statements:
• Amendments to IAS 39 Financial Instruments: Recognition and Measurement 
• IFRIC 4 Determining Whether an Arrangement Contains a Lease 
• IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies 
• IFRIC 8 Scope of IFRS 2 
• IFRIC 9 Reassessment of Embedded Derivatives 
• IFRIC 11 IFRS 2 Group and T reasury Shares T ransactions
The following new interpretations have been issued which are not applicable to the Group since they are only effective for the
Group’ s accounting periods beginning on or after 1 October 2007. These are also not expected to have a material impact on the
Group financial statements:
• IFRIC 10 Interim Financial Reporting and Impairment
• IFRIC 12 Service Concession Agreements 
• IFIRC 13 Customer Loyalty Programmes 
• IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
Basis of accounting
ITE Group plc is a UK listed Company and, together with its subsidiary operations, is hereafter referred to as ‘the Group’. The
Company is required to prepare its consolidated financial statements in accordance with International Reporting Standards (IFRS) 
as endorsed by the European Union.
The preparation of financial statements under IFRS requires the Directors to make judgements, estimates and assumptions that
affect the application of policies and the reported amounts of assets and liabilities, and income and expenses. These estimates and
associated assumptions are based on past experience and other factors considered applicable at the time and are used to make
judgements about the carrying value of assets and liabilities that cannot be readily determined from other sources. Actual results
may differ from these estimates.
These estimates and underlying assumptions are reviewed on an ongoing basis. Changes to estimates and assumptions are
reflected in the financial statements in the period in which they are made. 
The statements are presented in pounds Sterling and have been prepared under IFRS using the historical cost convention, except
for the revaluation of financial instruments. The principal accounting policies adopted are set out below . 
Basis of consolidation
The Group accounts consolidate the accounts of ITE Group plc and its subsidiary undertakings controlled by the Company drawn
up to 30 September each year . Control is achieved where the Company has the power to govern the financial and operating
policies of an investee entity so as to obtain benefits from its activities.
On acquisition, the assets and liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess 
of the cost of acquisition over the fair values of the identifiable net assets is recognised as goodwill. The interest of minority
shareholders is stated at the minority’ s proportion of the fair values of assets and liabilities recognised. Subsequently , any losses
applicable to the minority interest in excess of the minority interest are allocated against the interests of the parent.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the
effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary , adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line
with those used by the Group. 
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Notes to the consolidated accounts 47
ITE Group plc 
Annual Report 2007
Business combinations
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at the
aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments 
issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. 
The acquiree’ s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are
recognised at their fair value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held
for resale in accordance with IFRS 5 (Non-current assets held for sale and discontinued operations), which are recognised and
measured at fair value less costs to sell.
Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business
combination over the Group’ s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised.
If, after reassessment, the Group’ s interest in the net fair value of the acquiree’ s identifiable assets, liabilities and contingent
liabilities exceeds the cost of the business combination, the excess is recognised immediately in the profit and loss account.
The interest of minority shareholders in the acquiree is initially measured as the minority’ s proportion of the net fair value of the
assets, liabilities and contingent liabilities recognised. 
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’ s interest in the fair value of the
identifiable assets and liabilities of a subsidiary or associate at the date of acquisition. Goodwill is recognised as an asset and
reviewed for impairment at least annually . Any impairment is recognised immediately in the profit and loss account and is not
subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to each of the Group’ s cash-generating units expected to benefit from
the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating 
unit is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill
allocated to the unit and then to other assets of the unit, pro-rata on the basis of the carrying amount of each asset in the unit. 
On disposal of a subsidiary or associate, the attributable amount of goodwill is included in the determination of the profit or loss 
on disposal.
Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts subject 
to being tested for impairment at that date. Goodwill written off to reserves under UK GAAP prior to 1998 has not been reinstated
and is not included in determining any subsequent profit or loss on disposal.
Goodwill on acquisition of a foreign entity is treated as an asset of the foreign entity and translated at the closing rate. The Group
has elected to treat goodwill arising on acquisitions before the date of transition to IFRS as sterling denominated assets.
Intangible assets
Computer software, trademarks, brands and customer lists are measured initially at purchase cost. Computer software,
trademarks, brands and customer lists have a definite useful life and are carried at cost less accumulated amortisation.
Amortisation is calculated using the straight line method to allocate the cost over their estimated useful life. The estimated 
useful lives are typically between three and five years.
Impairment of assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether
there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of the impairment (if any). Where the asset does not generate cash flows that are
independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset
belongs. An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication 
that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted. 48
ITE Group plc 
Annual Report 2007
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying
amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment is recognised immediately 
as an expense.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the
revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount 
that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. 
A reversal of an impairment loss is recognised as income immediately , unless the relevant asset is carried at a revalued amount, 
in which case the reversal of the impairment loss is treated as a revaluation increase.
Property, plant and equipment
Property , plant and equipment is carried at cost less accumulated depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line method, 
on the following bases:
Leasehold improvements – term of lease
Fixture and fittings – 10 years
Plant and equipment – 4 years
Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets, or where
shorter , over the term of the relevant lease.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds 
and the carrying value amount of the asset and is recognised in income.
Associates
Associates are entities over which the Group has a significant influence but not control or joint control. In the Group accounts the
results and assets and liabilities of associates are accounted for using the equity method. Investments in associates are carried in
the balance sheet at cost as adjusted by post-acquisition changes in the Group’ s share of the net assets of the associate, less any
impairment. The consolidated income statement includes the Group’ s share of associates’ profits less losses. The share of profits 
of associates included in the income statement is the net profit after interest, tax and minority interests of the associate. Losses 
of associates in excess of the Group’ s interest in those associates are not recognised.
Any excess of the cost of acquisition over the Group’ s share of the fair value of the identifiable net assets of the associate at the
date of acquisition is recognised as goodwill within the Group’ s investment in associates.
Where a Group company transacts with an associate, profits and losses are eliminated to the extent of the Group’ s interest in the
relevant associate. Losses may provide evidence of an impairment of the asset transferred, in which case appropriate provision is
made for impairment.
Venue advances
Where the Group has advanced funds to venue owners that can be repaid by either off-setting against future venue hire or by cash
repayment, the fair value is recognised based on the discounted value of future cash receipts. The loan balance is subsequently
measured at amortised cost using the “effective interest rate method”. Appropriate allowances for estimated irrecoverable amounts
are recognised in profit or loss when there is objective evidence that the asset is impaired.
Advances that are prepayments of future venue hire and do not permit the repayment of the principal in cash are recognised 
at cost as prepayments in venue advances and prepayments.
Provisions
Provisions are recognised when the Group has a present obligation as a result of past events, it is probable that an outflow of
resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions
are discounted to present value where the effect is material.
Notes to the consolidated accounts
continued 49
ITE Group plc 
Annual Report 2007
Financial Instruments
Financial assets and financial liabilities are recognised on the Group’ s balance sheet when the Group becomes a party to the
contractual provisions of the instrument. The Group adopted IAS 39 and IAS 32 with effect from 1 October 2005 and consequently
restated the balance sheet at that date in accordance with the requirements of these standards. 
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that 
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
T rade receivables and payables
T rade receivables and payables are measured at initial recognition at fair value and are subsequently measured at amortised cost
using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in profit 
or loss when there is objective evidence that the asset is impaired.
Bank borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges are
accounted for on an accruals basis in profit or loss and are added to the carrying amount of the instrument to the extent that they
are not settled in the period in which they arise. Where bank overdrafts are deemed to be integral to the Group’ s cash management
activities, they are presented within net cash and cash equivalents in the cash flow statement. Overdrafts that are considered to be
financing in nature are presented as financing activities in the cash flow statement.
Hedging instruments
The Group’ s activities expose it to the financial risks of changes in foreign currency exchange rates. The Group uses foreign
exchange forward contracts and options to hedge these exposures. 
Derivative instruments are carried at fair value in the balance sheet. Changes in the fair value of derivatives that are designated and
qualify as effective fair value hedges are recognised in the income statement, along with any changes in fair value of the hedged
item that is attributable to the hedged risk. Any ineffective portion is also recognised in the income statement.
Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income
statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies
for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in
equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur , the net cumulative gain or
loss recognised in equity is transferred to profit or loss for the period.
The Group’ s use of financial derivatives is governed by the Group’ s financial policies. Further details on these policies can be found
in the Business review on pages 23 to 24.
Revenue
Revenue represents the fair value of amounts receivable for goods and services provided in the ordinary course of business net 
of discounts, VA T and other sales-related taxes.
Revenue and profit is recognised over the course of an event. Billings and cash received in advance, and directly attributable costs
relating to future events are deferred. The amounts so deferred are included in the balance sheet as deferred event income and
prepaid event costs respectively . Losses anticipated at the balance sheet date are provided in full.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.
Dividend income from investments is recognised when the shareholders’ rights to receive payment have been established.
Barter transactions
Where barter transactions occur between advertising and exhibition space and the revenue can be measured reliably , revenues 
and costs are recognised in the income statement.  50
ITE Group plc 
Annual Report 2007
Operating profit
Operating profit is stated after the share of results of associates and profit or loss on disposal of Group undertakings and before
investment income and finance costs. 
Taxation
The tax expense represents the sum of tax currently payable and deferred tax.
The current tax is based on the taxable profit for the year using the tax rates and laws that have been enacted or substantially
enacted by the balance sheet date. T axable profit differs from net profit as reported in the income statement because it excludes
items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable 
or deductible.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for 
using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences 
and deferred tax assets are recognised only to the extent that it is probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises
from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction
that does not affect the tax profit or the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates and
interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that
the temporary difference will not reverse in the foreseeable future.
The carrying value of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is
realised. Deferred tax is charged or credited in the income statement, except where it relates to items charged or credited directly
to equity , in which case the deferred tax is also dealt with in equity .
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax
liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current 
tax assets and liabilities on a net basis.
Foreign currencies
T ransactions in foreign currencies are recorded at the rate of exchange at the date of the transaction or their contractual rate where
applicable. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated at the rates
of exchange prevailing at that date. Non-monetary assets and liabilities are translated at the rate prevailing at the date the fair 
value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Gains and losses arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit 
or loss for the period. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included 
in profit or loss for the period except for differences arising on the retranslation of non-monetary items in respect of which gains 
or losses are recognised directly in equity . For such non-monetary items, any exchange component of that gain or loss is also
recognised directly in equity .
Details of the Group’ s accounting polices for forward contracts and options are included in the policy on derivative financial
instruments.
On consolidation, the results of overseas operations are translated at the average rates of exchange during the period and their
balance sheets at the rates ruling at the balance sheet date. Income and expense items are translated at the average exchange
rates for the period, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date 
of transaction are used. Exchange differences arising are classified as equity and transferred to the Group’ s translation reserve.
Such translation differences are recognised as income or as expense in the period in which the operation is disposed of.
Under the exemption permitted from IAS 21 (the effects of changes in foreign exchange rates), cumulative translation differences
for all foreign operations prior to 1 October 2004 have been treated as zero. Consequently , any gain or loss on disposal will
exclude translation differences that arose prior to 1 October 2004.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign
entity and translated at the closing rate.
Notes to the consolidated accounts
continued 51
ITE Group plc 
Annual Report 2007
Employee Share Trust
The financial statements include the assets and liabilities of the Employee Share T rust (‘ESOT’). Shares in the Company held by 
the ESOT have been valued at cost and are held in equity . The costs of administration of the ESOT are written off to profit or loss 
as incurred.
Where such shares are subsequently sold, any net consideration received is included in equity attributable to the Company’ s 
equity holders.
Share-based payments
The Group has applied IFRS 2 (share-based payment). IFRS 2 has been applied to all grants of equity instruments after 7 November
2002 that were unvested as of 1 January 2005.
The Group issues equity-settled share-based payments to certain employees. These are measured at fair value (excluding the effect
of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled
share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’ s estimate of shares that
will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Fair value is measured using a Black-Scholes model. The expected life used in the model has been adjusted, for the effects of 
non-transferability , exercise restrictions and behavioural considerations based on management’ s best estimate.
Leases
Rentals payable under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made
on such a basis. Benefits received as an incentive to enter into an operating lease are also spread on a straight-line basis over the
lease term.
Critical accounting judgements and key sources of estimation uncertainty
In the process of applying the Group’ s accounting policies, the following judgements and assumptions have been made by
management and have the most significant effect on the amounts recognised in the financial statements or have the most risk 
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:
Impairment of goodwill and intangible assets
Determining whether goodwill and intangible assets are impaired requires an estimation of the value in use of cash-generating
units to which goodwill or intangible assets have been allocated. The value in use calculation requires an estimation of future 
cash flows expected from the cash-generating unit and a suitable discount rate in order to calculate present value. The carrying
value of goodwill and intangible assets at 30 September 2007 is £34.4 million and £4.3 million respectively .
Intangible assets
The valuation of intangible assets requires management to estimate the net present value of the additional future cash flows
arising from customer relationships and trademarks to determine the value of those intangible assets. This involves estimating 
the period over which the customer relationships and trademarks affect future cash flows. 
Share-based payments 
The Group makes share-based payments to certain employees. These payments are measured at their estimated fair value at 
the date of grant, calculated using an appropriate option pricing model. The fair value determined at the grant date is expensed 
on a straight-line basis over the vesting period, based on the estimate of the number of shares that will eventually vest. The key
assumptions used in calculating the fair value of the options are the discount rate, the Group’ s share price volatility , dividend yield,
risk free rate of return, and expected option lives. Management regularly performs a true-up of the estimate of the number of
shares that are expected to vest; this is dependent on the anticipated number of leavers. 
T axation 
Being a multinational Group with tax affairs in many geographic locations inherently leads to a tax structure which makes the
degree of estimation and judgement more challenging. The resolution of issues is not always within the control of the Group and 
is often dependent on the efficiency of legal processes. Such issues can take several years to resolve. The Group however takes 
a considered view of unresolved issues, however the inherent uncertainty regarding these items means that the eventual
resolution could differ significantly from the accounting estimates and therefore impact the Group’ s results and future cash flows. 52
ITE Group plc 
Annual Report 2007
Notes to the consolidated accounts
continued
1 Segmental information
The turnover and profit before taxation are attributable to the Group’ s one principal activity , the organisation of trade exhibitions,
conferences and related activities and can be analysed by geographic segment as follows.
UK & Central Eastern &
Western Asia & Southern Rest of T otal
Europe Caucasus Russia Europe World Group
Y ear ended 30 September 2007 £000 £000 £000 £000 £000 £000
By geographical location of events/activities 
Turnover 10,62418,08261,7067,0691,653 99,134
Result (7,105) 6,060 31,003 2,445 (48) 32,355
By origin of sale
T urnover 51,290 8,928 34,492 3,972 452 99,134
Result 18,355 2,191 12,037 (304) 76 32,355
Share of results of associates 266
Profit on disposal of group undertakings –
Operating profit 32,621
Finance income 1,778
Finance costs (663)
Profit before tax 33,736
Tax (10,777)
Profit after tax 22,959
Capital expenditure 255 154 361 13 – 783
Depreciation and amortisation 1,839 68 212 40 – 2,159
Balance sheet
Assets 95,335 6,137 17,910 1,389 (32) 120,739
Interest in associates 1,358
Consolidated total assets 122,097
Liabilities 53,299 4,798 17,180 1,333 87 76,697
The turnover in the year of £99.1 million includes £0.2 million (2006: £0.4 million) of barter sales.
UK & Central Eastern & 
Western Asia & Southern Rest of T otal 
Europe Caucasus Russia Europe World Group
Y ear ended 30 September 2006 £000 £000 £000 £000 £000 £000
By geographical location of events/activities
Turnover 7,77815,39749,9428,31693582,368
Result (7,243) 4,724 23,167 2,498 172 23,319
By origin of sale
T urnover 48,385 6,834 22,423 4,646 80 82,368
Result 12,641 2,165 7,730 733 50 23,319
Share of results of associate 564
Profit on disposal of group undertakings 158
Operating profit 24,041
Finance income 1,368
Finance costs (621)
Profit before tax 24,788
Tax (7,351)
Profit after tax 17,437
Capital expenditure 177 191 157 – – 525
Depreciation and amortisation 1,716 51 119 9 – 1,895
Balance sheet
Assets 87,056 4,309 17,250 985 38 109,638
Interest in associates 1,438
Consolidated total assets 111,076
Liabilities 50,081 3,088 13,139 925 194 67,427 53
ITE Group plc 
Annual Report 2007
2 Finance income
2007 2006
£000 £000
Interest receivable from bank deposits 1,720 787
Interest receivable from Inland Revenue repayments 28 115
Interest receivable on advances to venues 4 17
Other interest receivable – 5
Unwind of fair value discount on venue advances 26 444
1,778 1,368
3 Finance costs
2007 2006
£000 £000
Interest on bank loans and overdrafts 453 428
Bank charges 210 193
663 621
4 Profit on ordinary activities before taxation
Profit on ordinary activities before taxation is stated after charging/(crediting):
2007 2006
£000 £000
Staff costs (note 5) 17,764 16,143
Depreciation of property , plant and equipment 349 277
Amortisation of computer software 207 290
Amortisation of purchased intangible assets 1,603 1,330
Operating lease rentals – other 1,431 1,173
(Profit)/loss on disposal of fixed assets (39) 21
Net foreign exchange loss 12 168
Release of provision against venue advances – (309)
Profit or loss on disposal of Group undertaking – 158
Auditors’ remuneration
Fees payable to the Company’ s auditor for the audit of the Company’ s annual accounts 167 148
Fees payable to the Company’ s auditor and its associates for other services:
– The audit of the Company’ s subsidiaries pursuant to legislation 118 125
– Other services pursuant to legislation 32 46
– Services relating to corporate finance transactions entered into 
or proposed to be entered into by or on behalf of the Company or any of its associates – 21
– Other services 23 –
T ax services 217 259
T otal auditors’ remuneration 557 599
5 Staff costs
The average monthly number of employees (including Directors) was:
2007 2006
Number Number
Administration 244 258
T echnical and sales 411 368
655 626
£000 £000
Their aggregate remuneration comprised:
Wages and salaries 15,705 14,245
Social security costs 1,634 1,596
Other pension costs 425 302
17,764 16,143
Details of audited Directors’ remuneration are shown in the Report on remuneration on pages 34 to 40. 54
ITE Group plc 
Annual Report 2007
Notes to the consolidated accounts
continued
6 Tax on profit on ordinary activities
Analysis of tax charge for the year:
2007 2006
£000 £000
Group taxation on current year profit
UK corporation tax on profit for the year 5,093 4,925
Adjustment to UK tax in respect of previous years (196) (966)
4,897 3,959
Overseas taxation – current year 5,915 3,445
Overseas taxation – previous years 111 (57)
6,026 3,388
T otal current tax 10,923 7,347
Deferred tax
Origination and reversal of timing differences (146) 4
T otal tax 10,777 7,351
The tax charge for the year can be reconciled to the profit per the income statement as follows:
2007 2006
£000 £000
Profit on ordinary activities before tax 33,736 24,788
Profit on ordinary activities multiplied by standard rate 
of corporation tax in the UK of 30% (2006: 30%) 10,121 7,436
Effects of:
Expenses not deductible for tax purposes 476 206
Capital allowances in excess of depreciation 53 58
Non-utilisation of tax losses 172 –
Withholding tax and other irrecoverable taxes 1,111 945
Adjustments to tax charge in respect of previous years (85) (1,023)
T ax effect of losses not previously recognised – 94
Non-taxable income (54) (61)
Effect of different tax rates of subsidiaries operating in other jurisdictions (768) (597)
Effect of timing differences (196) 462
Associate tax (53) (169)
10,777 7,351
7 Dividends
Amounts recognised as distributions to equity holders in the year:
2007 2006
£000 £000
Final dividend for the year ended 30 September 2006 of 2.5p (2005: 1.85p) per ordinary share 6,331 4,602
Interim dividend for the year ended 30 September 2007 of 1.3p (2006: 1.0p) per ordinary share 3,303 2,535
9,634 7,137
Proposed final dividend for the year ended 30 September 2007 of 3.2p (2006: 2.5p) per ordinary share 7,983 6,264
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been included 
as a liability in these financial statements.
Under the terms of the trust deed dated 20 October 1998, the ITE Group Employees Share T rust, which holds 1,854,875 
(2006: 9,372,100) ordinary shares representing 1% of the Company’ s called-up ordinary share capital, has agreed to waive 
all dividends due to it. Further , no dividends will be paid in respect of own shares held in treasury . 55
ITE Group plc 
Annual Report 2007
8 Earnings per share
The calculations of basic and diluted earnings per share are based on the profit for the financial year of £23.0 million 
(2006: £17.4 million) and the following numbers of shares.
Number of shares
2007 2006
Number of Number of 
shares (000) shares (000)
Weighted average number of shares:
For basic earnings per share 251,276 250,485
Effect of dilutive potential ordinary shares 4,454 8,727
For diluted earnings per share 255,730 259,212
Headline earnings per share
Headline diluted earnings per share is intended to provide a consistent measure of Group earnings on a year-on-year basis and 
is 9.4p per share (2006: 7.0p). The headline diluted earnings per share is based on the following earnings and the diluted number
of shares in the table above. 
Earnings for headline diluted earnings per share
2007 2006
£000 £000
Profit for the financial year attributable to equity holders 22,978 17,401
Amortisation of acquired intangible assets 1,603 1,330
T ax effect of amortisation of acquired intangible assets (419) (315)
Profit on disposal of group undertakings – (158)
24,162 18,258
9 Goodwill
2007 2006
£000 £000
Cost
At 1 October 34,406 32,771
Acquired through business combinations 23 1,637
Exchange differences (5) (2)
At 30 September – Cost and net book value 34,424 34,406
In the prior period, the group disclosed goodwill cost and goodwill amortisation. The presentation above has been restated to 
show goodwill brought forward at the IFRS transition date of 1 October 2004 at deemed cost as required by IFRS 1. On transition
the cost was £42.7 million with accumulated impairment of £13.4 million. No impairment losses have been recognised since
transition to IFRS.
10 Goodwill acquired through business combinations
Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units that are expected to benefit
from that business combination. The carrying amount of goodwill has been allocated as follows:
2007 2006
£000 £000
UK & Western Europe 10,763 10,740
Central Asia & Caucasus 6,080 6,080
Russia 15,125 15,122
Eastern & Southern Europe 2,456 2,464
34,424 34,406 56
ITE Group plc 
Annual Report 2007
Notes to the consolidated accounts
continued
10 Goodwill acquired through business combinations (continued)
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. 
The recoverable amounts of the cash-generating units are determined from value in use calculations. The key assumptions for 
the value in use calculations are those regarding the discount rates, growth rates and expected changes to cash flows during the
period. Management estimates discount rates using pre-tax rates that reflect the current market assessments of the time value of
money and risks specific to the cash generating units. The growth rates are based on management forecasts. The Group prepares
cash flow forecasts based upon the most recent financial plans approved by the Board and extrapolates the planned cash flows.
Assumed growth rates of between 2% and 9% are applied for the first three years beyond the detailed plans, which rates do not
exceed the average long-term growth rate for our business in the relevant markets, and a rate of between 2% and 3% is applied
thereafter .
The discount rates applied to the cash generating units are between 10% and 13%.
Additions in the year can be analysed as follows:
2007 2006
£000 £000
Acquisition of further shares in subsidiary – 833
Acquisition of businesses 23 804
23 1,637
The additional acquisition of businesses cost of £23,000 arises with the payment of deferred consideration in relation to ITE
Exhibitions BV .
11 Other intangible assets
Customer 
relationships Computer 
and trademarks software T otal
£000 £000 £000
Cost
At 1 October 2005 5,757 1,227 6,984
Additions 1,497 104 1,601
Foreign exchange (82) – (82)
Disposals (24) – (24)
At 1 October 2006 7,148 1,331 8,479
Additions 78 188 266
Foreign exchange (30) – (30)
At 30 September 2007 7,196 1,519 8,715
Amortisation
At 1 October 2005 383 612 995
Charge for the year 1,330 290 1,620
Foreign exchange (2) – (2)
Disposals (3) – (3)
At 1 October 2006 1,708 902 2,610
Charge for the year 1,603 207 1,810
Foreign exchange –– –
At 30 September 2007 3,311 1,109 4,420
Carrying amount
At 30 September 2007 3,885 410 4,295
At 30 September 2006 5,440 429 5,869
The amortisation period for customer relationships and trademarks is between three and seven years for customer relationships,
with a weighted average of five years, and up to 20 years for trademarks. Computer software is amortised over four years.
The additions to customer relationships and trademarks of £78,000 relate to the purchase of the Harbin International Winter Sports
Show in China and the registration of various trademarks in the year . The Harbin event was purchased in September 2007 for
£50,000 from Harbin Zhongxin Weiye Exhibition Co Ltd. 57
ITE Group plc 
Annual Report 2007
12 Property, plant and equipment
Leasehold 
land and Plant and 
buildings equipment T otal
Group £000 £000 £000
Cost 
At 1 October 2005 967 744 1,711
Additions – 421 421
Disposals – (9) (9)
At 1 October 2006 967 1,156 2,123
Additions – 594 594
Disposals – (193) (193)
At 30 September 2007 967 1,557 2,524
Depreciation
At 1 October 2005 298 287 585
Charge for the year 49 228 277
Disposals – (8) (8)
At 1 October 2006 347 507 854
Charge for the year 49 300 349
Disposals – (91) (91)
At 30 September 2007 396 716 1,112
Net book value
At 30 September 2007 571 841 1,412
At 30 September 2006 620 649 1,269
13 Subsidiaries
A list of the significant investments in subsidiaries, including the name, country of incorporation and proportion of ownership
interest is given in note 5 to the Company’ s separate financial statements.
14 Interests in associates
2007 2006
£000 £000
Aggregated amounts relating to associates
T otal assets 2,908 3,236
T otal liabilities (1,550) (1,798)
1,358 1,438
Included within total assets is goodwill of £764,000 (2006: £764,000).
Share of revenue 4,419 4,376
Share of profit after tax 266 564
Country of 
incorporation 
or principal 
business address Effective Holding %
Istanbul Fuarcilik AS T urkey Ordinary shares 50 58
ITE Group plc 
Annual Report 2007
Notes to the consolidated accounts
continued
15 Current assets
2007 2006
£000 £000
Trade and other receivables
T rade receivables 26,819 21,975
T axation prepayments 3,721 1,580
Other receivables 1,954 719
Venue advances and prepayments 2,036 4,128
Prepayments and accrued income 2,794 2,524
Derivative financial instruments 48 248
37,372 31,174
Cash and cash equivalents
Cash at bank and in hand 36,125 27,401
Cash held on trust 3,838 4,482
39,963 31,883
Venue advances and other loans – non-current
Venue advances and prepayments 1,583 3,015
1,583 3,015
All trade receivables are due within one year and are non-interest bearing. An allowance has been made for estimated irrecoverable
amounts from trade receivables of £0.2 million. The directors consider that the carrying amount of other receivables approximates
their fair value. The trade receivables are held in different currencies with £1.9 million in Sterling, £2.1 million in US Dollars, 
£21.3 million in Euros and £1.5 million in other currencies.
The cash at bank and in hand comprises cash held by the Group and short-term deposits with an original maturity of three months
or less. The carrying value of these assets approximates their fair value. The cash balance is represented by £33.9 million of
Sterling, £3.6 million of Euros, £1.3 million of US Dollars and £1.2 million of Roubles. Surplus funds are placed on short-term
deposit with floating interest rates.
As a result of the capital reduction in August 2005, £3.8 million is held in a trust account, which will be released as certain creditors
are paid in full. 
The venue advances and other loans of £1.6 million due after one year is all due within five years (2006: £Nil due after more 
than five years). The venue loans repayable by cash are measured at fair value using a discounted cash flow model. The venue
prepayments are held at cost. All venue advances are stated net of allowance for doubtful receivables. The venue advances are
denominated in either Euros or US Dollars and are analysed as follows:
2007 2006
£000 £000
Venue loans
Denominated in Euros 211 300
Denominated in US Dollars 2,039 3,684
Denominated in other currencies 401 109
2,651 4,093
Venue prepayments
Denominated in Roubles – 1,632
Denominated in US Dollars 968 1,418
968 3,050
T otal venue loans and prepayments 3,619 7,143 59
ITE Group plc 
Annual Report 2007
15 Current assets (continued)
Credit risk
The Group’ s principal financial assets are bank balances, trade receivables, prepayments and venue advances. The Group’ s credit
risk is primarily attributable to its trade receivables and venue advances. The amounts presented in the balance sheet are net 
of allowances for doubtful receivables.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are generally banks 
with credit ratings of A or above assigned by international credit rating agencies.
The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and
customers. 
16 Bank overdraft
The bank overdrafts are all repayable on demand. Of the total borrowing, £11.3 million (2006: £8.8 million) is denominated in
Euros, £2.0 million (2006: £1.9 million) is denominated in US Dollars. The borrowings are arranged at floating interest rates, thus
exposing the Group to cash flow interest rate risk. The Euro and US Dollar borrowings are taken out to act as a partial hedge against
the UK trade receivables in those currencies.
The overdraft has been secured by a guarantee between ITE Group plc, ITE Exhibitions & Conferences Limited, International T rade
and Exhibitions (JV) Limited, ITE Overseas Limited, ITE Enterprises Limited, ITE Moda Limited and ITE Moda Footwear Limited and 
a charge over the account of International T rade and Exhibitions (JV) Limited. The average interest rate on the bank overdrafts
approximates 4.3% per annum (2006: 3.6%) and is determined by reference to base rate plus 0.5%. The Directors estimate the
carrying value of the overdrafts approximates their fair value.
At 30 September 2007 the Group had £6.7 million (2006: £9.3 million) of gross undrawn committed borrowing facilities.
17 Trade and other payables
2007 2006
£000 £000
T rade payables 900 184
T axation and social security 4,772 4,541
Other payables 1,367 2,212
Accruals 6,287 5,646
Deferred income 46,157 39,708
Derivative financial instruments 659 –
60,142 52,291
T rade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
The Directors consider that the carrying value of trade payables approximates their fair value.
18 Provisions 
National 
Insurance 
on share Contingent 
options Leases consideration T otal
£000 £000 £000 £000
At 1 October 2006 1,126 669 479 2,274
Charged/(credited) to income statement 478 (52) – 426
Utilised in the period (864) – – (864)
Payments in the year – – (258) (258)
At 30 September 2007 740 617 221 1,578
Included in current liabilities 824
Included in non-current liabilities 754
1,578 60
ITE Group plc 
Annual Report 2007
Notes to the consolidated accounts
continued
18 Provisions (continued)
The provision for National Insurance on share options is calculated by reference to the employer’ s National Insurance cost on the
potential gain based on the difference between the exercise price and share price for those share options where the share price
exceeds the exercise price at 30 September 2007.
The lease provision relates to the spreading of a reduced rent period over the full period of the lease. 
The contingent consideration relates to the acquisitions of ITE Exhibitions BV and Gift & Décor event, and is dependent on the 
future profitability of each event.
19 Deferred tax
Accelerated 
tax Tax Provisions Share-basedRepatriation 
depreciation Intangibles losses and accruals Hedges payments of profit T otal
£000 £000 £000 £000 £000 £000 £000 £000
At 1 October 2005 (76) (1,492) 20 414 – 950 (94) (278)
Charge to income (802) 315 (20) 52 – 448 3 (4)
Charge to equity ––––– 159 – 159
At 1 October 2006 (878) (1,177) – 466 – 1,557 (91) (123)
Charge to income 236 268 – 121 184 (676) 13 146
Charge to equity –––– (13) 9 – (4)
At 30 September 2007 (642) (909) – 587 171 890 (78) 19
Certain deferred tax assets and liabilities have been offset in the above table. The following is the analysis of deferred tax balances
for financial reporting purposes:
2007 2006
£000 £000
Deferred tax liabilities (1,671) (2,145)
Deferred tax assets 1,690 2,022
19 (123)
At the balance sheet date, the Group has unused tax losses of £1.3 million (2006: £1.3 million) available for offset against future
profits. No deferred tax asset has been recognised in respect of these losses in either year due to the unpredictability of future profit
streams. These losses may be carried forward indefinitely .
At the balance sheet date, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries
for which deferred tax liabilities have not been recognised was £3.1 million (2006: £5.1 million). No liability has been recognised in
respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and
it is probable that such differences will not reverse in the foreseeable future.
20 Derivative financial instruments
Currency derivatives
The Group utilises currency derivatives to hedge significant future transactions and cash flows. The Group is party to foreign
currency forward-plus 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-plus contract, the Group has a right but not an obligation, to sell Euros for Sterling at a specified strike rate at
specified dates. However , if the spot rate is at or below the specified barrier rate on any business day during the barrier period 
the right to sell Euros becomes an obligation, at the specified strike rate.
As at 30 September 2007 the notional amounts of outstanding foreign currency forward-plus contracts that the Group has
committed to are as follows:
2007 2006
e000 u000
Foreign currency forward-plus contracts 41,000 15,000 61
ITE Group plc 
Annual Report 2007
The commitment of u41 million includes a u12 million obligation whereby if the barrier rate is breached, a 1.5 multiple applies to
the obligation to sell Euros. Therefore, the potential commitment if the exchange rate is below the barrier rate for the whole term of
the instrument is u47 million. This instrument has not been designated as a hedging instrument and, as such, any changes in its fair
value are being recorded in the income statement. 
These arrangements are designed to address significant exchange exposures for the next 18 months and are renewed on a
revolving basis as required, subject to not committing the Group to less than 6 months or more than 18 months in the future.
At 30 September 2007, the fair value of these derivatives is estimated to be a liability of approximately £0.6 million (2006: asset 
of £0.3 million). These amounts are based on market valuations. The fair value of currency derivatives that are designated and
effective as cash flow hedges amounting to £50,000 (2006: £0.3 million) has been deferred in equity . Changes in the fair value of
currency derivatives of £0.6 million (2006: £0.1 million) arising where they are no longer designated as effective hedges have been
recorded in the income statement. 
The Group has taken out foreign currency overdrafts in Euros and US Dollars to act as a natural hedge against certain currency trade
receivable balances. These borrowings have not been designated as hedging instruments by management. All foreign exchange
movements on these borrowings and trade receivables are recognised directly in the income statement.
21 Share capital
2007 2006
£000 £000
Authorised
375,000,000 ordinary shares of 1 penny each (2006: 375,000,000) 3,750 3,750
Allotted and fully-paid
250,313,994 ordinary shares of 1 penny each (2006: 260,905,023) 2,503 2,609
During the year , the Company allotted 545,353 (2006: 983,000) ordinary shares of 1 penny each pursuant to the exercise of share
options. 24,451 ordinary shares were issued in respect of Directors remuneration (2006: 30,194). The total consideration for the
shares issued was £178,864 (2006: £670,000).
As detailed in note 22, the Company purchased 10,185,000 shares to be held in T reasury during the period. The Company also
cancelled 11,160,833 shares in the period of which 975,833 were purchased in the prior period.
The Company has one class of ordinary shares which carry no right to fixed income.
22 Reserves
Share Capital Hedge and
Put option premium Merger redemption ESOT Retained T reasury translation
reserve account reserve reserve reserve earnings shares reserve T otal
£000 £000 £000 £000 £000 £000 £000 £000 £000
Revised 1 October 2005 (1,044) 38 2,746 291 (3,562) 28,538 – 751 27,758
Exercise of options – 625 – – 546 117 – – 1,288
Net profit for the year ––––– 17,401 – – 17,401
Dividends paid ––––– (7,137) – – (7,137)
Loss on foreign currency translation 
of overseas operations ––––––– (197) (197)
Share-based payments ––––– 1,492 – – 1,492
Shares issued for remuneration – 35–––––– 35
T ax on share options ––––– 159–– 159
Increase in fair value of hedging 
derivatives ––––––– 356 356
T ransfer to income ––––––– (22) (22)
Costs related to capital reduction ––––– (15) – – (15)
Exercise of put option 1,044––––––– 1,044
Own shares held in treasury –––––– (1,142) – (1,142)
30 September 2006 – 698 2,746 291 (3,016) 40,555 (1,142) 889 41,021 62
ITE Group plc 
Annual Report 2007
Notes to the consolidated accounts
continued
22 Reserves (continued)
Share Capital Hedge and
premium Mergerredemption ESOT Retained Treasury translation 
account reserve reserve reserve earnings shares reserve T otal
£000 £000 £000 £000 £000 £000 £000 £000
1 October 2006 698 2,746 291 (3,016) 40,555 (1,142) 889 41,021
Exercise of options 138 – – 2,419 208 – – 2,765
Net profit for the year –––– 22,978 – – 22,978
Dividends paid –––– (9,634) – – (9,634)
Loss on foreign currency translation 
of overseas operations –––––– (62) (62)
Share-based payments –––– 1,550 – – 1,550
Shares issued for remuneration 35–––––– 35
T ax on share options –––– 1,921 – – 1,921
Increase in fair value of hedging derivatives –––––– 331 331
T ransfer to income –––––– (614) (614)
Capital reduction – – 112–––– 112
Own shares held in treasury –––– (18,648) 1,142 – (17,506)
30 September 2007 871 2,746 403 (597) 38,930 – 544 42,897
At the Extraordinary General Meeting held on 17 November 1998, shareholders approved the establishment of the ITE Group
Employee Share Ownership T rust (ESOT). The terms of the ESOT allow the trustees to transfer shares to employees who exercise
options under the Company’ s Share Option Schemes, to grant options to employees and to accumulate shares by buying in the
market or subscribing for shares at market value. The ESOT is capable of holding a maximum of 5% of the Company’ s issued
ordinary share capital. The ESOT reserve arises in connection with the Employee Share Ownership T rust. The amount of the reserve
represents the deduction in arriving at shareholders funds for the consideration paid for the Company’ s shares purchased by the
T rust which had not vested unconditionally in employees at the balance sheet date.
The ESOT held 1,854,875 shares in ITE Group plc at 30 September 2007 (2006: 9,372,100 shares). No grants of share options 
have been made during the financial year . The market value of the ordinary shares held by the ESOT at 30 September 2007 was
£3.2 million (2006: £11.4 million).
The Company has agreed to make available to the ESOT an interest-free loan of up to £7.5 million for the purpose of buying shares.
At 30 September 2007, the amount of the loan drawn down was £0.2 million. The ITE Group plc Company only profit and loss
account and balance sheet include the results of the ESOT for the year ended 30 September 2007. 
The trustees have waived their current and future rights to all dividend entitlement on the shares held by the ESOT . 7,517,225
options were exercised during the year . Of the total shares held by the ESOT , all are under option as at 30 September 2007. 
Details of the options in issue and their exercise dates can be seen at note 25 to the accounts.
The Company purchased 10,185,000 shares at a cost of £17,505,140 to be held in T reasury during the period. These were all
cancelled during the year .
23 Minority interests
2007 2006
£000 £000
1 October 19 194
(Loss)/profit on ordinary activities after taxation (19) 36
Acquisition of minority interest – (211)
30 September – 19 63
ITE Group plc 
Annual Report 2007
24 Operating lease arrangements
The Group is a lessee for these arrangements. Annual commitments under non-cancellable operating leases are as follows:
2007 2006
£000 £000
Lease payments under operating leases recognised as an expense in the year:
Land and buildings 1,431 1,173
Venues 18,505 16,704
At 30 September 2007 the Group had outstanding commitments for future minimum lease payments under non-cancellable
operating leases, which fall due as follows:
2007 2006
Land and 2007 Land and 2006
buildings Venues buildings Venues
£000 £000 £000 £000
Within one year 1,293 6,108 1,094 4,650
Between two and five years 3,023 – 2,871 –
After five years 2,977 – 3,414 –
7,293 6,108 7,379 4,650
Operating lease payments for land and buildings represent rentals payable by the Group for certain of its office properties. Leases
are negotiated for an average term of two years. Payments for venues represent the non-cancellable amount of contracted venue
agreements for future events.
The Group also earned rental income of £180,000 during the year . At the balance sheet date, the Group is negotiating a contract
renewal with the tenant for a lease term of five years. 
25 Share-based payments
The Company operates two share option schemes.
Share option plans
The Company operates a share option plan for all employees of the Group. Options are exercisable at a price equal to the average
quoted market price of the Company’ s share on the date of grant. The vesting period is either three or five years and are exercisable
up to ten years from granting. The options are forfeited if the employee leaves the Group before the options vest.
Performance share plans
The Company operated a Performance Share Plan (“PSP”) for executives and staff. Awards under the PSP are at an exercise value 
of either 1 penny or are conditional awards subject to certain performance targets. Awards can be made to an employee over
shares up to a maximum of 100% of base salary each year based on market value. The vesting period is three years and are
exercisable up to ten years from the date of grant or for conditional awards are awarded automatically on satisfaction of the
performance targets. The PSPs are forfeited if the employee leaves the Group before vesting. The awards are subject to a
performance target, details of which can be found in the Report on remuneration.
Details of the share awards outstanding as at 30 September 2007 are as follows:
2007 2006
2007 Weighted 2006 Weighted
Number average Number average 
of share exercise of share exercise 
options price (p) options price (p)
Share option plans
Outstanding at beginning of period 11,320,500 51.0 14,013,000 51.0
Granted during the period –– ––
Lapsed during the period (528,500) (69.5) (259,500) (69.3)
Exercised during the period (6,246,550) (44.1) (2,433,000) (48.9)
4,545,450 11,320,500
Performance share plans
Outstanding at beginning of period 3,778,625 0.4 2,807,176 0.7
Granted during the period 100,000 0.7 1,349,500 0.1
Lapsed during the period (66,000) – (123,151) (0.5)
Exercised during the period (1,816,030) (1.0) (254,900) (1.0)
1,996,595 3,778,625 64
ITE Group plc 
Annual Report 2007
Notes to the consolidated accounts
continued
25 Share-based payments (continued)
The weighted average share price at the date of exercise for share options exercised during the period was 171p. The options
outstanding at 30 September 2007 had a weighted average exercise price of 29p, and a weighted average remaining contractual
life of 161 days. In 2007, Performance Share Plan options were granted on 10 January 2007. The aggregate of the estimated fair
value of these options is £0.2 million. Performance Share Plan options were granted on 17 January 2006. The aggregate of the
estimated value of the options granted on those dates is £1.4 million.
The inputs into the Black-Scholes model for the instruments issued during the year are as follows:
2007 2006
Performance Performance
share plan share plan
Weighted average share price 172p 126.5p
Weighted average exercise price 0p 1.0p
Expected volatility 0% 25%
Expected life 3 years 3 years
Risk free rate n/a 4.15%
Dividend yield 2.03% 2.17%
The Group recognised a total expense of £1.6 million (2006: £1.5 million) related to equity-settled share-based payment
arrangements. 
26 Related party transactions
T ransactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are
not disclosed in this note. T ransactions between the Group and its associates, where relevant, are disclosed below .
T rading transactions
Ceyda Erem, a former director of ITE Group plc, has a controlling interest in CNR, a company that manages the largest exhibition
halls in Istanbul. During the year , ITF , the Group’ s associate, was charged £4.3 million by CNR for rent, hall services such as
electricity , security and advertising and stand construction (2006: £3.7 million). At 30 September 2007, CNR owed ITF £1.1 million
(2006: £1.0 million). 
In Kazakhstan, ITECA, a Group subsidiary , has transacted with Datacom and Saban Holdings for the provision of web systems and
office rental respectively . Edward Strachan, a Group Director , is a significant shareholder of Datacom and Saban Holdings. In total, 
the services charged to ITECA were £57,000 (2006: £69,000).
In St Petersburg, Primexpo, a Group subsidiary , has transacted with Cavalry House for the provision of office rental. Edward
Strachan, a Group Director , is a significant shareholder of Cavalry House. In total, the services charged to Primexpo were £114,000
(2006: Nil).
Remuneration of key management personnel
The remuneration of Directors, who are the key management personnel of the Group, is set out below in aggregate for each of 
the categories specified in IAS 24 Related party disclosures. Further information about the remuneration of individual Directors is
provided in the audited part of the Report on remuneration on pages 38 to 40.
2007 2006
£000 £000
Emoluments 2,796 2,185
Share-based payment 548 464
3,344 2,649 65
ITE Group plc 
Annual Report 2007
We have audited the parent company financial statements of ITE Group plc for the year ended 30 September 2007 which comprise
the Company balance sheet and the related notes 1 to 9. These parent company financial statements have been prepared under
the accounting policies set out therein. 
We have reported separately on the Group financial statements of ITE Group plc for the year ended 30 September 2007 and on the
information in the Report on remuneration that is described as having been audited. 
This report is made solely to the Company’ s members, as a body , in accordance with section 235 of the Companies Act 1985. Our
audit work has been undertaken so that we might state to the Company’ s members those matters we are required to state to them
in an auditors’ report and for no other purpose. T o the fullest extent permitted by law , we do not accept or assume responsibility 
to anyone other than the Company and the Company’ s members as a body , for our audit work, for this report, or for the opinions 
we have formed.
Respective responsibilities of directors and auditors
The Directors’ responsibilities for preparing the Annual Report, the Report on remuneration and the parent company financial
statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice) are set out in the statement of Directors’ responsibilities.
Our responsibility is to audit the parent company financial statements and the part of the Report on remuneration to be audited in
accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the parent company financial statements give a true and fair view and whether the
parent company financial statements have been properly prepared in accordance with the Companies Act 1985. We also report to
you whether in our opinion the Directors’ report is consistent with the parent company financial statements. In addition we report
to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and
explanations we require for our audit, or if information specified by law regarding Directors’ remuneration and other transactions 
is not disclosed.
We read the other information contained in the Annual Report as described in the contents section and consider whether it is
consistent with the audited parent company financial statements. We consider the implications for our report if we become aware
of any apparent misstatements or material inconsistencies with the parent company financial statements. Our responsibilities do
not extend to any further information outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices
Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the parent company
financial statements. It also includes an assessment of the significant estimates and judgments made by the Directors in the
preparation of the parent company financial statements, and of whether the accounting policies are appropriate to the Company’ s
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order
to provide us with sufficient evidence to give reasonable assurance that the parent company financial statements are free from
material misstatement, whether caused by fraud or other irregularity or error . In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the parent company financial statements.
Opinion
In our opinion:
• the parent company financial statements give a true and fair view , in accordance with United Kingdom Generally Accepted
Accounting Practice, of the state of the Company’ s affairs as at 30 September 2007;
• the parent company financial statements have been properly prepared in accordance with the Companies Act 1985; and
• the information given in the Directors’ report is consistent with the parent company financial statements.
Deloitte & T ouche LLP
Chartered Accountants and Registered Auditors 
London
3 December 2007
Independent auditors’ report 66
ITE Group plc 
Annual Report 2007
Company balance sheet
30 September 2007
2006
2007 Restated*
Notes £000 £000
Fixed assets
Investments in subsidiaries 5 2,699 2,168
Intangible assets 5 29 29
2,728 2,197
Current assets
Debtors due within one year 6 760 21,919
Cash at bank and in hand 27,065 4,582
27,825 26,501
Creditors: amounts falling due within one year 7 (10,521) (1,644)
Net current assets 17,304 24,857
T otal assets less current liabilities 20,032 27,054
Net assets 20,032 27,054
Capital and reserves
Called up share capital 8 2,503 2,609
Share premium account 9 871 698
Capital redemption reserve 9 403 291
Merger reserve 9 2,746 2,746
ESOT reserve 9 (597) (3,016)
Shares held in treasury 9 – (1,142)
Profit and loss account 9 14,106 24,868
Shareholders’ funds 20,032 27,054
* The financial statements for the year ended 30 September 2006 have been restated on the adoption of UITF 44 (see note 1).
The accounts on pages 66 to 72 were approved by the Board of Directors and signed on its behalf by:
Bill Dye Russell T aylor
Chief Executive Officer Finance Director
3 December 2007 67
ITE Group plc 
Annual Report 2007
1 Basis of accounting
The accounts have been prepared under the historical cost convention and in accordance with applicable United Kingdom law and
accounting standards and have been applied consistently .
Changes in accounting policies
The Company operates the Group’ s share-based payment schemes, details of which can be found in note 25 to the consolidated
accounts. The Company has followed the guidance set out in UITF 44 (Group and T reasury Share T ransactions) where the Company
issues shares in relation to share options granted to Directors and employees for services rendered to the Company’ s subsidiaries.
The Company records an additional investment in its subsidiaries by way of a capital contribution when issuing shares in relation
to these share options schemes.
Adopting UITF 44 has resulted in a prior year adjustment. The total effect of this has been to increase opening shareholders’ funds
by £1.2 million, but there has been no effect on reported profit.
Investments
Fixed asset investments are shown at cost less provision for any impairment.
Intangible assets
T rademarks are measured initially at purchase cost and have a definite useful life and are carried at cost less accumulated
amortisation. Amortisation is calculated using the straight line method to allocate the cost over their estimated useful life. The
estimated useful lives are up to 20 years.
Provisions
Provisions for onerous contracts are recognised when the Company has a present legal obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount 
of the obligation.
Financial instruments
Financial assets and financial liabilities are recognised on the Company’ s balance sheet when the Company becomes a party to the
contractual provisions of the instrument.
T rade debtors and creditors
T rade debtors and creditors are stated at their nominal value. T rade debtors are reduced by appropriate allowances for estimated
irrecoverable amounts.
Bank borrowings
Bank overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges are accounted for on an accrual
basis to profit or loss.
Hedging instruments
Cash flow hedges are carried at fair value in the balance sheet. Changes in the fair value of derivatives that are designated and
qualify as cash flow hedges are recognised directly in the hedging reserve and any ineffective portion is recognised in profit or loss.
Fair value hedges are carried at fair value in the balance sheet. Changes in the fair value of derivatives that are designated and
qualify as effective fair value hedges are recognised in the income statement, along with any changes in fair value of the hedged
item that is attributable to the hedged risk. Any ineffective portion is also recognised in the income statement.
Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income
statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies
for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in
equity until the forecast transaction occurs. If a hedged transaction is no longer expected to occur , the net cumulative gain or 
loss recognised in equity is transferred to profit or loss for the period.
The Company’ s use of financial derivatives is governed by the Group’ s financial policies.
Notes 68
ITE Group plc 
Annual Report 2007
Taxation
The tax expense represents the sum of tax currently payable and deferred tax.
The current tax is based on the taxable profit for the year using the tax rates and laws that have been enacted or substantially
enacted by the balance sheet date. T axable profit differs from net profit as reported in the income statement because it excludes
items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable 
or deductible.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and 
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted
for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised only to the extent that it is probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises
from goodwill or from the initial recognition of other assets and liabilities in a transaction that does not effect the tax profit or the
accounting profit.
The carrying value of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is
realised. Deferred tax is charged or credited in the income statement, except where it relates to items charged or credited directly
to equity , in which case the deferred tax is also dealt with in equity .
Foreign currencies
T ransactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are retranslated at the rates of exchange prevailing at that date. Non-
monetary assets and liabilities are translated at the rate prevailing at the date the fair value was determined. Gains and losses
arising on retranslation of monetary assets are included in profit or loss for the period.
Employee Share Trust
The financial statements include the assets and liabilities of the Employee Share T rust (‘ESOT’). Shares in the Company held by the
ESOT have been valued at cost and are held in equity . The costs of administration of the ESOT are written off to profit or loss as
incurred.
Where such shares are subsequently sold, any net consideration received is included in equity attributable to the Company’ s 
equity holders.
Share-based payments
The Company issues equity-settled share-based payments to certain employees. These are measured at fair value (excluding 
the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-
settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’ s estimate of
shares that will eventually vest and adjusted for the effect of non market-based vesting conditions.
Fair value is measured using a Black-Scholes model. The expected life used in the model has been adjusted, for the effects of 
non-transferability , exercise restrictions and behavioural considerations based on management’ s best estimate.
2 Profit for the year
The profit after tax for the year ended 30 September 2007 was £13.7 million (2006: £9.1 million). As permitted by Section 230 
of the Companies Act 1985, no separate profit and loss account is presented in respect of the Company .
The audit fee for the Company was £42,000 (2006: £40,000).
Notes
continued 69
ITE Group plc 
Annual Report 2007
3 Staff costs
a) Number of employees
The average number of persons (including Directors) employed by the Company during the year was as follows:
Number Number
2007 2006
Directors 7 8
b) Employee costs
Their aggregate remuneration comprised:
2007 2006
£000 £000
Wages and salaries 2,379 1,285
Social security costs 223 164
Gross total 2,602 1,449
Highest paid Director 901 700
4 Dividends
2007 2006
£000 £000
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 30 September 2006 of 2.5p (2005: 1.85p) per ordinary share 6,331 4,602
Interim dividend for the year ended 30 September 2007 of 1.3p (2006: 1.0p) per ordinary share 3,303 2,535
9,634 7,137
Proposed final dividend for the year ended 30 September 2007 of 3.2p (2006: 2.5p) per ordinary share 7,983 6,264
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been included 
as a liability in these financial statements.
Under the terms of the trust deed dated 20 October 1998, the ITE Group Employees Share T rust, which holds 1,854,875 
(2006: 9,372,100) ordinary shares representing 1% of the Company’ s called-up ordinary share capital, has agreed to waive 
all dividends due to it. 70
ITE Group plc 
Annual Report 2007
Notes
continued
5 Fixed assets
Investments in subsidiaries
The Company has investments in the following subsidiary undertakings and associates which principally affected the results or net
assets of the Group. T o avoid a statement of excessive length, details of investments which are not significant have been omitted.
The principal activity of all the companies listed is the organisation of exhibitions and conferences, except RAS Holdings Limited
and RAS Publishing Limited which publish trade magazines.
Country of 
incorporation 
or principal 
business address Effective Holding %
Subsidiary undertakings
International T rade and Exhibitions (JV) Limited England Ordinary shares 100
ITE Exhibitions & Conferences Limited England Ordinary shares 100
IEG International Limited
+
England Ordinary shares 100
Intermedia Exhibitions and Conferences Limited England Ordinary shares 100
IEG-Gima International Exhibition Group GmbH & Co KG Germany Ordinary shares 100
International T rade and Exhibitions (ITE) Worldwide B.V . Netherlands Ordinary shares 100
E Uluslararasi Fuar T antitim Hizmetleri A.S. T urkey Ordinary shares 100
Premier Expo Ukraine Ordinary shares 100
ITE LLC Russia Ordinary shares 100
ITE Expo LLC Russia Ordinary shares 100
OOO Primexpo Russia Ordinary shares 100
ITECA Kazakhstan Ordinary shares 100
Iteca Caspian LLC Azerbaijan Ordinary shares 100
ITE Uzbekistan Uzbekistan Ordinary shares 100
ITE Moda Limited England Ordinary shares 100
ITE Enterprises Limited
+
England Ordinary shares 100
RAS Holdings Limited England Ordinary shares 100
RAS Publishing Limited England Ordinary shares 100
ITE Moda Footwear Ltd England Ordinary shares 100
ITE Footwear Limited England Ordinary shares 75
ITE Exhibitions BV Netherlands Ordinary shares 100
Associates
Istanbul Fuarcilik AS T urkey Ordinary shares 50
+ Held directly by ITE Group plc
Subsidiary undertakings
Capital 
Shares Contribution Loans T otal
£000 £000 £000 £000
Cost
1 October 2006 10,181 1,168 23,574 34,923
Additions – 531 – 531
30 September 2007 10,181 1,699 23,574 35,454
Provision for impairment
1 October 2006 9,181 – 23,574 32,755
30 September 2007 9,181 – 23,574 32,755
Net book value
30 September 2007 1,000 1,699 – 2,699
30 September 2006 1,000 1,168 – 2,168 71
ITE Group plc 
Annual Report 2007
5 Fixed assets (continued)
Intangible assets
T rademarks
£000
Cost
1 October 2006 32
Additions 2
Disposals –
30 September 2007 34
Amortisation
1 October 2006 3
Disposals –
Charge in the year 2
30 September 2007 5
Net book value
30 September 2007 29
30 September 2006 29
6 Debtors due within one year
2007 2006
£000 £000
Amounts owed by Group undertakings 219 21,769
Venue advances and other loans 419 –
Prepayments and accrued income 122 150
760 21,919
7 Trade and other creditors
2007 2006
£000 £000
Amounts owed to Group undertakings 10,460 1,506
Accruals 61 138
10,521 1,644
8 Called up share capital
2007 2006
£000 £000
Authorised
375,000,000 ordinary shares of 1 penny each (2006: 375,000,000) 3,750 3,750
Allotted, called up and fully-paid
250,313,994 ordinary shares of 1 penny each (2006: 260,905,023) 2,503 2,609
During the year , the Company allotted 545,353 (2006: 983,000) ordinary shares of 1 penny each pursuant to the exercise of share
options. 24,451 ordinary shares were issued in respect of Directors’ remuneration (2006: 30,194). The total consideration for the
shares issued was £178,864 (2006: £670,000).
During the year , the Company purchased 10,185,000 shares at a cost of £17,505,140 to be held in T reasury during the period. 
The Company also cancelled 11,160,833 shares in the period of which 975,833 were purchased in the prior period.  72
ITE Group plc 
Annual Report 2007
Notes
continued
9 Reserves and reconciliation of equity shareholders’ funds
Called up Share Capital Profit
share premium Mergerredemption ESOT Treasury and loss
capital account reserve reserve reserve shares account T otal
£000 £000 £000 £000 £000 £000 £000 £000
1 October 2006 2,609 698 2,746 291 (3,016) (1,142) 23,700 25,886
Prior year adjustment on adoption 
of UITF 44 (see note 1) –––––– 1,168 1,168
Restated 1 October 2006 2,609 698 2,746 291 (3,016) (1,142) 24,868 27,054
Exercise of options 6 138 – – 2,419 – – 2,563
Net profit for the year –––––– 13,677 13,677
Dividends paid –––––– (9,634) (9,634)
Gain on exercise of ESOT options –––––– 208 208
Shares issued for remuneration – 35–––– 3,635 3,670
Capital reduction (112) – – 112 – 1,142 (18,648) (17,506)
30 September 2007 2,503 871 2,746 403 (597) – 14,106 20,032 73
ITE Group plc 
Annual Report 2007
THIS DOCUMENT IS IMPORT ANT AND REQUIRES YOUR IMMEDIA TE A TTENTION
If you are in any doubt as to any aspect of the proposals referred to in this document or as to the action you should take, you
should seek your own advice from a stockbroker , solicitor , accountant, or other professional adviser .
If you have sold or otherwise transferred all of your shares, please pass this document together with the accompanying documents
to the purchaser or transferee, or to the person who arranged the sale or transfer so they can pass these documents to the person
who now holds the shares.
Notice is hereby given that the Annual General Meeting of the ITE Group plc (the “Company”) will be held at the offices of Olswang,
90 High Holborn, London WC1V 6XX on 6 March 2008 at 12.00 noon for the purposes of considering and, if thought fit, passing 
the following resolutions which will be proposed as Ordinary Resolutions and Special Resolutions as specified: 
Ordinary Resolutions 
1. T o receive and adopt the Directors’ Report and Accounts and the Auditors’ Report for the year ended 30 September 2007.
2. T o re-elect Iain Paterson as a Director of the Company .
3. T o re-elect Russell T aylor as a Director of the Company .
4. T o declare a final dividend of 3.2 pence recommended by the Directors for the year ended 30 September 2007 which, if
approved, will be paid on 14 March 2008 to shareholders on the register on the close of business on 15 February 2008.
5. T o re-appoint Deloitte & T ouche LLP as auditors of the Company from the conclusion of the meeting until the conclusion 
of the next Annual General Meeting of the Company at which accounts are laid.
6. T o authorise the Directors to agree the remuneration of the Auditors of the Company .
7. T o approve the Remuneration report (as set out in the Report and Accounts).
8. That the Directors be, and they are hereby , generally and unconditionally authorised (in substitution for all subsisting
authorities) for the purposes of section 80 of the Companies Act 1985 (the “Act”) to exercise all the powers of the Company 
to allot relevant securities (within the meaning of section 80(2) of the Act) up to an aggregate nominal amount of £837,720
provided that this authority shall expire fifteen months from the date of this resolution or , if earlier , at the conclusion of the
Company’ s next Annual General Meeting and provided that the Company may , before such expiry , make an offer or agreement
which would or might require relevant securities to be allotted after such expiry and the Directors may allot relevant securities
in pursuance of such offer or agreement as if the authority conferred hereby had not expired and provided further that this
authority shall be in substitution for and shall replace any existing authority pursuant to the said section 80 to the extent not
utilised at the date this resolution is passed. 
Special Resolutions
9. That subject to the passing of resolution 8 above, the Directors be, and they are hereby , empowered pursuant to section 95 
of the Act to allot equity securities (within the meaning of section 94 of the Act) of the Company for cash, either pursuant to
the authority conferred by resolution 8 above or by an allotment of equity securities such as is referred to in section 94(3A) 
of the Act as if sub-section 89(1) of the Act did not apply to any such allotment provided that this power shall be limited to 
the allotment:
(a) of equity securities in connection with an offer of such securities by way of rights or other pre-emptive offer to holders 
of ordinary shares of 1 penny each in the capital of the Company (“Ordinary Shares”) in proportion (as nearly as may be
practicable) to their respective holding of such Ordinary Shares but subject to such exclusions or other arrangements 
as the Directors may deem necessary or desirable to deal with fractional entitlements or any legal or practical problems
arising under or as a result of the laws of any territory or the requirements of any regulatory body or any stock exchange 
in any territory or the issue and/or transfer and/or holding of any securities in uncertificated form; and 
(b) (otherwise than pursuant to paragraph (a) above) up to an aggregate nominal amount of £125,658; and shall expire 
at the conclusion of the next Annual General Meeting of the Company or fifteen months from the date of this resolution,
whichever is earlier , so that the Company may , before such expiry , make an offer or agreement which would or might
require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of 
such offer or agreement as if the power conferred hereby had not expired. 
Notice of Annual General Meeting 74
ITE Group plc 
Annual Report 2007
10. That the Company be, and it is hereby , generally and unconditionally authorised for the purpose of section 166 of the Act 
to make one or more market purchases (within the meaning of section 163(3) of the Act) of Ordinary Shares (as defined in
Resolution 9), provided that:
(a) the maximum aggregate number of Ordinary Shares hereby authorised to be purchased is 25,131,599;
(b) the minimum price which may be paid for an Ordinary Share is 1 pence (exclusive of expenses); 
(c) the maximum price (exclusive of expenses) which may be paid for an Ordinary Share shall not be more than an amount
equal to 105 per cent of the average of the closing middle market price for an Ordinary Share as derived from the Official
List of the UK Listing Authority for the five business days immediately preceding the date on which the Ordinary Share is
contracted to be purchased; 
(d) unless previously varied, revoked or renewed, the authority hereby conferred shall expire at the conclusion of the next
Annual General Meeting of the Company or 15 months from the date of the Annual General Meeting at which this
resolution is passed, whichever is the earlier; and 
(e) the Company may make a contract or contracts to purchase Ordinary Shares which would or might be executed wholly or
partly after the expiry of the authority hereby conferred and may make a purchase of Ordinary Shares in pursuance of any
such contract or contracts. 
11. That the Company may:
(a) use electronic means to convey any document or information to its shareholders; and
(b) send or supply any document or information to its shareholders by making it available on a website.
In paragraphs (a) and (b) above, “electronic means” and “shareholders” have the same meanings respectively as they have for 
the purposes of paragraph 6.1.8 (1) of the Disclosure Rules and T ransparency Rules made by the Financial Services Authority .
12. Subject to the passing of resolution 11 above, that the Company’ s Articles of Association be altered by making the
amendments marked in tracked-changes on the print of the Articles of Association produced to the meeting marked 
“A” and initialled for identification by the Chairman of the meeting.
By order of the Board 
Russell T aylor 
Company Secretary 
3 December 2007
Registered Office: 
105 Salusbury Road, London NW6 6RG
The Directors of the Company consider that all the proposals to be considered at the Annual General Meeting are in the best
interests of the Company and its members as a whole and are most likely to promote the success of the Company for the benefit
of its members as a whole. The Directors unanimously recommend that you vote in favour of all the proposed resolutions.
Notes
1. Members are entitled to appoint a proxy to exercise all or any of their rights to attend and to speak and vote on their behalf at the meeting. A shareholder may
appoint more than one proxy in relation to the Annual General Meeting provided that each proxy is appointed to exercise the rights attached to a different share or
shares held by that shareholder . A proxy need not be a shareholder of the Company . A proxy form which may be used to make such appointment and give proxy
instructions accompanies this notice. Instructions for use are shown on the form.
2. T o be valid any proxy form or other instrument appointing a proxy must be received by post or (during normal business hours only) by hand at the offices of the
Company’ s registrar , Capita Registrars, The Registry , 34 Beckenham Road, Beckenham. Kent. BR3 4TU not less than 48 hours before the time appointed for holding
the meeting.
3. The return of a completed proxy form, other such instrument or any CREST Proxy Instruction (as described in paragraph 10 below) will not prevent a shareholder
attending the Annual General Meeting and voting in person if he/she wishes to do so. 
4. Any person to whom this notice is sent who is a person nominated under section 146 of the Companies Act 2006 to enjoy information rights (a “Nominated
Person”) may , under an agreement between him/her and the shareholder by whom he/she was nominated, have a right to be appointed (or to have someone else
appointed) as a proxy for the Annual General Meeting. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, he/she may ,
under any such agreement, have a right to give instructions to the shareholder as to the exercise of voting rights.
5. The statement of the rights of shareholders in relation to the appointment of proxies in paragraphs 1 and 2 above does not apply to Nominated Persons. The rights
described in these paragraphs can only be exercised by shareholders of the Company . 
6. As at 3 December 2007 (being the latest practicable date prior to the publication of this Notice) the Company’ s issued share capital consists of 251,315,994
ordinary shares, carrying one vote each. Therefore, the total voting rights in the Company as at 3 December 2007 are 251,315,994. 
7. Copies of the Directors’ service contracts, non-executive Directors’ letter of appointment and the proposed and current Articles of Association will be available for
inspection at Olswang, 90 High Holborn, WC1V 6XX on weekdays (Saturdays and public holidays excepted) during business hours from the date of this Notice until
the date of the AGM, when they will be available for inspection at the place of the meeting from 11.45 a.m. until the conclusion of the meeting. 
Notice of Annual General Meeting
continued 75
ITE Group plc 
Annual Report 2007
Notes
8. The Company specifies pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001 that only those members registered in the register of members
of the Company as at 6.00 p.m. on 4 March 2008 or , in the event that this meeting is adjourned, in the register of members 48 hours before the time of any
adjournment meeting, shall be entitled to attend or vote at the meeting in respect of the number of shares registered in their respective names at that time.
Changes to entries on the register after 6.00 p.m. on 4 March 2008 or , in the event that this meeting is adjourned, in the register of members 48 hours before the
time of the adjourned meeting, will be disregarded in determining the rights of any person to attend or vote at the meeting.
9. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the Annual General Meeting and
any adjournment(s) of the meeting by using the procedures described in the CREST Manual. CREST personal members or other CREST sponsored members, and
those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take
the appropriate action on their behalf.
10. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a “CREST Proxy Instruction”) must be
properly authenticated in accordance with CRESTCo’ s specifications and must contain the information required for such instructions, as described in the CREST
Manual. The message, regardless of whether it constitutes the appointment of a proxy or an amendment to the instruction given to a previously appointed proxy
must, in order to be valid, be transmitted so as to be received by the Company’ s agent (ID RA10) by the latest time(s) for receipt of proxy appointments specified 
in the notice of meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST
Applications Host) from which the Company’ s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST . After this time any
change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.
11. CREST members and, where applicable, their CREST sponsors or voting service provider(s) should note that CRESTCo does not make available special procedures 
in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the
responsibility of the CREST member concerned to take (or , if the CREST member is a CREST personal member or sponsored member or has appointed a voting
service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted
by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting service provider(s)
are referred, in particular , to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
12. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001.
13. Except as provided above, members who wish to communicate with the Company in relation to the AGM should do so using the following means: (1) by writing 
to the Company Secretary at the Registered Office address; or (2) by writing to the Registrars, Capita Registrars, The Registry , 34 Beckenham Road, Beckenham, 
Kent BR3 4TU. No other methods of communication will be accepted. In particular you may not use any electronic address provided either in this Notice of AGM 
or in any related documents (including the Proxy Form).
14. Y ou may if you wish appoint more than one proxy , but each proxy must be appointed in respect of a specified number of shares within your holding. T o appoint
more than one proxy , please sign and date the Form of Proxy and attach a schedule listing the names and addresses (in block letters) of all of your proxies, the
number of shares in respect of which each proxy is appointed (which, in aggregate, should not exceed the number of shares held by you) and indicating how you
wish each proxy to vote or abstain from voting. If you wish to appoint the chairman as one of your multiple proxies, simply write ‘the Chairman of the Meeting’.
Explanatory notes on the Resolutions
Resolutions 2-3: 
In accordance with the Company’ s Articles of Association any Director newly appointed by the Board is required to retire and
submit themselves for re-appointment at the first Annual General Meeting following their appointment. In addition, at every 
Annual General Meeting a certain number of Directors must retire by rotation. Messrs Paterson and T aylor are retiring by rotation
and Resolutions 2 and 3 seek approval for their re-election. Biographical details for the Directors are set out on pages 26 and 27 of
the Report and Accounts.
Resolution 8: 
This resolution authorises the Directors to allot shares in the capital of the Company up to an aggregate nominal amount of
£837,720 being approximately one third of the Company’ s issued share capital as at 3 December 2007, this being the latest
practicable date prior to the publication of this document. This authority will expire 15 months from the date of this resolution 
or , if earlier , at the conclusion of the next Annual General Meeting. Except in relation to the Company’ s employee share schemes, 
the Directors have no present intention of using this authority .
Resolution 9: 
This resolution empowers the Directors to allot shares in the capital of the Company (including shares which may be held in
treasury) as if the pre-emption provisions of Section 89 of the Companies Act 1985 did not apply , provided that such power of the
Directors is limited to the allotment of shares up to an aggregate nominal value of £125,658, being 5% of the Company’ s issued
share capital as at 3 December 2007 being the latest practicable date prior to the publication of this document. This power will
expire 15 months from the date of this resolution or , if earlier , at the conclusion of the next Annual General Meeting.
Resolution 10: 
This resolution renews the Company’ s general authority to repurchase up to 25,131,599 of its own shares in the market (being 
10% of the Company’ s issued share capital as at 3 December 2007), being the latest practicable date prior to the publication of this
document, at or between the maximum and minimum prices specified in the resolution giving the authority .
Current legislation allows companies to hold shares acquired by way of market purchase in treasury , rather than having to cancel
them. The Directors may use the authority to purchase shares and hold them in T reasury (and subsequently sell or transfer them
out of T reasury as permitted in accordance with legislation) rather then cancel them, subject to institutional guidelines applicable 
at the time. Shares will only be purchased if to do so would result in an increase in earnings per share and is in the best interests 
of shareholders generally . The Board has previously indicated its intention to continue to return surplus cash to shareholders via
on-market purchase of its own shares where it is not required to finance the organic expansion of the business, acquisitions and
dividend payments.  76
ITE Group plc 
Annual Report 2007
Notice of Annual General Meeting
continued
On 3 December 2007, being the latest practicable date prior to publication of this document, the Company had 2,827,946 options
and share awards outstanding under its various share schemes that could potentially need to be satisfied by new issue of shares.
This represented 1.13% of the issued share capital of the Company . If the Company were to purchase and cancel shares up to the
maximum permitted by the resolution set out above, that percentage would increase to 1.25%. 
Resolution 11: 
Following the passing of the Companies Act 2006, and in line with other large companies, the Directors are seeking permission to
allow the Company to offer shareholders the opportunity to have documents and information made available to them through the
Company’ s website and in electronic form. As mentioned in the Directors’ Report, the Company will separately ask shareholders,
individually , whether they would like to elect to continue to receive documents and information in paper form. 
Resolution 12: 
The proposed amendments to the Articles of Association are to facilitate electronic communications and reflect recent changes 
in the law in relation to the electronic communications provisions of the Companies Act 2006. A summary of the main changes
proposed is set out below . Save in relation to electronic communications, no further amendments are being proposed to reflect the
changes in the Companies Act 2006 at this stage. However , the Company intends, together with its legal advisers, to undertake 
a more comprehensive review of its Articles as various stages of the Companies Act 2006 are implemented and amendments to
reflect those changes will be proposed at a later date.
Principal changes to the Articles of Association
Set out below are the principal changes to the Articles of Association to be made pursuant to Resolution 12. All references refer to
the current Articles of Association save where otherwise stated.
1. Article 2 – certain definitions and expressions relating to electronic communication have been inserted and these expressions
and definitions have been reflected throughout the Articles;
2. Article 54.2, 72, 74 and 76 – amendments have been proposed to allow for appointment of proxies in electronic form and to
allow the Company to receive proxies in electronic form at an address either supplied by the Company or deemed to have been
supplied by the Companies Act 2006;
3. Articles 138, 139 and 141 – amendments have been proposed to allow communications by the Company with its shareholders
by any means permitted by the Companies Act 2006 (which includes communication in electronic form or by website) and to
allow the Board to adopt terms and conditions relating to electronic communications; 
4. Proposed Article 140.2 – this proposed new article provides that information sent by the Company by electronic means shall 
be deemed to be received as long as it is sent in accordance with guidance issued by the Institute of Chartered Secretaries and
Administrators current at the date of adoption of the Articles or , if the Board so resolves, any subsequent guidance so issued
and that it is deemed received by the shareholder on the day following the day it was sent; 
5. Proposed Article 140.3 – this proposed new article provides that documents placed by the Company on a website are deemed
to be received by shareholders at the later of when they were placed on the website and when they were deemed to be notified
that the document was available on the website;
6. Proposed Article 143.1 – amendments have been proposed to allow documents to be sent in electronic form to the Company
where the Company has (or is deemed by the Companies Act 2006 to have) agreed to accept such electronic communications
and to allow the Board to adopt terms and conditions relating to such communication, including in relation to validation and
authentication of communications received;
7. Articles 84.1, 84.2 and 92.1 and 107 – amendments have been proposed to allow notices regarding resignation of Directors,
appointment of alternative Directors and notices of Board meetings sent to Directors to be delivered by electronic means; and
8. Article 113.2 – amendments have been proposed to allow Directors to pass written Board resolutions in electronic form. A further year 
of steady growth
Highlights
Net cash (£m)
+2 6%
Headline pre-tax profit (£m)
+3 5%
Net assets (£m)
+04%
Y ear ended Y ear ended
30 September 2007 30 September 2006
Volume sales 454,900 m
2
425,600 m
2
T urnover £99.1m £82.4m
Profit before tax £33.7m £24.8m
Headline pre-tax profit* £35.3m £26.0m
Basic earnings per share 9.1p 6.9p
Diluted earnings per share 9.0p 6.7p
Headline diluted earnings per share** 9.4p 7.0p
Dividend per share 4.5p 3.5p
Net cash £26.7m £21.2m
Net assets £45.4m £43.6m
Notes:
* Headline pre-tax profit is defined as profit before tax, amortisation of acquired intangibles and impairment of goodwill (including associates) 
and profits or losses arising on disposal of group undertakings – see the Consolidated income statement for details.
** Headline diluted earnings per share is calculated using profit before amortisation of acquired intangibles and impairment of goodwill (including
associates) and profits or losses arising on disposal of group undertakings.
Note:
The results for 2003 and 2004 are based on UK GAAP . 
2005 through to 2007 are based on IFRS.
03 04 05 06 07
22.1
33.5
13.0
21.2
26.7
T urnover (£m)
+2 0%
03 04 05 06 07
58.9
60.8
78.5
82.4
99.1
03 04 05 06 07
15.5
18.1
25.3
26.0
35.3
03 04 05 06 07
38.6
44.4
32.1
43.6
45.4
Directors Iain Paterson, non-executive Chairman
Bill Dye, Chief Executive Officer
The Rt Hon Sir Jeremy Hanley , KCMG, non-executive Director
Michael Hartley , non-executive Director
Edward Strachan, executive Director
Russell T aylor , Finance Director 
Malcolm Wall, non-executive Director
Company Secretary Russell Taylor
Registered office ITE Group plc
1 05 Salusbury Road
London, NW6 6RG
Registration number 1927339
Auditors Deloitte & Touche LLP
London
Solicitors Olswang
90 High Holborn
London, WC1V 6XX
Principal bankers Barclays Bank plc
27 Soho Square
London, W1D 3QR
Company brokers Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London, EC4M 7L T
Registrars Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Y orkshire, HD8 OLA
Public relations Financial Dynamics
Holborn Gate
26 Southampton Buildings
London, WC2A 1PB
Website www.ite-exhibitions.com
Directors, advisers and other information
Final dividend 2007
Ex date 13 February 2008
Record date 15 February 2008 
Annual General Meeting 6 March 2008
Payment date 14 March 2008
Interim dividend 2008
Record date June 2008
Payment date July 2008
Financial calendar
Designed and produced by The College
T +44 (0)20 7457 2030, www.thecollege.uk.com ITE Group plc
International headquarters
105 Salusbury Road
London, NW6 6RG
T el: +44 (0)20 7596 5000
Fax: +44 (0)20 7596 5111
E-mail: enquiry
@
ite-exhibitions.com
www.ite-exhibitions.com
Creating marketplaces
for business...
ITE Group plc
Annual Report 2007
ITE Group plc Annual Report 2007
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