3983 debt consolidating 5739

On behalf of the Board I express our gratitude to Russell for his tremendous contribution to ITE over the years both as CEO and Finance Director and we wish him well in the future.

Our search process to find a new CEO and CFO was driven by the desire to appoint a strong executive team with a mix of industry experience, knowledge of our operating model and geographies, together with the skills to develop and grow the Group and maximize its potential.

Headline profit before tax is defined as profit before tax and adjusting items which include amortisation of acquired intangible assets, impairment of goodwill and intangible, profits or losses arising on disposal of Group undertakings, transaction and integration costs on completed and pending acquisitions & disposals, tax on income from associates & joint ventures, gains or losses on the revaluation of contingent consideration, gains or losses on the revaluation of put option liabilities over non-controlling interests, and imputed interest charges on discounted put option liabilities - see note 3 for details.*** The differences between headline and statutory results and EPS are primarily due to non-cash, non-trading items such as amortisation of intangible assets and the impairment of goodwill - see note 3 for details.

Group Performance ITE Group plc has reported revenues of £134.4 million and headline profits before tax of £36.5 million.

The Group finished the year with net debt of £59.1 million (2015: £52.3 million), after investing £18.3 million on acquisitions during the year.

Since joining as CEO on 1 September, I have been spending time getting to know our employees and customers and have also visited a number of ITE's offices in different regions.

In this weaker biennial year, headline diluted earnings per share was 10.7p (2015: 15.3p).

As a result of a number of items that are not related to the underlying trading of the business (primarily amortisation of intangible assets and impairment of goodwill), we are reporting a loss before tax of £4.1 million (2015: £31.5 million profit) and fully diluted earnings per share of (3.6p) (2015: 10.4p).

As Chairman and on behalf of the Board, I would like to thank and recognise the involvement of all of ITE's employees to this year's result and especially those staff in Turkey who have worked extremely hard under difficult circumstances.

ITE's Board recognises that good corporate governance is in the long-term interests of the Group and we are conscious of our responsibilities for setting values that underpin the Group culture.

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As Chairman, I am mindful of my personal responsibility for leading the Board and ensuring it operates diligently and effectively.

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