Acquisition of World Food Market by Expomedia Group plc

30 April 2007

Acquisition of World Food Market by Expomedia Group PLC

The Board of Expomedia Group PLC ("Expomedia" or "the Group"), the AIM quoted media group with interests in exhibitions, conferences, venue management and related publishing, is pleased to announce today the acquisition of World Food Market, the exhibition for the ethnic food and world food markets, hosted at London's ExCel Centre.

 

 

-         Initial consideration of £320,000 in cash with up to a further £600,000 based on results;

-         Ethnic food market currently worth £1.8 billion in the UK alone and forecast to rise to £2.4 billion by 2009;

-         Show turnover increased by 42% from 2005 to 2006 and attendance has grown its base from 2,350 to 3,200 - an increase of 30%;

-         World Food Market complements Expomedia's strategy of acquiring up and coming and topical specialised exhibitions; and

-         The Group intends to launch versions of the event in its other markets.

 

 

The unaudited accounts for the last two editions of World Food Market show a turnover of £420,000 and a contribution after direct salaries of £43,000. Under the terms of today's agreement, Expomedia will pay an initial consideration of £320,000 in cash with up to a further £600,000 payable in cash based on the results of the event to be held in 2007.

 

 

The World Food Market covers the entire scope of ethnic and world speciality foods, from Oriental, Eastern European and Afro-Caribbean to Mediterranean and Middle Eastern. It is the UK's only trade fair with a dedicated focus on community foods - incorporating the Halal and Kosher exhibitions.