Growth Company Investor backed exhibitions and conferences group Expomedia at 137.5p in June, but the tightly held shares have drifted. Nevertheless, we remain bullish on this growth situation. Interims to June revealed losses of €2m (€1.35m), though turnover (including joint ventures) rocketed 65% north to €11m. Chief executive Mark Shashoua reported strong repeat and forward bookings for 2005, up 80% in value versus the same date last year, on the continued launch programme of exhibitions, conferences and publications. Highlights of the half included the opening of exhibition venues in Amsterdam and Cologne, and the lease of a new, state-of-the-art centre in India. The India Expo Centre is in the final stages of construction, although exhibitions have already been held there. ‘India is Russia ten years ago,’ says the palpably excited Shashoua, ‘and the whole of India has less exhibition space than London! We expect substantial growth there in 2006.’ Elsewhere, growth in Poland beat expectations, the Russian exhibition business posted 22% growth and turnover in Holland rose eight-fold. Shashoua insists partnerships with media groups are increasingly key. A thriving joint venture with Telegraaf Media Groep (TMG) has progressed well, with TMG becoming a significant Expomedia shareholder. Furthermore, to bring forward profitability, Expomedia has launched an innovative licensing division for emerging markets that will fend off up-front costs. Shashoua will look for local licencees for the group’s brands and let them bear the early costs. As well as royalties, Expomedia will have the right to buy at a later date when these businesses are established. For the full year, house broker Charles Stanley is forecasting a jump in revenues from €15.1m to €24.5m, with Expomedia to swing from losses of €3.1m to break-even. Strong buy.