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Trading statements

ITE in line with forecasts

04 April 2016 07:46

ITE Group plc, the international exhibitions group, says its performance for the six months to the end of March was is in line with management expectations.

Revenue for the period will be circa GBP63m (six months to 31 March 2015: GBP56.1m). On a like-for-like basis, revenue for the period is, as expected, 4% behind the comparative period.

This six month result includes the Breakbulk USA event, Africa Oil Week and the effect of ABEC becoming a subsidiary. These acquisitions together with the positive biennial pattern in the first six months, have helped to offset the challenging trading environment in Russia and Central Asia.

Looking ahead, it says like-for-like trading volumes for FY 2016 are circa 9% less than this time last year, and like-for-like revenues are also 9% behind last year's comparative, both of which are in line with management's expectations.

The recent recovery in the oil price has helped to strengthen currencies in our oil reliant geographies and at current exchange rates, the Group has contracted GBP109m of revenue for FY 2016. The Group's future revenue remains sensitive to rouble:sterling exchange rate over the next six months.

The board continues to monitor the effects of the prevailing economic conditions and remains confident that the group is well positioned to grow its business in emerging markets.

Story provided by StockMarketWire.com

Related Company: ITE

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