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Trading statements

ITE Group revenues down

12 July 2016 07:36

ITE Group says third quarter trading was was in line with management expectations. Revenues in the three months to 30 June were £46m (2015: £58m) which reflects the weaker biennial pattern and the weakness of its trading currencies, especially the rouble, compared with the corresponding period last year.

On a like-for-like basis revenues were, as expected, 13% lower than the comparative period.

The group had net debt of £64m as at 30 June 2016, after spending circa £15m on previously announced acquisitions and deferred consideration during this financial year. The Group has a secured debt facility of £93m and is trading within its facilities.

The group says the referendum result in the UK on membership of the European Union is not expected to have a significant impact on ITE because the group's operations are not heavily influenced by UK-EU trade. If the recent weakness in sterling continues, it would expect this to have a positive influence on future results.

The board remains confident in the outlook for the current financial year, with 96% of consensus revenues now contracted. As at 8 July 2016, the Group had contracted revenues of circa £127m for the full year which, on a like-for-like basis, is 8% less than this time last year. It says that as indicated in the interim results, the trading environment in Russia continues to be challenging, but is expected to improve in 2017.

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