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Trading statements

ITE Group on track

04 April 2017 07:46

ITE Group expects its performance for the six months to the end of March to be in line with forecasts.

The group said revenue for the period would be circa £69m (six months to 31 March 2016: £63.6m).

It said that on a like-for-like basis, revenue for the period was 2% ahead of the comparative period.

It added: "The economic situation in Moscow is showing signs of improvement and this, along with early sales and marketing initiatives instigated by management, has helped to offset the continued weaker performance from Central Asia and the continuing challenging environments, particularly in Turkey - where international bookings are still challenged - and India - where we have had to cancel a number of smaller events."

Looking ahead, the group said: "Trading conditions in a number of regions in which the group operates continue to be challenging.

"Group revenues booked for FY 2017 are £128 million (at current exchange rates) representing circa 92% of market expectations for the full year.

"On a like-for-like basis these revenues are circa 7% ahead of this time last year, with trading volumes circa 1% ahead.

"This improvement partly reflects earlier rebooking following investment in the new initiatives introduced by management.

"The group's future revenue remains sensitive to the rouble:sterling exchange rate over the next six months."

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