ITE Group reassures on FY 2017 revenues
Shares in international exhibitions company ITE Group are up almost 5% as it said trading conditions in a number of regions in which it operates continue to be challenging, but reassured investors on its full-year 2017 revenues.
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In a trading update for the six months to 31 March, ITE said its performance was in line with management's expectations.
Revenue for the period would be about £69m, which was an improvement on the £63.6m seen in the same period of 2016. On a like-for-like basis, revenue for the period was 2% ahead.
"The economic situation in Moscow is showing signs of improvement," the company said.
This, with early sales and marketing initiatives, has helped to offset the continued weaker performance from Central Asia and the continuing challenging environments, particularly in Turkey and India.
Looking ahead, ITE said group revenues booked for full-year 2017 were £128m at current exchange rates, this representing about 92% of market expectations for the 12 months.
"On a like-for-like basis these revenues are circa 7% ahead of this time last year, with trading volumes circa 1% ahead," the company said.
"This improvement partly reflects earlier re-booking following investment in the new initiatives introduced by management."
ITE also said its future revenue was sensitive to the ruble-sterling exchange rate over the next six months.
At 11:08 GMT, shares in ITE were up 4.78% to 170p each.