LONDON (Alliance News) - Events company ITE Group PLC on Tuesday said revenue in the third quarter to the end of June fell in line with its expectations.
ITE said revenue for the quarter was GBP46.0 million, down 21% from GBP58.0 million a year earlier, reflecting the weaker biennial pattern of events it handles and softness in its trading currencies, in particular in the Russian rouble.
On a like-for-like basis, revenue was down 13% year-on-year, in line with ITE's expectations.
The company said its operations are not heavily influenced by UK-EU trade, meaning the UK's vote to leave the European Union is unlikely to have a significant impact on the business.
ITE said it remains confident on meeting its expectations for its financial year to the end of September, with 96% of its forecast revenue for the financial year now contracted.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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