LONDON (Alliance News) - Exhibitions company ITE Group PLC Wednesday said its first half performance was in line with its expectations, with revenue down on the back of tough trading conditions in Russia and Ukraine.
ITE said it expects revenue for the six months to end-March to be around GBP56 million, down from GBP71 million a year earlier, reflecting a weaker biennial pattern than the previous year but also the impact of trading conditions in Russia and Ukraine and the steep drop in the currencies of those countries. The problems were partially offset by a strong performance in Asia.
Its like-for-like revenue was down 22%, but would have been down just 5% if currency rates had remained constant compared with the year-earlier period.
ITE said trading conditions in Russia have stablised in the past two months, helped by a more stable oil price and a less volatile ruble, though it said volume sales for Russia remain around 20% weaker year-on-year.
Outside of Russia and Ukraine, trading conditions are in line with ITE's expectations, it said, with good growth in Asia and Turkey. Overall, like-for-like trading volumes are currently around 16% lower year-on-year, ITE said.
The company said it continues to monitor the impact of economic conditions in Russia but remains confident it will be able to weather the tough market.
ITE shares were up 2.6% to 185.25 pence on Wednesday morning, one of the best performers in the FTSE All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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