LONDON (Alliance News) - Exhibitions company ITE Group PLC on Monday said trading in the first half of its financial year was in line with its expectations, with total revenue higher but like-for-like sales lower.
ITE said revenue for the six months to the end of March was around GBP63.0 million, compared to GBP56.1 million a year earlier, though like-for-like sales were down by around 4.0% year-on-year.
The half includes a boost from the Breakbulk USA and Africa Oil Week events and from the ABEC business becoming an ITE subsidiary. This helped push up total revenue and offset the effect of weak trading conditions in Russia and Asia for ITE.
Like-for-like trading volumes were down around 9.0% year-on-year, ITE said, in line with its expectations. But while a stabilisation in the oil price has helped strengthen currencies in some key markets for ITE, its exposure to Russia will mean its full-year results remain sensitive to trading of the ruble against sterling, it said.
ITE will publish interim results on May 9.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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