LONDON (Alliance News) - ITE Group PLC reiterated confidence in its outlook for the full year Tuesday, even as it reported a decline in revenue amid a "challenging trading environment" during its third quarter to end-June.
ITE saw revenue of GBP73 million in the quarter, down from GBP96 million, hit by the absence of its biennial Moscow International Oil & Gas Exhibition, negative currency movements, and the ongoing political crisis in Ukraine.
The trade exhibitions company's construction event in Moscow, Mosbuild, saw a solid performance but lower volumes than in previous years, ITE said. It sold 65,400 square metres, down from 68,700 square meters, which it said was similar to other construction business events in Russia.
Turkeybuild, its construction event in Turkey, was hampered by space constraints and saw a small increase in volumes to 36,300 square metres from 36,200 square metres. ITE is expanding the venue capacity for this event in Autumn, which the company said will help the event grow from 2015 onwards.
Its Beauty Eurasia event, acquired in October, performed ahead of expectations delivering 9,600 square meters, ITE said.
ITE had net debt of GBP16 million as at July 11, after spending GBP48 million on acquisitions and deferred consideration during the year. It recently increased its lending facilities with its main banks, so it now has GBP80 million in financing committed until June 2018.
Also as at July 11 ITE had contracted revenues of GBP167 million for the full year, 2% ahead of the previous year on a constant currency basis although 10% behind on a like-for-like basis.
ITE shares were down 0.5% at 227.00 pence at the open Tuesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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