LONDON (Alliance News) - Exhibitions company ITE Group PLC Thursday reiterated its full year expectations, anticipating a fall in revenue compared to the previous year, as it said it traded in line with expectations in its fourth quarter.
For the financial year to end-September, the company expects to post revenue of around GBP136 million, down from GBP174 million a year before.
In the fourth quarter, revenue was GBP23 million, down from GBP29 million, hit by challenging trading conditions in Russia and the weakness of the ruble.
As at last Friday, ITE had booked around GBP48 million of its total revenue for the 2016 financial year, down from GBP60 million a year before, representing around 34% of current market expectations. It highlighted continued challenging trading conditions in Russia, and in central Asian states.
Although it has seen some stability in trading conditions in Russia, a hit from lower oil prices and domestic currency weakness is being reflected in its forward bookings, ITE said.
ITE will announce its full-year results on December 1.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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