LONDON (Alliance News) - ITE Group PLC on Thursday said revenue growth in the first quarter of its financial year was hurt by venue capacity constraints at one of its events in India and disposal of operations in Russia.
ITE Group shares were trading 2.4% lower on Thursday at 59.65 pence each.
The organiser of exhibitions and conferences said it traded in line with expectations in the three months to the end of December 2018, with revenue on the like-for-like basis up 6% year-on-year.
The company said its performance was hurt by temporary venue capacity constraints at Acetech Delhi, an event for businesses from the building and interiors industry. Excluding Acetech Delhi, ITE's like-for-like revenue growth was 10% in the first quarter.
Revenue for the period totalled GBP31.5 million, down from GBP40.7 million reported a year prior. The decrease was largely due the absence of the non-core events in Russia, which were divested in early October 2018.
In December, ITE Group closed its Siberian operation, which ran 17 non-core events in financial 2018. The region had consistently made losses in the past four years, the company explained.
Looking ahead, ITE Group said it continues to benefit from the investments into products and operational improvements despite challenging micro-economic environment.
On a like-for-like basis, the company said its revenue is currently 8% ahead of this time last year.
