ITE Group Plc (ITE.L), an exhibition organiser, said Thursday that its first-quarter trading was in line with management expectations. Revenue for the three month period was 34.8 million pounds, higher than last year's 25.4 million pounds. On a like-for-like basis, revenues for the quarter are, as expected, 13% behind the comparative period.
This year's first quarter result includes the acquisitions of Breakbulk, Africa Oil Week and the effect of ABEC becoming a subsidiary. These acquisitions, combined with the biennial pattern, have offset the challenging trading environment in Russia and Central Asia.
Looking ahead, the company said its results remain sensitive to the economic climate in the oil producing economies of Russia, Kazakhstan and Azerbaijan.
If the recent fall of the oil price is sustained, the economic situation in these countries is likely to deteriorate further. The company's like-for-like trading volumes are currently 10% less than this time last year, and like-for-like revenues are also 10% behind.
The Group will continue to drive underlying growth outside of the oil producing economies, building on the strategic action it has taken in recent years to successfully diversify the Group.
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