14th Jul 2015 06:57
LONDON (Alliance News) - Exhibitions and conferences organiser ITE Group PLC on Tuesday said its revenue in the third quarter will fall year-on-year due to weak activity in the Russian market, though the group said the Russian trading environment has now stabilised.
ITE said revenue for the three months to the end of June will be GBP58 million, down from GBP73 million a year earlier, hit by both the challenging conditions in Russia and by the relative weakness of the euro and the ruble against sterling.
Trading conditions in Russia have stabilised, following the volatility which hit the market early in the year after sanctions were imposed by European powers due to the country's actions in Ukraine, but like-for-like revenue in the third quarter was still down by 17%.
ITE said it remains confident on its full-year outlook, with 96% of consensus revenue now secured, and said its financial positions remains robust.
By Sam Unsted; [email protected]; @SamUAtAlliance
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