28th Jan 2016 09:21
LONDON (Alliance News) - Events company ITE Group PLC on Thursday said its first quarter trading was in line with its expectations, though like-for-like revenue continued to decline due to the tough conditions in the Russian and Asian markets.
ITE said revenue for the three months to the end of December hit GBP34.8 million, up from GBP25.4 million a year earlier, helped by the acquisition of the Breakbulk and Africa Oil Week events, plus the purchase of ABEC.
Like-for-like revenue, however, fell 13%, amid continued weakness in the Russian and Asian markets in the quarter.
ITE said it continues to monitor conditions in these difficult markets and said it remains confident it is well positioned to benefit from any recovery which may emerge.
Shares in ITE were up 3.6% to 143.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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