29.07.2015 - Challenging conditions
ITE recently published its interim management statement for the period from April 1, 2015 to July 13, 2015, incorporating the Group’s third quarter trading period from April 1, 2015 to June 30, 2015. The Group’s trading for the third quarter of the financial year was in line with management’s expectations. Revenues in the three-month period to 30 June, 2015 were £58 million (2014: £73 million) which reflect both the challenging trading conditions in Russia and the relative weakness of the euro and the ruble against the reporting currency. Trading conditions in Russia have stabilised over the last few months and consistent with this the like-for-like revenues for the third quarter were 17% lower than over the same period last year. The results this year include the biennial Moscow International Oil & Gas Exhibition which delivered a solid performance selling 18,000 m² (2013: 24,000 m²) in difficult market conditions. The Group had net debt of £54 million as at July 10, 2015, after spending circa £54 million on acquisitions and deferred consideration during this financial year. With a secured debt facility of £100 million, the Group has a stable financial base from which to continue developing its business. In accordance with the Group’s strategy, ITE has continued to diversify its business outside Russia through a number of acquisitions made during the first half of the year. The Board remains confident in the outlook for the current financial year, with 96% of consensus revenues now contracted. As at July 10, 2015, the Group had contracted revenues of circa £130 million for the full year which, on a like-for-like basis, is 14% less than this time last year. (ank)
Quelle: Jul 22, 2015 [m+a UFI Newsletter]