ITE Group plc, the international exhibitions group, published its interim results for the six months ended March 31, 2016. The group’s performance for the first six months of the financial year is in line with management expectations. Revenue for the six month period to March 31, 2016 will be circa £63m (six months to 31 March 2015: £56.1m). On a like-for-like basis, revenue for the period is, as expected, 4% behind the comparative period. This six month result includes the Breakbulk USA event, Africa Oil Week and the effect of ABEC becoming a subsidiary. These acquisitions together with the positive biennial pattern in the first six months, have helped to offset the challenging trading environment in Russia and Central Asia. As previously announced, in January 2016 the Group acquired a 70% stake in Shanghai ITE Ebseek Exhibitions Co Ltd (“ITE Ebseek”), the organiser of industrial fasteners exhibitions in Shanghai and Guangzhou, for consideration of £3.3m, of which £0.9m is deferred and contingent on the performance of the 2016 and 2017 events. In February 2016, the Group successfully launched AfricaBuild in Lagos, Nigeria. The Group’s like-for-like trading volumes for FY 2016 are circa 9% less than this time last year, and like-for-like revenues are also 9% behind last year’s comparative, both of which are in line with the management’s expectations. The recent recovery in the oil price has helped to strengthen currencies in our oil reliant geographies and at current exchange rates, the Group has contracted £109m of revenue for FY 2016. The Group’s future revenue remains sensitive to the Rouble-Sterling exchange rate over the next six months. (ank)
