Regional tensions, currency volatility and the depressed oil price have weighed on exhibition bookings in Russia and Central Asia, dealing yet another blow to ITE (ITE) in the reported period. Although acquisitions mitigated the damage, the events organiser's adjusted operating profits fell 19 per cent to £39.6m.
IC TIP:
Hold
at
147p
Exclude acquisitions, differences in event timing and a £6.6m currency impact, and ITE's revenues slid 8 per cent. Comparable sales slumped 16 per cent in Russia and 8 per cent in Central Asia, which together made up 54 per cent of turnover, as fewer exhibitors purchased space at events such as Mosbuild and Kazakhstan Oil & Gas Exhibition.