When news of the crisis in Ukraine broke, investors wasted no time wiping a third of the market value off ITE (ITE). The exhibition group organises events in Ukraine and earns over 60 per cent of its operating profits in Russia.
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Regardless, ITE put on a good show last half. It organised 136 events - a quarter more than the previous year - including London’s 'Scoop' fashion show and 'Moscow International Travel & Tourism'. Sales climbed everywhere except Eastern and Southern Europe, where they slumped 36 per cent to £7.9m as two low-margin events in Turkey were discontinued and attendance fell in Ukraine.