WASHINGTON: ITE Group’s pre-tax profits fell to £31.5m in the year to the end of September – down from £41.5m last time.
Revenues fell to £135.8m from £174.8m and headline pre-tax profits of £47.2m were down from £60.3m a year ago.The group said the results were in line with expectations despite difficult market conditions.
Chief executive Russell Taylor said: “ITE has delivered a solid performance despite a challenging trading environment in Russia and more recently in the central Asian states due to the weakness of the oil price and domestic currency, which has impacted the Group’s results. The Group’s other regions, which now account for over 40% of ITE’s business, are trading well.
“ITE has continued to diversify its portfolio and strengthen its industry verticals by acquiring leading events, establishing a better geographic balance between its historical Russian-CIS businesses and other leading emerging markets.
ITE has established cornerstone businesses in three of the largest emerging markets of the future – China, India and Africa. The Group operates a resilient business model, a flexible cost base and our strong market positions mean the Group is well placed to benefit from any future improvement in the Russian economy.”
