ITE Group warns of ‘challenging’ markets outside Russia

Emerging markets focussed exhibitions company ITE Group is expected to report a small improvement in its like for like revenues on the back of a brightening outlook for its Russian business.

The London-listed group, which had been hit by sanctions in Russia, conflict in Ukraine and uncertainty in Turkey over the last two years, said total revenues were likely to be in the region of £69m in the six months to the end of March – an 8 per cent rise over the same period last year. Like for like revenues will have risen 2 per cent.

The performance was driven by an improving economic outlook in Moscow, said ITE Group, which expects its Russia business to help offset persistent weakness in some of its key markets – notably central Asia, Turkey and India.

Outside Russia, the company warned of a still “challenging” outlook, adding that its full year revenues already booked for 2017 have hit £128m at current exchange rates. This is already 92 per cent of market expectations.

“The group’s future revenue remains sensitive to the rouble/sterling exchange rate over the next six months”, said ITE.

The group’s interim results will be released on May 16.