UK – British conference and exhibition organiser ITE Group reported a drop of almost 50 per cent in first-half pre-tax profit.
In the six months to 31 March 2010 ITE reported a pre-tax profit of £5.6m, down from £11.1m for the same period in 2009.
The company partially blamed the loss on weak currency exchanges, but has hopeful expectations for the coming financial year.
CEO of ITE Group, Russell Taylor, says: “ITE’s principal markets have significant long-term growth potential and events remain the primary route to market for many of our customers.”
“The board is confident that ITE is well positioned for growth,” he added.
ITE Group, which gets almost 65 per cent of its business from Russia, had £98.1m booked for the year as of 14 May, down from £103.3m last year.
