Record pre-tax profits for ITE Group on reduced revenues

News

WORLDITE Group has reported preliminary results that reflect good underlying trading performance in most of the markets the events group operates in. However, revenues to 30 September 2014 dropped from £192.3m (US$302.5m) to £178.8m, although headline pre-tax profits rose slightly from £59.4m to a record £60.3m.
 
The results are also for ITE’s lesser biennial year and come against the political backdrop surrounding Ukraine and Russia.

The underlying business has delivered a 10 per cent improvement in constant currency profits.

The acquisition of Eurasia Rail, also announced 2 December, strengthens the group’s position in Turkey.
 
The company has posted £81m of revenues booked for 2015 and CEO Russell Taylor (pictured) said the group’s portfolio of events continued to perform well despite currency headwinds and difficult trading conditions in Russia and Ukraine. The group has continued to execute its strategy of diversifying its business into new geographical markets and this year has established a presence in China and Indonesia.
 
Taylor added that ITE remained sensitive to the economic climate in Russia, but had increasingly good growth prospects in its other markets.

A consensus forecast for the FT among 13 polled investment analysts covering ITE Group predicts the company should outperform the market next year.
 
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