Revenue up, as like-for-like sales drop at ITE Group

Although total revenue is reportedly up at ITE Group during the first half of the conference and event organiser’s 2015/16 financial year, the group has reported a 4% drop in like-for-like sales. In a trading statement, the group revealed revenue to the end of March came in at around £63m (US$89.65m), compared to £56.1 in the previous year’s comparative period. The heightened revenue in the first half was partly due to the ABEC business becoming an ITE subsidiary and partly due to a boost from the Breakbulk USA and Africa Oil Week events, the group said. These two events helped to offset weak trading conditions for ITE in Russia and Asia. The group’s future revenue remains sensitive to the rouble:sterling exchange rate. The trading statement came ahead of interim results for the period ending 31 March 2016 and revealed  like-for-like trading was down by around 9% year-on-year, which the group said was in line with its expectations. The group also said it has contracted £109m of revenue for FY 2016. ITE, which organises 240 conferences and exhibitions a year, will publish its interim results on 9 May.