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Today we are publishing a trading statement ahead of our interim results for the six months ended 31 March 2017. These results will be announced on Tuesday 16 May 2017.
The Group’s performance for the six month period to 31 March 2017 is in line with management expectations.
Revenue for the period will be circa £69m (six months to 31 March 2016: £63.6m). On a likefor-like basis, revenue for the period is 2% ahead of the comparative period. The economic situation in Moscow is showing signs of improvement and this, along with early sales and marketing initiatives instigated by management, has helped to offset the continued weaker performance from Central Asia and the continuing challenging environments, particularly in Turkey – where international bookings are still challenged - and India – where we have had to cancel a number of smaller events.
The Group’s balance sheet and operational cash flows remain sound, with net debt at circa £55m at 31 March 2017 (£70m at 31 March 2016).
Trading conditions in a number of regions in which the Group operates continue to be challenging. Group revenues booked for FY 2017 are £128 million (at current exchange rates) representing circa 92% of market expectations for the full year. On a like-for-like basis these revenues are circa 7% ahead of this time last year, with trading volumes circa 1% ahead. This improvement partly reflects earlier rebooking following investment in the new initiatives introduced by management. The Group’s future revenue remains sensitive to the Ruble: Sterling exchange rate over the next six months.
Business and Strategy Review
The review of the business and strategy, announced in November 2016, continues to be on track. The results of the review will be presented at the Group’s Interim Results on 16 May 2017. Where used, like-for-like measures are stated on a constant currency basis adjusted to exclude acquisitions impacting results for the first time, event timing differences and biennial events.
Mark Shashoua, Chief Executive Officer, ITE Group plc Tel: 020 7596 5000
Andrew Beach, Chief Financial Officer, ITE Group plc Tel: 020 7596 5000
Charles Palmer/Emma Appleton, FTI Consulting Tel: 020 3727 1000
Nick Westlake/Toby Adcock, Numis Securities Ltd Tel: 020 7260 1000