Acquisitions drive growth and further diversify the Group away from Russia
Trading in Russia is still challenging but prospects are improving
Results are in line with management expectation
Interim dividend reduced to restore earnings cover to over 2 times
Confidence in full year outcome with over 90% of revenues for FY 2016 contracted
Appointment of new CEO announced
Russell Taylor, CEO of ITE Group plc, commented:
"ITE has delivered a good first half performance showing the benefits of the Group's diversification strategy. The trading environment in Russia and Central Asia continued to be challenging over the first half but the acquired Breakbulk portfolio and Africa Oil Week together with the increased stake in ABEC's Indian events portfolio have supported a good performance from the Group's business in Asia and the Rest of the world.
"Looking forward, prospects in Russia are improving and the economy is expected to show growth in 2017. ITE has a sound financial platform with good operating cash flows and the Group is entering the second half of the year with good visibility on current year bookings. Accordingly the Board has confidence in the full year outcome."
