ITE beats expectations with record results

29th Nov 2011 09:10

Exhibitions and conferences firm ITE Group saw full revenues and profits jump as its sector defied the general economic gloom.Adjusted profit before tax in the year to the end of September rose to £51.4m, from £36.6m the year before. Revenue climbed to £155.5m from £113.5m last year, all of which put the firm ahead of market expectations.The market had been looking for pre-tax profits of £50m on turnover of £153.5m.ITE said £93m of revenues had been booked for 2012, 8% ahead of the 2011 figure, on a like-for-like basis.It increased its final dividend increased to 4.2p, from 4p the year before, pushing its full year dividend to 6.1p, from 5.7p in 2010.The firm said it had been boosted a strong recovery in its core Moscow market as well as three acquisitions during the period."The regional markets in Russia have also enjoyed a recovery and the adjacent Commonwealth of Independent States markets [former USSR territories] are now showing improving results, albeit not yet as strongly as in Russia,' said chief executive Russell Taylor. "There is expected to be further economic growth in Russia this year as well as a continuation of the recovery in the CIS markets," he sad.