ITE first half revenue, profit drops

17th May 2010 14:56

Exhibitions group ITE reported a drop in both profit and revenue in what it called a 'challenging' first half.Pre-tax profit dropped to £5.6m in the six month ended 31 March compared with £11.1m last time, on revenues of £39.2m from £43.2m previously.Chief executive Russell Taylor said: "The exhibition industry is late cycle in its response to the economic environment. As expected, the first half was challenging as the group traded through the low-point in the economic cycle and our events reflected the full impact of the recession." "ITE's principal markets have significant long-term growth potential and events remain the primary route to market for many of our customers. The board is confident that ITE is well positioned for growth."