ITE says recovery in key markets underway

30th Nov 2010 07:21

Exhibitions group ITE said a recovery is now underway in all of its core markets and most notably in its key Moscow market."Having stabilised earlier in the year, market conditions have now improved in all of our markets and this is reflected in both the encouraging fourth quarter performance and the first quarter outlook," the group said in a company statement.In its other markets, Turkey, India and the UK, trading conditions are either stable or improving, it added. On a more cautionary note, ITE noted the global economy remains uncertain and could cause this recovery to stall.Results for the year ended 30 September were a touch ahead of market and company expectations. Pre-tax profit was down at £31.3m from £41.5m the previous year. Revenue came in at £113.5m from £116.7m previously. "While the outlook for the global economy remains uncertain, the actions taken during the last 18 months have strengthened the group and ITE is well positioned to benefit from growth in its core markets and to capitalise on opportunities in other emerging markets," said CEO Russell Taylor.Underlining its confidence in future trading ITE has offered a full year dividend of 5.7p, up from 5.5p before.