Moscow improvement cheers ITE

16th May 2011 07:25

Exhibitions organiser ITE said it is now operating in a 'business as usual' environment in its main market Moscow after recovering from the global economic downturn.In the six months to 31 March, headline pre-tax profits climbed to £9.1m from £6.4m over the same period the previous year on revenues that were up to £53m from £39.2m."ITE has delivered a good performance during the first half of the year as the recovery seen last year turned to sustained growth in our core markets," ITE chief executive Russell Taylor said. "This momentum has been complemented by the initial contribution from the recently acquired businesses as well as the organic development of our exhibition portfolio."During the period ITE acquired Moscow exhibitions business MVK and southern Russia exhibitions group Krasnodar Expo. "The first half of the financial year has seen the group benefit from continually improving trading conditions, most notably in Moscow, the group's largest market, which is now clearly operating in a 'business as usual' environment," ITE said."Elsewhere, the group's markets continue to recover, albeit more slowly, from the global recession of 2009/2010 and all are now showing signs of continual improvement."Trading in April was ahead of expectations, ITE said."With good trading conditions in its markets allied with their longer term prospects for further development the board has confidence in ITE's future prospects," it added.