Increasing costs and Russia events setback hit profits at ITE Group

Headline pretax profit fell to £11.1m in the six months ended March 31, from £13.1m a year earlier.

ITE, which has been growing by acquiring stakes in smaller exhibition and conference organisers, said revenue rose marginally to £69.4m.

Overhead costs at the organiser of exhibitions and conferences for industries ranging from mining and energy to fashion and hospitality rose by £2m.

However, the company said it has booked revenue of £174m since the beginning of this year – 12 per cent higher than the same time last year.

Two biennial events in Russia – printing exhibition Polygraphinter and woodworking machinery event Woodex – boosted the company’s profit last year.

ITE, which accrues almost half of its revenue from Moscow, has had its eye on expanding further into developing corporate events markets, including South-east Asia, India, Turkey and Russia.

ITE was established in 1991 when its founders launched a series of trade exhibitions in Russia and the CIS with the primary objective of promoting trade opportunities in these new market economies.

Today, these markets remain an area of considerable strength for the group.

ITE has a comprehensive office network and event portfolio in countries such as Russia, Ukraine, Kazakhstan, Azerbaijan, India, Turkey and Uzbekis- tan.