ITE revenues and profits fall

ITE Group reports headline pre-tax profits of £36.5m for the year to the end of September - down from £47.2m last time - on revenues of £134.4m (2015: £135.8m).

Th group said the results are in line with market expectations with challenging market conditions partly offset by acquisitions.

The group posts a pre-tax loss of £4.1m (2015: profit of £31.5m) reflecting a non-cash impairment of goodwill on certain acquired assets.

The group says a full review of business and strategy is under way - the outcome will be presented at the interims in May.

Chief executive Mark Shashoua said: "I am very excited by the opportunity at ITE to work again in a business whose heritage is familiar to me. Since joining as CEO on 1 September, I have been spending time getting to know our employees and customers and have also visited a number of ITE's offices in different regions. I have been impressed by the people I have met, their knowledge of local markets and their enthusiasm for ITE's diverse portfolio of events. I am leading a full review of the business and strategy and will present the results of this review at the Group's interim results in May 2017.

"ITE has continued to face challenging end markets in the last year due to the impact of the oil price, weakness in local economies and geo-political events. The Group's recent acquisitions which ran for the first time under ITE ownership have helped to partially mitigate the impact on our results. Trading conditions in Russia, Central Asia and Turkey remain challenging but prospects appear to be improving in Moscow which in time should spread through the rest of the region. The Group's other regions, which now account for over 40% of ITE's business, are trading satisfactorily."

At 9:11am: (LON:ITE) ITE Group PLC share price was -2.37p at 148.38p