ITE to Diversify Business Away From Declining Russian Linked Events
Russia has faced economic sanctions linked to its annexation of Crimea, this has had a knock on effect to the Russian Rouble and foreign investment in the country. To compound the issues the slump in oil price has led to recession biting within Russia. As a result ITE Group have faced a somewhat challenging year for their Russian linked events.
ITE Group is claiming that they have had a relatively good performance over 2015 despite the difficult markets faced.
The Russian Rouble has lost half its value against the Dollar over the year. This combined with the oil price slump has led to a challenging market within the CIS region of former Soviet States. ITE has a result posted a shortfall in excess of £12 million
Russell Taylor, CEO of ITE Group has predicted a recovery coming for Russia in 2016 – 2017. He added that, “Our focus now is on emerging markets, including China, South East Asia, Africa and India.”
“ITE has continued to diversify its portfolio and strengthen its industry verticals by acquiring leading events, establishing a better geographic balance between its historical Russian and CIS businesses and other leading emerging markets,”
The profits of the company have declined pre tax by £10 millions, to £31.5 million