ITE Group Share News (ITE)

- First quarter off to flying start- Robust growth from Central Asia and Russia- Trading in core markets remain positiveConference and exhibition organiser ITE Group said trading for the first three months of the financial year has been ahead of management expectations despite the relative strength of the pound.Revenue for the three-month period to December 31st rose to £36.3m from £28.7m the same period a year earlier. "This year's first quarter result reflects a stronger biennial pattern than the previous year and favourable timing on events in Central Asia," the group explained. Revenues on a like-for-like (LFL) basis for the quarter rose by 10% or 15% on a constant currency basis, after robust growth from Central Asia and Russia.Looking ahead, ITE said trading conditions in its core markets remain positive and it has already contracted £121m of revenues for the full-year 2014. "Despite the continued appreciation of sterling against our major trading currencies contracted revenues are ahead of the prior year on a LFL basis by 2% or 11% on a constant currency basis," it said. Current sales represent around 62% of current market expectations, which is consistent with its long-term average of bookings at this stage of the financial year, it added. ITE said it continues to monitor the political uncertainty in Ukraine, which could affect international sales into the country. CJ