EXHIBITION and conference organiser ITE said recovery was underway in its major markets, led by Moscow, after it reported a 25 per cent fall in profit for the year to the end of September, traditionally its quietest period.
The company posted pre-tax profit of £31.3m, down from £41.5m, on three per cent lower revenue of £113.5m.
“Moscow, which is our most significant market, has seen improving trading conditions and next year’s results should reflect the financial effect of this strengthening recovery,” the company said.
Forward bookings for 2011 were £74m, 10 per cent higher than a year ago on a like-for-like basis, the company said.
The group is paying a final dividend of 4p a share, which makes a full-year payout of 5.7p, up from 5.5p in 2009, reflecting its confidence in its prospects.