Extra costs hit event planner ITE

Corporate event planner ITE reported a 15 per cent fall in first-half profit yesterday, hurt by rising overhead costs. Pre-tax profit fell to £11.1m in the six months to April, 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. ITE, which accrues almost half of its revenue from Moscow, had been boosted by two biennial events in Russia last year.