Updates

ITE - Forecasts downgraded after annexation of Crimea

May 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Shares in exhibition organiser ITE were hit hard as the events in Ukraine unfolded. During the full year to 30 September 2013, Ukraine had accounted for £13m of sales and although ITE has continued to run Ukrainian events this year, sales have been impacted and there is now likely to be a £2m profit shortfall from these events in H2. Safety of exhibiting to one side, the country now seems to be sure to see its economy enter a deep recession making it less attractive to exhibitors. Of course, the issue becomes wider than that as the annexation of Crimea has resulted in an international stand off, which impacts ITE's Russian business (£121m sales in 2013 of which £50m is sold internationally). Peel Hunt expects to see Ukraine ...

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