Failed Turkish coup hits conference firm ITE Group

Conferences and exhibitions organiser ITE Group was today counting the cost of the summer’s failed coup in Turkey, as it revealed an 8% slide in revenues in its fourth quarter.

July’s attempt to overthrow president Recep Tayyip Erdogan “significantly affected” international travel to the region and bookings on Turkish events, ITE said.

The increased security costs and last-minute cancellations offset a boost from the weaker pound.

ITE was also hit by “challenging conditions” in Moscow and warned the benefit of friendlier relations between Russia and Turkey would be unlikely to materialise until 2018. It maintained guidance for full-year revenues of £133 million, down on last year’s £136 million, and said sales booked for its next financial year were 1% behind this time last year.

It expects trading conditions to remain challenging in a number of regions. Investec warned of possible downgrades on the stock, but said there could be “deep value” as Russia, which contributed more than 50% of revenue last year, recovers.