UPDATE 2-Acquisitions, Moscow oil show help ITE profit beat estimates
* Full-year 2014 booked revenue of 106 mln stg as of Nov. 30
* Full-year 2013 headline pretax profit up 12 pct
* Revenue up 12 pct
* Shares rise as much as 5.7 pct
By Abhirup Roy
Dec 3 (Reuters) - Exhibitions organiser ITE Group Plc's full-year profit beat expectations, helped by contributions from acquisitions and a jump in third-quarter revenue.
The company had reported a 25 percent rise in third-quarter revenue in July, boosted by contributions from the Moscow International Oil & Gas exhibition and revenue from an event organiser in Malaysia that it acquired.
ITE Group, however, said its results remained sensitive to the sterling's strength against currencies in its markets.
The company generated more than 60 percent of its revenue from Russia. The sterling has risen 10 percent against the rouble this year.
Analysts too said ITE's current-quarter results would depend on the sterling-rouble exchange rate.
"The key period is the spring time, when the bulk of their shows take place, and the sterling-rouble exchange rate at that stage is really what is going to determine the full-year," Peel Hunt analyst Malcom Morgan told Reuters.
If the sterling continued to strengthen against the rouble then he will consider changing his 'buy' rating on ITE's stock, Morgan said.
"One rouble change is half-a-million quid of pretax. So it's quite a lot," N+1 Singer analyst Johnathan Barrett said. "They have lost couple of million quids effectively on profits in the last few weeks because of that move."
The sterling was trading at about 54.5 against the rouble at 1437 GMT on Tuesday.
ITE on Tuesday said it booked revenue of 106 million pounds for the year ending September 2014, as of Nov. 30.
Revenue rose 12 percent to 192 million pounds ($314.2 million) in the year ended Sept. 30. Like-for-like revenue from Russia rose 10 percent, while revenue from Central Asia & Caucasus rose 9 percent.
Headline pretax profit rose to 59.4 million pounds from 53 million pounds a year earlier.
Analysts on average expected full-year pretax profit of 58.7 million pounds on revenue of 190.5 million pounds, according to Thomson Reuters I/B/E/S.
ITE will focus on growing businesses in existing markets and will continue selective acquisitions, Chief Executive Russell Taylor told Reuters.
The company, which made some significant acquisitions recently, has been eyeing further expansion in markets such as Southeast Asia, India and Turkey.
Last month ITE invested 33 million pounds in an equal partnership with Hong Kong-based Worldcoat Exhibitions Ltd to gain a foothold in China.
ITE raised its final dividend to 4.7 pence per share from 4.4 pence a year earlier.
Shares in the FTSE 250 stock were up 1.8 percent at 300 pence at 1441 GMT on Tuesday. The stock has risen more than 50 percent over the past year.
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