UPDATE 2-ITE Group dials in to Africa events market

viernes 6 de marzo de 2015 09:33 GYT

* Deal to add 4 mln stg to 2016 pretax profit - CEO

* Says ITE to look at small deals in Africa, India and China

* Shares up 5.4 pct (Adds CEO comments, updates share movement)

By Noor Zainab Hussain

March 6 (Reuters) - Trade exhibition organiser ITE Group Plc bought a majority stake in a portfolio of events, mostly in Africa, as the company looks to reduce its dependence on Russia, its biggest market.

ITE acquired a 50.1 percent stake in the portfolio from GPP Energy Advisors Ltd for 16 million pounds ($24 million), the company said on Friday.

The portfolio includes events such as Africa Oil Week - an oil and gas conference to be held in Cape Town in October.

ITE, which gets around 59 percent of its revenue from Russia, has been hurt by tensions across the country's western border with Ukraine and a weaker rouble.

Chief Executive Russell Taylor said the deal with GPP would help to reduce the contribution from its Russian operations to about 40 percent of the total profit for the year ending September 2016.   Continuación...