ITE Group plc (ITE.L) Monday reported lower profit for the first half as cost of sales and expenses increased. For the period, the firm posted profit before tax of 2.6 million pounds, down from 6.3 million pounds last year, reflecting the changes to the timing of events and the biennial pattern, together with an increased amortization charge. Headline profit before tax was 11.1 million pounds, down from 13.1 million last year.
Profit for the period amounted to 2.09 million pounds, down from 4.96 million pounds last year.
On a per share basis profit was 0.9 pence compared with 2.1 pence last year. On a headline basis, earnings were 3.7 pence compared with 4.3 pence reported for the year earlier period.
The company clocked sales of 69.44 million pounds compared with 68.6 million pounds reported last year.
The company's Board has approved an interim dividend of 2.3 pence per share.
The company further said as at 17 May, it had booked revenues for the current financial year of 174 million pounds compared with 156 million pounds for the corresponding period last year.
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