Exhibition and conference organiser ITE Group
The British company, which organises around 200 trade exhibitions and conferences each year in 14 countries, bought three businesses in the last financial year -- two of which were in Russia and one in Turkey.
The first-time contribution from the newly acquired businesses accounted for 16 million pounds in the year ended September 30.
We have to let them (the acquisitions in Russia) settle in and get the best out of it, and we have to look at some of the territories in which we haven't been putting money to see if we can develop those, Chief Executive Russell Taylor said by phone.
He said the company could spend about 25-30 million pounds in small, bolt-on acquisitions.
Taylor said ITE in the current financial year would see growth from the Russia regional markets such as St Petersburg and Siberia, and other secondary markets in Commonwealth of Independent States (CIS) such as Azerbaijan, Kazakhstan and Ukraine.
They (CIS markets) were slower to recover than Russia last year but now they look to me like they are getting in a stride, he said.
ITE's profit for the year ended September 30 rose 40 percent, helped by contributions from new acquisitions and a strong recovery in its largest trading market Moscow.
The company posted a headline pretax profit of 51.4 million pounds, compared with 36.6 million pounds in the previous year.
Revenue rose 37 percent to 155.5 million pounds.
ITE shares were up 10 percent at 203.2 pence at 1047 GMT on Tuesday on the London Stock Exchange. They have risen 14 percent since October 3, when the company gave a positive full-year outlook, compared with an almost 1 percent gain in FTSE Mid 250 Index <.FTMC>.
(Reporting by Purwa Naveen Raman in Bangalore; Editing by Gopakumar Warrier)