LONDON (Alliance News) - Tarsus Group PLC said it remains confident for a "positive outcome" for the full-year at constant currency and raised its interim dividend, despite seeing pretax profit fall in the half-year to the end of June.
The media and exhibitions company proposed an interim dividend of 2.4 pence, up from 2.3 pence.
Tarsus posted a pretax profit of GBP317,000, down from GBP764,000, as revenue declined to GBP23.1 million from GBP26.0 million, hampered by the strength of sterling against the US dollar and the euro.
Adjusting for acquisitions and biennial shows and on a constant currency basis, the company said revenue rose 9%.
In Emerging Markets, the company saw strong performances from Dubai and China, and trading in Turkey was in line with its "cautious expectations." It established a joint venture with EJ Krause & Associates Inc in late 2013, which it said gives it the opportunity to replicate a number of its existing brands in Mexican markets.
In the US, Tarsus saw a good performance from the Off Price show in Las Vegas. Tarsus noted that its medial business is undergoing a transitional period as it extends its reach to a broader medical practitioner market. During this period, it expects educational revenues to be lower than in 2013.
The introduction of the Affordable Care Act in the US, commonly referred to as 'Obamacare,' has caused uncertainty for doctors and delayed investments. Tarsus said that this will be a driver for the preventative medicine market in the medium term.
Tarsus remains cautious in its outlook for Europe, as the largest exhibitions in this region take place in the second-half "against a backdrop of a difficult macroeconomic environment," it said.
Tarsus said it was continuing to make progress with its "Quickening the Pace," making acquisitions during the period, and accelerating launch activity. It is seeking to replicate some of its leading brands into faster growing economies to expand its geographical reach, it said.
Although results were down in the first-half, the company said its forward bookings were currently 9% ahead of the previous year, and noted its has a promising outlook for its larger events in the second-half, including Labelexpo Americas, Zuchex and Middle East Business Aviation.
Shares in Tarsus were trading down 0.1% at 217.50 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
