22 Nov 2016 07:00
22 November 2016
Capital Markets Event and Trading Update
Capital Markets Event
Tarsus Group plc (LSE: TRS, "Tarsus" or the "Group") is hosting a Capital Markets Seminar for analysts and investors later today to be held at Saddlers' Hall, 40 Gutter Lane, EC2V 6BR at 4pm. The event will provide information on the Group's Quickening the Pace strategy.
No new material information will be made available.
Trading Update and Outlook
The key remaining events for Tarsus for 2016 are tracking in line with our expectations and forward bookings for the Group's major events in 2017 remain strong.
Our current forecasts for 2017 are predicated on a US dollar exchange rate to sterling of $1.35. If the weakness in sterling continues at current market rates, this would have a material positive impact on the expected financial results for 2017. Due to foreign exchange hedges taken out earlier in the year the financial results for 2016 are not materially impacted by changes in the US dollar exchange rate. Excluding the movements in the exchange rate, the underlying performance in the business continues to be strong.
Intex
In the period since the last trading update Tarsus has made a bolt-on acquisition, acquiring 100% of the issued share capital of PNO Exhibition Investment (Dubai) Limited ("PNO") from Istithmar P&O Estates FZE. PNO holds a 50% interest in Shanghai Intex Exhibition Co., Limited (Intex), which runs a portfolio of events in Shanghai, including Music China (Instruments), CES Asia (Consumer Electronics) and Hortiflorexpo IPM (Flowers).
Douglas Emslie, Tarsus Group Managing Director, said:
"We expect positive performances from our remaining shows this year and the Group is confident of delivering a good result from our diversified portfolio for the full year. Bookings for our larger biennial events in 2017 remain strong and the financial performance of the Group in 2017 should benefit from foreign currency tailwinds.
"We continue to drive our "Quickening the Pace" strategy through organic growth, replications and bolt-on acquisitions. Intex is an exciting addition to our portfolio of events in Shanghai and brings leading events in China into the Group."
For further information:
Tarsus Group plc: | |
Douglas Emslie, Group Managing Director | +44 (0)20 8846 2700 |
Dan O'Brien, Group Finance Director | |
IR Focus Neville Harris, Investor Relations | +44 (0)79 0997 6044 |
Notes to editors
Tarsus Group plc. (LSE:TRS) is an international business-to-business media group with interests in exhibitions, publishing and online media. The Group operates globally in China, The Middle East and North Africa, Turkey, Southeast Asia and the Americas, in key verticals including aviation, medical, labels and packaging, discount clothing (Off-Price), housewares and automotive.
Tarsus runs more than 100 events and websites and its flagship brands include the Labelexpo Global Series in Europe, the Americas and Asia and the Dubai Airshow.
The Group operates across a worldwide network of offices in Dublin, London, Jakarta, Milwaukee, Boca Raton (Florida), Dubai, Shanghai and Istanbul. For more information visit www.tarsus.com.