15 May 2012 07:00
15 May 2012
TARSUS GROUP plc
Interim Management Statement
Tarsus Group plc (LSE: TRS, "Tarsus" or the "Group"), the international business-to-business media group, is today publishing its Interim Management Statement for the period from 8 March 2012 to 14 May 2012.
Overview
Trading for the period has been in line with the Board's expectations and forward bookings for the year to 31 December 2012 now stand at 65% of anticipated full year revenues, compared to 61% at the same time in 2010.
Bookings are tracking 15% ahead of last year (as adjusted for biennial events). Revenues are heavily weighted towards the second half of the year owing to the timing of exhibitions.
The Group's growth prospects have been transformed over the last 12 months. A number of lower growth businesses have been sold whilst the Group has made key acquisitions in China and Turkey. Tarsus has developed a high quality portfolio of international fast growth events in emerging markets and the Board is confident of reaching its 50/13 target to derive 50% of revenues from emerging markets in 2013.
Emerging markets
The Group's emerging markets businesses continues to gain momentum through a combination of strong revenue growth and the successful integration of recent acquisitions.
IFO in Turkey, acquired in June 2011, is performing well. Sales for IFO's next exhibition, REW Istanbul, the international recycling, environmental technologies and waste management event to be held in June 2012, are tracking significantly ahead of the 2011 edition.
The integration of Life Media in Turkey, acquired in March 2012, is on track. Life Media's first exhibition under Tarsus ownership, Ideal Home, Turkey's leading Housewares & Gifts event, was held in April 2012 and produced an excellent performance with revenues up 50% on the 2011 edition.
Trading in the Chinese business continues to be very strong. The Group's exposure to China will be increased significantly by the acquisition of 50% of the China International Automotive Aftermarket Industry and Tuning (Guangzhou) Trade Fair ("GZ Auto") and other associated business assets, which is expected to complete in the next three months. GZ Auto is a leading business-to-business automotive aftermarket exhibition held annually in China. The joint venture will provide Tarsus with exposure to the vibrant automotive industry in China.
The Group's largest event in Dubai in 2012 is MEBA (business aviation). Forward bookings for this event are tracking ahead of the previous event.
US
The Medical division continues to grow strongly. This has been driven by its education programmes, including those now delivered online. The 20th Annual World Congress on Anti-Aging & Regenerative Medicine will be held in Orlando later this week and it is expected that this event will be well ahead of the previous edition. The Medical division's remaining 2012 order book is strong.
The February 2012 Off-Price Show in Las Vegas performed well, with revenues up 7%. Bookings for the August 2012 Off-Price Show in Las Vegas are tracking ahead of the 2011 edition.
Labelexpo Americas will be held in Chicago in September 2012. Bookings are strong and it is expected to outperform its previous edition.
Europe
Trading in the Group's French division has been slightly better than expected. However, given the current economic and political uncertainty in Europe, Tarsus remains cautious for the full year, particularly given the occurrence of the largest French shows in the second half of 2012 and the current weakness of the Euro.
Financial Position
There have been no significant changes to the financial position of the Group since the publication of the Annual Results on 7 March 2012.
Douglas Emslie, Tarsus Group Managing Director, said:
"We have transformed the Group and its growth prospects in the last 12 months through a combination of acquisitions in Turkey and China and the disposal of a significant part of our French operations - in line with our 50/13 strategy, which is now substantially complete.
"We now have a high quality portfolio addressing growth markets in fast growing economies worldwide. We are focussed on driving visitor traffic and growing exhibition volumes as we seek to maximise the benefits of our unique and diversified portfolio in order to accelerate earnings growth."
The Group expects to publish its interim results for the six months ending 30 June 2012 on 25 July 2012.
For further information:
Tarsus Group plc:
Douglas Emslie, Group Managing Director 020 8846 2700
Dan O'Brien, Group Finance Director
College Hill:
Adrian Duffield /Kay Larsen 020 7457 2020