5 May 2011 07:00
5 May 2011
TARSUS GROUP plc
Interim Management Statement
On track for the full year - forward bookings accelerating
Tarsus Group Plc ("Tarsus" or "the Group"), the international business-to-business media group, is today publishing its Interim Management Statement relating to the period from the publication of its Preliminary Results on 7 March 2011 to 5 May 2011.
Trading Performance
Trading for the period and forward bookings for the full year have been positive and remain in-line with the Board's expectations. A summary of major developments includes:
§ US
As previously indicated the February 2011 Off-Price Show in Las Vegas performed well with revenues up 10%. The broadening of the offer to retailers by the inclusion of footwear and accessories has been a major factor in this division's success. Bookings for the August show are good.
The Medical division demonstrated good growth driven by our education programmes including those now delivered online. There have been a number of events in the period the largest of which was the April Orlando event which produced revenues 2% ahead of last year. This division continues to grow its total revenues at a double digit rate.
§ France
The trends that we experienced in the second half of 2010 continued into the first 4 months of 2011 with the portfolio stabilising. Mod'amont, our largest event in the period, was the same size as its February 2010 edition and was well received by our customers with a good increase in visitors. The smaller IT and services exhibitions in April produced revenues behind last year's editions but, encouragingly for the future, grew their attendances by 8%.
§ Emerging Markets
Our Emerging Markets business continued to gain momentum with strong revenue growth. In the period, we held a number of events in the Middle East which all demonstrated good performances and, very encouragingly, across the board attendances at these events were well ahead of their previous editions.
Financial Position
There have been no significant changes to the financial position of the Group since the publication of the Preliminary Results on 7 March 2011.
Outlook
We remain committed to our long term strategy of increasing our exposure to Emerging Markets (Project 50/13) and driving organic growth within the business. Activity in the exhibition market generally is picking up and we are seeing an increase in M&A opportunities which fit our criteria.
Within each two-year cycle, odd years are by far the larger in profit terms for the Group as they contain both Labelexpo Europe (in September) and the Dubai Airshow (in November). Bookings for Labelexpo Europe continue to improve and are now tracking over 10% up on its previous edition. The Dubai Airshow bookings are tracking in-line with its previous edition.
As in previous years, the Group's revenues remain heavily second-half weighted. Forward bookings continue to accelerate and now stand at 75% of anticipated full year revenues compared with 67% at the same time in 2010 (as adjusted for biennial events).
Tarsus Group plc:
Douglas Emslie, Group Managing Director 020 8846 2700
Ashley Milton, Group Finance Director 020 8846 2700
Media:
Madano Partnership
Matthew Moth 020 7593 4000