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30 Jun 2008 07:00
30 June 2008
Tarsus Group plc
Pre-Close Update
Tarsus Group plc ("Tarsus" or "the Group"), the international media group with interests in exhibitions, conferences, publishing and online media, is today providing investors with a brief pre-close update on trading. Interim results covering the six month period to 30 June 2008 will be announced on 31 July 2008.
The Group's results are very heavily weighted towards the second half of the year when the majority of our exhibitions occur. As such, there is little to add on first half trading performance since the Interim Management Statement released on 17 April 2008 when the Board indicated that the year had begun well and it remained confident of further strong progress over the 2008/2009 cycle.
Trading performance in the first half has met management's expectations. Tarsus expects to report like-for-like revenue growth of approximately 12% for the period, or approximately 20% if the 2 new launches in Dubai, GESS (education supplies) and AIME (aircraft interiors), are included compared to the same period last year.
In November 2007 the Group acquired Fairs & Exhibitions (F&E) which brought the biennial (occurring in odd years) Dubai Air Show and Gulf Pack & Print into the Group's portfolio. As a result of this acquisition the Group, for the first time, carried an additional overhead of approximately £0.5 million in the six month period.
Overall the business continues to perform well and we are once again seeing good visibility for the year as a whole. Approximately 76% of expected 2008 revenues are now contracted, compared with 73% on a like-for-like basis at the same stage last year.
Douglas Emslie, Group Managing Director of Tarsus, commented:
"First half organic growth was in line with our expectations and the important second half is shaping up well with our largest event of the year, Labelexpo Americas, having over 100% of budgeted space sales contracted.
We are also pleased to have further strengthened our Board with today's appointment of Virginia Kern from whom we bought F&E. We remain confident of further strong progress over the 2008/2009 cycle."
For further information, please contact:
Tarsus Group plc:
Douglas Emslie, Group Managing Director 020 8846 2700
Media:
Matthew Moth, Madano Partnership 020 7593 4000
Investors/Analysts:
Neville Harris, IRfocus 020 7593 4015
Stephen Scott, Scott Harris 020 7653 0030
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