Tarsus Group’s 2016 First-half Like-for-like Revenues up 11 Percent
U.K.-based Tarsus Group’s 2016 first-half started off positive, with like-for-like revenues up, compared with 2015.
Tarsus continued to execute its "Quickening the Pace" strategy, which is focused on accelerating the pace of financial returns to shareholders.
The Group made good progress in strengthening, investing in and scaling up its portfolio of events, resulting in organic revenue and buyer growth across the portfolio of 11 percent and 7 percent, respectively.
"Trading across our business has been encouraging in the first half of 2016,” said Tarsus Group Managing Director Douglas Emslie.
He added, “The long-term investment we are continuing to make in our portfolio is delivering industry leading attendee growth and we are making good progress with replicating events across our markets. These developments are strengthening the Group’s prospects for future organic growth and are key elements of our ‘Quickening the Pace’ strategy.”
Odd years feature two of Tarsus’ biggest shows – the Dubai Airshow and Labelexpo Europe. Even without those two events this year, revenues continue to grow, with shows in the first half of 2016 performing well.
Group revenue for the period was £27.0m (2015: £29.0m). Adjusting for acquisitions and biennial events, the Group achieved underlying organic revenue growth of 11 percent in the period.
Adjusted profit before tax was £4.0m (2015: £5.1m; 2014: £3.1m), reflecting strong revenue growth in the portfolio as a result of the move towards higher growth markets.
Some of the highlights for the first half of the year included strong performance from emerging markets, solid growth in the US with improving revenues in Medical division and continuing momentum in replication launches.
Also in the first half of 2016, Tarsus continued to expand its portfolio with a buy-in of minority interest of Life Media (Turkey) and more growth into South East Asia with the purchase of PEP (Philippines).
The second half of 2016 also is trending well, according to Tarsus officials.
The Group remains confident of delivering a strong performance in 2016 - forward bookings for the full year currently are 10 percent ahead on a like-for-like basis. There also are strong forward bookings for larger biennials in 2017.
“Forward bookings for the current year are 10% ahead and we are expecting strong editions of the larger shows – notably Labelexpo Americas - in the busier second half. Forward bookings for our larger biennial events in 2017 remain positive,” Emslie said.
He added, “The Group is mindful of the global macroeconomic background and geopolitical risk but is confident of delivering a strong performance for the year as a whole."