Pre-close Trading Statement (4134J)
June 30 2011 - 2:01AM
UK Regulatory
TIDMTRS
RNS Number : 4134J
Tarsus Group PLC
30 June 2011
30 June 2011
Tarsus Group plc
Pre-Close Trading Update
Group trading in-line with expectations; forward bookings remain
strong
Tarsus Group Plc. ('Tarsus' or 'the Group') (LSE:TRS), the
international business-to-business media group, is today providing
investors with a pre-close update on trading since our IMS of 5 May
2011.
Trading for the period has been in line with the Board's
expectations. Forward bookings remain strong, with bookings for the
Group as a whole continuing to accelerate and now stand at 85% of
anticipated full year revenues compared with 75% at the same time
in 2010 (as adjusted for biennial events).
Revenues for Tarsus' two largest biennial exhibitions, the Dubai
Air Show (in November 2011) and Labelexpo Europe (in September
2011), remain ahead of the comparable events in 2009 and both are
on track to be record events. Bookings for Labelexpo Europe are
already ahead of the actual 2009 result and are now tracking over
10% up on its previous edition. The Dubai Airshow bookings, as a
result of strong orders received at the Paris Airshow last week,
are now tracking ahead of its previous edition.
From a strategic perspective, we are also seeing good progress
with our "Project 50/13" initiative which is targeting a
significant increase in our scale in Emerging Markets. On 7 June we
completed the acquisition of 75% of the issued share capital of
Istanbul based IFO, one of the largest independent exhibition
businesses in Turkey, for up to GBP10 million in aggregate payable
in cash. REW, the waste recycling exhibition, has been the first
Turkish event to take place under our ownership and was in-line
with our expectations.
In addition, we placed 11,347,517 new Ordinary Shares with new
and existing institutional investors at the placing price of 141
pence per share to raise approximately GBP16 million (approximately
GBP15 million net of expenses) for the Company.
Douglas Emslie, Group Managing Director, commented:
"We are very pleased with the progress we are making; trading in
the US, Middle and Far East continues to develop well and there are
signs of economic recovery in France. The acquisition of IFO was an
important step in the realisation of our 50/13 strategy to increase
Tarsus' revenues from fast growing, emerging markets to 50% of our
total by 2013.
"We continue to see more interesting M&A opportunities in
our market. The additional capital raised will also mean that a
short term reduction in the Group's debt levels will provide
additional flexibility, allowing us to continue with our growth
strategy and take advantage of further potential
opportunities."
Our next update on performance will be provided at the interim
results on 27 July 2011 which will cover the six month period to 30
June 2011.
For further information, please contact:
Tarsus Group plc
Douglas Emslie, Group Managing Director 020 8846 2700
Ashley Milton, Group Finance Director 020 8846 2700
Media
Matthew Moth, Madano Partnership 020 7593 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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