Interim Management Statement (2518S)
November 17 2011 - 2:00AM
UK Regulatory
TIDMTRS
RNS Number : 2518S
Tarsus Group PLC
17 November 2011
17 November 2011
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 1 July 2011 to
16 November 2011.
Trading
Trading and forward bookings for the year to 31 December 2011
remain very positive with the Group on track to meet the Board's
expectations. Forward bookings now stand at 96% of anticipated full
year revenues compared to 93% at the same time in 2010 (as adjusted
for biennial events).
As a result of the timing of exhibitions, the fourth quarter of
2011 is highly cash generative and we are on track for year end net
debt to be in line with management expectations.
Emerging markets
The Group's emerging markets business has continued to gain
momentum with strong revenue growth.
This week we are holding the Group's largest event, the Dubai
Airshow, which is on track to be a record show. At the opening of
the show, Emirates Airlines announced that it had ordered 50
long-range Boeing 777-300 ER passenger jets worth a combined $18
billion, in addition to an option over 20 further planes worth a
combined $8 billion, taking the total value of firm orders and
options to $26 billion. This is the single largest dollar-value
order in Boeing's history. Total plane orders for the show
currently stand at $55 billion, a large increase on the $14 billion
of total new orders announced at the previous edition of the Dubai
Air Show in 2009.
We expect the Air Show to attract a record number of trade
visitors and 960 exhibitors from 50 countries attended. The five
day show, which ends today, is one of the world's largest and
fastest growing Air Shows. The 2013 exhibition will move to a
larger facility at the new Al-Maktoum International Airport in
Dubai.
Trading in the Chinese business continues to be very strong.
Tarsus is on course for a record Labelexpo Asia at the end of this
month.
The integration of IFO in Turkey, acquired in June 2011, is
going well. Sales for IFO's next exhibition, Sign Istanbul in early
December, are tracking well ahead of the 2010 edition.
US
As previously indicated, the August 2011 Off-Price Show in Las
Vegas performed well, with revenues up 6%. The broadening of the
offer to retailers by the inclusion of footwear and accessories has
been a major factor in this division's continued success. Bookings
for the February 2012 show are tracking ahead of the February 2011
edition.
The Medical division has continued to grow strongly, at a double
digit rate. This has been driven by its education programmes,
including those now delivered online. The 2012 order book is
strong.
Europe
Labelexpo Europe, the Group's second largest show, took place in
September in Brussels. It produced a like-for-like revenue increase
of 13% and a record attendance, with an improvement of over 18%
compared with its 2009 edition. As a result of this strong
performance, re-bookings for the 2013 exhibition of 81% were
secured. On-site sales for the other Labels events were at record
levels.
On 3 October 2011 Tarsus announced that it has reached agreement
to sell its 51% interest in its French joint venture, ModAmont SAS,
to its partner, Premiere Vision SAS, for a total consideration of
approximately EUR6.1 million in cash. The disposal is subject to
and conditional upon the approval of shareholders of the Group at a
general meeting due to be held on 28 November 2011 and the disposal
is expected to complete in early December 2011.
Trading in France has been in line with the Board's
expectations. The Group's larger French exhibitions have
stabilised, the markets are challenging for the smaller ones. The
disposal of ModAmont will materially reduce the Group's exposure to
the lower growth European market. Following the disposal, less than
10% of Group profits are expected to be generated from France.
Tarsus France will continue to focus on its remaining wholly-owned
portfolio of exhibitions.
Douglas Emslie, Tarsus Group Managing Director, said:
"This year has the hallmarks of being a record year. Our forward
bookings continue to be strong and we are well on track to meet our
expectations for 2011.
"We remain committed to our long term strategy of increasing our
exposure to emerging markets (Project 50/13 - whereby 50% of our
revenue will be sourced from emerging markets by 2013) and driving
organic growth across the business. It is already yielding results
with the notable growth of the Dubai Air Show and the acquisition
of IFO in Turkey.
"Looking forward to 2012, we are encouraged by the momentum of
our US Medical business, Off-Price events and Labelexpo Americas,
but remain vigilant owing to the second half weighting of our
profits. The momentum we have built across both Middle and Far
Eastern markets in 2011 augurs well for 2013 when the large
biennial events recur."
The Group expects to publish a year end trading update on 5
January 2012.
For further information:
Tarsus Group plc:
Douglas Emslie, Group Managing Director 020 8846 2700
Dan O'Brien, Group Finance Director
Media
Madano Partnership:
Matthew Moth 020 7593 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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