TIDMTRS
RNS Number : 1640R
Tarsus Group PLC
15 November 2012
15 November 2012
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 2012 to
14 November 2012.
Overview
Trading for the period has been in line with the Board's
expectations and forward bookings for the year to 31 December 2012
now stand at 95% of anticipated full year revenues, compared with
91% at the same time in 2011 (as adjusted for biennial events).
The Group has accomplished its Project 50/13 target to derive
50% of revenue from Emerging Markets by 2013, more than a year
ahead of schedule. This achievement has transformed the Group's
growth prospects and Tarsus will now focus on quickening the pace
of earnings per share growth.
Emerging markets
The Group's emerging markets businesses continue to gain
momentum through a combination of strong revenue growth and the
successful integration of recent acquisitions.
Turkey
Life Media held its annual international housewares and gift
exhibition, Zuchex, in September producing an excellent performance
with revenues up 12% on the 2011 edition. The exhibition covered
43,700 net square metres and attendance by both international
exhibitors and visitors increased demonstrating the growing
international appeal of the event. Life Media is now preparing to
launch editions of Zuchex in new markets.
IFO will hold its next exhibition in December. Sign Istanbul,
the international outdoor advertising fair, is tracking well ahead
of the 2011 edition.
On 6 November 2012, the Group successfully completed the
acquisition of CYF Fuarcılık A. . (CYF) in Turkey for a maximum
consideration of TL18 million (approximately GBP6.2 million) adding
two annual business-to-business exhibitions in the ornamental
flowers, plants & landscaping sector and the construction
materials sector.
As a result, Tarsus has achieved its Project 50/13 objective
ahead of schedule. CYF is now being integrated into the Group and
represents a significant bolt-on opportunity that adds new sectors
and scale to Tarsus' Turkish portfolio.
China
Trading in the Chinese business continues to be strong. The
Group's exposure to China will increase significantly with the
acquisition, announced in April 2012, of 50% of the China
International Automotive Aftermarket Industry and Tuning
(Guangzhou) Trade Fair ("GZ Auto").
GZ Auto is a leading business-to-business automotive aftermarket
exhibition held annually in China, and the next edition will be
held in February 2013 in Guangzhou. Sales for the 2013 event are
tracking well ahead of the 2012 event. The joint venture will
provide Tarsus with exposure to the fast growing Chinese automotive
industry and provide opportunities to replicate the event in China
and new markets such as Indonesia.
Tarsus expects to complete the acquisition of GZ Auto by the end
of the calendar year.
Dubai
The Group's largest event in Dubai in 2012 is MEBA (business
aviation) which will be held in December. Forward bookings for this
event are tracking well ahead of the previous event.
India
Labelexpo India was another great success for the Group with
both revenues and visitors well up on the previous edition in
2010.
US
Medical
The Medical division continues to grow strongly, driven by its
education programmes, including those now delivered online. The
Medical division will hold its next event in Las Vegas in December
and bookings are tracking ahead of the previous edition.
Off-Price
The August 2012 Off-Price Show in Las Vegas performed well, with
revenues up 3%. The February 2013 event is tracking ahead of its
previous edition.
Labels
Labelexpo Americas was held in Chicago in September 2012 and
produced an excellent performance with revenues up 14% and visitors
increasing 12% over the previous event. Re-bookings for the 2014
event were very strong at over 81%.
Europe
Trading in the Group's French division has been in line with the
Board's expectations. The education and events exhibitions which
take place at the end of November are expected to perform better
than the 2011 editions. Certain French IT events have performed
below their 2011 editions; this has been partially offset by the
success of new events launched in France.
Given the current economic and political uncertainty in Europe,
Tarsus remains cautious about prospects for its French business
Financial Position
There have been no significant changes to the financial position
of the Group since the publication of the interim results on 25
July 2012.
Douglas Emslie, Tarsus Group Managing Director, said:
"We have continued to perform well across our US and Emerging
Markets divisions. Our recent acquisitions have further augmented
our market leading portfolio and provide opportunities for us to
enhance their value with brand expansion into other
territories.
"In Turkey, the international appeal of Zuchex in Istanbul has
grown significantly since its acquisition. We were particularly
pleased to see increased international exhibitors and visitors at
the recent event.
"We have completed Project 50/13 well ahead of schedule thereby
transforming the Group and its growth prospects. We are now well
placed to concentrate our efforts on quickening the pace of our
earnings per share growth in growing international markets."
The Group expects to publish a year end trading update on 7
January 2013.
Tarsus is hosting a Capital Markets Session for analysts and
investors later today. The event will provide information on the
development of the Group's Chinese business (GZ Auto) and the
Turkish market. No new material information will be made
available.
For further information:
Tarsus Group plc:
Douglas Emslie, Group Managing Director 020 8846 2700
Dan O'Brien, Group Finance Director
College Hill:
Adrian Duffield /Kay Larsen 020 7457 2020
Notes to editors
Tarsus Group plc (LSE:TRS) is an international
business-to-business media group with interests in exhibitions,
publishing and online media. The Group operates globally in key
verticals including aviation, medical, labels and packaging,
discount clothing (Off-Price), housewares and automotive. Tarsus
runs more than 80 events and websites and its flagship brands
include the Labelexpo exhibitions in Europe, the Americas, India
and Asia and the Dubai Airshow.
The Group operates across a worldwide network of offices in
Dublin, London, Paris, Milwaukee, Boca Raton (Florida), Dubai,
Shanghai, New Delhi and Istanbul. Tarsus is building on its strong
presence in the emerging markets of the Middle East, China, Turkey,
India and South America.
www.tarsus.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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