Tarsus Group PLC Interim Management Statement (1476H)

TIDMTRS

RNS Number : 1476H

Tarsus Group PLC

15 May 2014

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 January 2014 to 14 May 2014.

Overview

We continue to concentrate on the execution of our "Quickening the Pace" strategy, focusing on accelerating financial returns to shareholders. This is being achieved by investing in and strengthening our core businesses, in particular driving organic growth and adding value to our key brands through replication into faster growth economies and identifying selective small strategic acquisitions. We have made good progress in integrating our recent acquisitions.

Revenues for the year ending 31 December 2014 are heavily weighted towards the second half of the year owing to the timing of exhibitions. Trading for the smallest period in our two year cycle remains in line with the Board's expectations.

Forward bookings for the year to 31 December 2014 are tracking 9% ahead of last year (as adjusted for biennial events and acquisitions) and the Group remains confident of delivering a good performance in 2014 on a constant currency basis.

Emerging markets

The Group's emerging markets businesses continue to gain momentum through a combination of organic growth, including replications, and the successful integration of recent acquisitions.

Our Dubai division is enjoying good trading and the GESS (education) show in March 2014 produced a particularly strong performance. The outlook for MEBA (business aviation) in November 2014 is very positive.

Trading in Turkey was in line with our cautious expectations. The performance of the largest event held in the period, Ideal Homex (April 2014), was ahead of last year. Forward bookings are good and continue to improve for the larger events, Zuchex, Sign and the Flower Show.

In Mexico, the Group's Joint Venture with EJ Krause got off to a strong start in March 2014 with the first event Expo Manufactura, Mexico's premier metalworking/manufacturing exhibition, performing ahead of plan at the time of acquisition. We are optimistic about the outlook for Plastimagen in November 2014. As part of our "Quickening the Pace" strategy the Joint Venture plans to launch three further shows in 2015.

In China, Hope is performing well and ahead of the same period last year. In early 2014, the Group purchased SIUF, Asia's leading underwear show and the first event under Tarsus' ownership took place last week in Shenzhen. The exhibition performed strongly and in accordance with our investment case. As previously reported GZ Auto, held in January, was behind the previous edition.

In early 2014, the Group broadened its medical education offering with the launch of the Medical Metabolic Institute (MMI), the first event for which is scheduled for June 2014. As anticipated existing educational revenue streams were weaker ahead of the MMI launch. The first major medical event of the year in Orlando opens today and a record edition is expected.

The integration of the recent Cardiometabolic Health Congress acquisition is progressing well and the outlook for the October 2014 show corresponds with management's expectations at the time of acquisition.

The February 2014 Off-Price event in Las Vegas produced a solid performance, with good visitor growth. Bookings for the August 2014 Off-Price event in Las Vegas are tracking ahead of the 2013 edition.

Labelexpo America, the Group's largest US event taking place in September 2014, is benefiting from improving economic conditions and a record edition is expected.

Europe

The French portfolio is performing slightly ahead of 2013. With the largest exhibitions taking place in the second half of the year, the Group's projections for its French business remains cautious for the full year.

Financial Position

There have been no significant changes to the financial position of the Group since the publication of the Annual Results on 4 March 2014.

Douglas Emslie, Tarsus Group Managing Director, said:

"We have made a promising start to trading in 2014 and the economic background in most of our markets is encouraging. Bookings for the balance of the year are in line with our expectations.

"We continue to drive organic growth from the business as a whole and in particular from our major brands. Our programme of replicating our leading events into growth markets is gaining momentum."

The Group expects to publish its interim results for the six months ending 30 June 2014 on 30 July 2014.

For further information:

 
Tarsus Group plc: 
Douglas Emslie, Group Managing Director   020 8846 2700 
Dan O'Brien, Group Finance Director 
Neville Harris                            07909 976044

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, Jakarta, New Delhi and Istanbul. Tarsus is building on its strong presence in the emerging markets of the Middle East, China, Turkey, Indonesia and Mexico.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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