TIDMTRS
RNS Number : 9830N
Tarsus Group PLC
22 May 2015
22 May 2015
Tarsus Group plc
Corporate Activity and Trading Update
Tarsus Group plc (LSE: TRS, "Tarsus" or the "Group"), the
international business-to-business media group, today announces
that it has further strengthened its portfolio in the US by
acquiring PAINWeek and provides a trading update on the current
financial year.
The acquisition of PAINWeek completes the exposure of the
Group's medical business to the four main sectors of the US
preventative medical market - neurology, endocrinology,
cardiovascular and oncology.
Group trading for the year to date has been in-line with the
Board's expectations with visitor attendance especially strong.
Forward bookings for 2015 are tracking 10%+ ahead on a
like-for-like basis.
US - PAINWeek
Tarsus has acquired 100% of the assets of PAINWeek from Aventine
Co. (the "PAINWeek Acquisition"). PAINWeek runs the leading US
event for pain management, which takes place annually in September
in Las Vegas. PAINWeek addresses a key part of neurology, pain
management, providing Tarsus with increased exposure to a key area
of the preventative medicine market. In 2014 the main annual event
attracted 2,200 medical practitioners. It is supported by a series
of satellite events in the US and a strong digital presence.
PAINWeek has enjoyed strong growth since it was established in
2007 and the existing management team will continue to lead the
business after acquisition and are contracted through to 2018.
The acquisition of 100% of the assets of PAINWeek is for a total
cash consideration of up to US$27.5 million (the "Consideration")
with US$5 million payable on completion and deferred payments
linked to the performance of the business up to the end of 2018 of
up to US$22.5 million. The Consideration will be met from existing
financial resources.
For the year ended 31 December 2014, the assets subject to the
transaction recorded unaudited profit before tax of approximately
US$1.0 million. The PAINWeek Acquisition is expected to be earnings
accretive in the financial year ending 31 December 2015 and
thereafter.
Current trading
A number of events have taken place since the publication of the
Group's Annual Results on 4 March 2015 and trading has been in line
with the Board's expectations.
Emerging Markets
Trading in Turkey has continued to be good across the Group's
portfolio of events, including very strong performances from the
biennial shows Asansor (lifts) and Komatek (construction).
In China, SIUF - Asia's largest underwear show - showed good
progress over the 2014 edition.
We have had an encouraging start to our accelerated replication
program in the Emerging Markets. The education event GESS in Mexico
(partnership with EJ Krause), and the Big 5 Construct exhibition in
Indonesia (partnership with DMG Events) both had successful
launches.
United States
The Group's first major medical event of the year in Florida
performed well. Our program to transition our existing medical
business toward the mainstream preventative medical market is on
track.
We successfully launched the first two regional events for the
CMHC (cardiology) business in Atlanta and Dallas and expect to hold
a further regional event in Las Vegas in August 2015.
The first edition under our ownership of the South Beach
Symposium dermatology event performed ahead of our expectations. We
are making good progress in integrating this business and with
expanding its revenue offerings.
Europe
The 3D Printshow business has showed good progress with events
in both New York and London, in addition to successful events
launched in Berlin and Madrid. Revenue for this business is well
ahead of the same position in 2014.
Outlook
Revenues for the year as a whole are heavily second-half
weighted owing to the timing of the Group's larger exhibitions.
Forward bookings for the Group's major events in 2015 continue to
be strong with the two largest exhibitions, Labelexpo Europe and
the Dubai Airshow, well ahead of their previous editions. Across
the portfolio, bookings are tracking 10%+ ahead on a like-for-like
basis.
Douglas Emslie, Tarsus Group Managing Director, said:
"The acquisition of PAINWeek complements our existing medical
businesses enabling us to address all four pillars of the
preventative medical market. We see a number of opportunities for
us to expand the PAINWeek business and to cross-promote our other
medical events.
"The Group has seen encouraging performances from its
exhibitions so far this year and has strong forward bookings. We
remain positive about our trading prospects for 2015."
Tarsus is today hosting an event for analysts and investors at
its 3D Printshow eventbeing held at The Old Truman Brewery, 91
Brick Lane,London E1 6QL at 2pm. No material new information will
be provided during the event.
The Group plans to release its next trading update on 29 July
2015 with the announcement of its Interim Results for the six
months ended 30 June 2015.
For further information:
Tarsus Group plc:
Douglas Emslie, Group Managing Director +44 (0)20 8846 2700
Dan O'Brien, Group Finance Director
Simon Smith, Investor Relations +44 (0)7827 352598
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 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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