WORLD - Tarsus Group has reported 14 per cent underlying growth in like-for-like revenue and a half-yearly result of £19.2m (US$29.7m) for first six months of this year.
According to the organiser’s half-yearly report to 30 June 2012, adjusted pre-tax profits reached £1.8m, up from £600,000 year-on-year.
Emerging markets delivered revenue growth of 26 per cent year-on-year to £7.3m, and pre-tax profit of £1.5m. This included a 17 per cent increase in like-for-like revenues across its Turkish business, plus a 39 per cent rise in China.
In addition, Tarsus reported pre-tax profit of £2.5m and revenues of £7.8m in the US; up from £6.5m in 2011 .
“Our significant progress in the first half has been driven by excellent performances in the US from our medical and off-price products and in the emerging markets by very strong growth in the Turkish and Chinese businesses,” Tarsus Group MD Doug Emslie said.
In Turkey, the second REW achieved 17 per cent revenue growth year-on-year, while Life Media’s Ideal Home secured a 62 per cent increase. Tarsus acquired a 70 per cent stake in Life Media in March.
The organiser said it remained on track to derive 50 per cent of its revenues from emerging markets in 2013.
“Turkey is now a key component in our portfolio as a result of our acquisitions of Life Media and IFO,” Emslie said. “Our position in China will be significantly enhanced with the addition of GZ Auto, the leading automotive aftermarket show.”
In contrast, Tarsus’ European business reported £4.1m in revenue over the same period, down from £7.1m in 2011, and a pre-tax loss of £500,000. Tarsus remained cautious about its full-year result on the continent due to economic uncertainty. Its major French exhibitions are scheduled to take place in the second-half.
Emslie confirmed forward bookings for 2012 sit at 80 per cent and said Tarsus increased its interim dividend payment by five per cent as a result of the strong first half. Labelexpo Americas and MEBA, which both take place later this year, are tracking ahead of previous iterations, he stated.
Tarsus also revealed a new five-year £45m bank facility to help fuel its international growth strategy. Net debt in the first six months of the year increased to £19.6m, up from £17.3m in 2011.
“We are increasingly confident that our quality portfolio addressing high-growth sectors and markets in transition, together with our focus on driving visitors and growing exhibition volumes, will quicken the pace of our future earnings and dividend growth,” Emslie added.
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