UK-based organiser Tarsus Group has announced first-half revenue of £34m (US$53m), up from £23.1m, with a record adjusted pre-tax profit of £5.5m, as the business focuses on expanding into emerging markets.
Group officials said the business had made good progress to strengthen its portfolio of events, with organic revenue up 14 per cent, when adjusted for biennial exhibitions, and visitor numbers across the portfolio up nine per cent.
"Our record trading performance in the first half was very encouraging and we also made further strategic progress with our replications in emerging markets,” said Douglas Emslie, Tarsus Group managing director.
It has been a busy first-half for the organiser, which has a portfolio of 95 shows, as it carries out its 'Quickening the Pace' strategy to accelerate financial returns to shareholders.
Emslie said he was increasingly confident the group would deliver a strong overall result for 2015.
"Revenues for the year as a whole are heavily second-half weighted owing to the timing of the group's larger exhibitions.
“Bookings overall are 15 per cent ahead, adjusting for biennials. Prospects for our two largest events in the second half – Labelexpo Europe and the Dubai Airshow – are encouraging,” Emslie said.
The group expected 85 per cent of its revenue would be drawn from the US and emerging markets in 2015.
Business in emerging markets accounted for close to 52 per cent of the group’s revenue for the period, generating £17.7m and an adjusted pre-tax profit of 4.9 per cent. The strongest performance was reported in Dubai, Turkey and China.
Meanwhile the group has acquired a 50 per cent stake in organiser AMB Group, for about £9m, to expand its reach into south east Asia.
Tarsus’s US business generated revenue of £9.7m and an adjusted profit of 2.6 per cent, representing about 29 per cent of overall revenue. During the same period, the group acquired US-based show PAINWeek from Aventine Co in a deal worth up to £17.85m.
Meanwhile the European business, with revenue of £6.5m, was the least profitable at 0.2 per cent. As previously reported in EW, Tarsus has announced the sale of its French exhibition and conference portfolio.
Tarsus announced it would increase its interim dividend four per cent to £0.025.
