Events and exhibitions group Tarsus (TRS) put in a decent performance in what is traditionally the quietest six months for trading in the group’s two-year business cycle. Like-for-like sales, which are adjusted for biennial shows, acquisitions and currency movements, grew by a solid 9 per cent – although the strengthening of sterling against the US dollar and euro brought the headline figure down a touch.
The bulk of the company's reported profits this year will come in the second half, when exhibitions such as Labelexpo Americas, Zuchex and MEBA are held. Encouragingly, forward bookings for these shows are currently 9 per cent ahead of last year (adjusted for biennial exhibitions). Next year, Tarsus will hold many of its biggest biennial shows, such as the Dubai Airshow and Labelexpo Europe. Bookings for these are similarly “strongly ahead of previous editions”, says group managing director Douglas Emslie.
Tarsus has broadened its geographic exposure in recent years. This is starting to pay off, despite the currency fluctuations. Emerging markets such as Turkey, Mexico, Dubai and China performed well, offsetting weak trading in France and the US Medical division.
Broker Numis trimmed its EPS forecasts by 4 per cent this year and 3 per cent next year because of currency movements, to 12p and 19.6p respectively. That compares with adjusted EPS of 12.1p and 19.7p in 2012 and 2013.
TARSUS (TRS) | ||||
|---|---|---|---|---|
| ORD PRICE: | 217p | MARKET VALUE: | £220m | |
| TOUCH: | 216-218p | 12-MONTH HIGH: | 253p | LOW: 195p |
| DIVIDEND YIELD: | 3.4% | PE RATIO: | 18 | |
| NET ASSET VALUE: | 33p* | NET DEBT: | 93% | |
| Half-year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2013 | 26.0 | 0.8 | -0.9 | 2.3 |
| 2014 | 23.1 | 0.3 | -1.1 | 2.4 |
| % change | -11 | -58 | - | +4 |
Ex-div: 03 Dec Payment: 15 Jan *Includes intangible assets of £112m, or 111p a share | ||||
