Odd calendar years yield better results for Tarsus (TRS) because two of its most important exhibitions - the Dubai Airshow and Labelexpo in Belgium - are biennial events. Adjust for that and sales rose 18 per cent to £61m in 2014, thanks to solid performances in the US and emerging markets.
Management continues to make progress with its "quickening the pace" growth strategy, centred on replicating major events and buying attractive new ones in high-growth markets. Indeed, it made five acquisitions during the year, expanding its exposure to China and "strong growth" US medical markets.
Factor in Tarsus's disposal of an 18 per cent stake in its struggling French business and four-fifths of revenue now comes from emerging markets and US events - 5 percentage points more than the group had earlier targeted. The other two key performance indicators were hit, too, as adjusted EPS grew 5 per cent and visitor numbers climbed 6 per cent - well ahead of the broader industry average.
This year looks equally promising. Like-for-like bookings are up about a tenth, buoyed by record demand for its returning 'tentpole' exhibitions in Dubai and Belgium. Broker Investec Securities expects 2015 underlying pre-tax profit of £15.9m and EPS of 11.5p (from £23.2m and 19p in 2014).
| TARSUS (TRS) | ||||
|---|---|---|---|---|
| ORD PRICE: | 233p | MARKET VALUE: | £236m | |
| TOUCH: | 231-233p | 12-MONTH HIGH: | 234p | LOW: 188p |
| DIVIDEND YIELD: | 3.3% | PE RATIO: | 47 | |
| NET ASSET VALUE: | 32p* | NET DEBT: | 102% | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2010 | 43.6 | 5.3 | 5.4 | 6.0 |
| 2011 | 61.7 | 3.0 | 0.3 | 6.3 |
| 2012 | 51.5 | 8.4 | 5.6 | 6.8 |
| 2013 | 75.9 | 15.9 | 12.2 | 7.3 |
| 2014 | 60.6 | 8.2 | 5.0 | 7.8 |
| % change | -20 | -48 | -59 | +7 |
Ex-div: 28 May Payment: 8 Jul *Includes intangible assets of £127m, or 125p a share | ||||
