Shares in exhibition operator Tarsus gained 10 per cent on the back of full-year results that were slightly above City estimates. Estimates were muted because many of Tarsus's exhibitions only happen once every two years and it's two biggest events took a year off in 2008. Management is cautious on 2009 but says bookings are strong for the group's two big shows - Labelexpo Europe and the Dubai Airshow.
Labelexpo made its biennial return to the US during 2008 and was the group's largest event in the year. This buoyed US revenues which were 50 per cent higher at £15.2m. Management say the event was highly successful and re-bookings for 2010 stand at just over 80 per cent of 2008's show.
With Labelexpo back in the US but taking time out in Europe, the European business was more dependent on French operations for growth. Revenue here slipped by £2.3m to £23.4m. Management have reorganised the division and the benefits of this are expected to filter through in 2009.
Managing director Douglas Emslie says that forward bookings look firm at 51 per cent of full-year expectations. With 70 per cent of sales generated in US dollars and the remainder in euros, he also expects currency to have a beneficial impact.
Broker KBC Peel Hunt expects 2009 pre-tax profits adjusted for goodwill and exceptional items of £15.4m, giving adjusted EPS of 19.9p (12.5p in 2008).
TARSUS (TRS) | ||||
|---|---|---|---|---|
| ORD PRICE: | 74p | MARKET VALUE: | £45.8m | |
| TOUCH: | 73-76p | 12-MONTH HIGH: | 212p | LOW: 47.5p |
| DIVIDEND YIELD: | 8% | PE RATIO: | 13 | |
| NET ASSET VALUE: | 56p* | NET DEBT: | 96% | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2006 | 26.3 | 7.0 | 9.9 | 4 |
| 2007 | 46.0 | 11.9 | 15.2 | 5 |
| 2008 | 42.5 | 5.7 | 5.7 | 6 |
| % change | -8 | -52 | -63 | +20 |
Ex-div: 25 Mar Payment: 11 May *Includes intangible assets of £103m, or 167p a share | ||||
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