Odd calendar years give Tarsus (TRS) better results because two of its most important exhibitions - the Dubai Airshow and Labelexpo in Belgium - are biennial events. Yet, take that into account and these full-year figures still beat analysts' expectations; adjusted pre-tax profit jumped 56 per cent to £14.8m.
In recent years Tarsus has cut back its French exhibition business, developed a sizeable US division and expanded quickly into emerging markets through acquisitions. The group's plan is to earn at least half of revenues in emerging markets and, consequently, Tarsus purchased 70 per cent of housewares exhibitions operation Turkish LifeMedia for £18m in the year. It also bought a similar percentage of a landscaping exhibition business for £3m, plus half of Chinese GZ Auto. Then, in January 2013, a 51 per cent slice of an Indonesian exhibition organiser was purchased for up to £1.8m. In all cases, bar China, Tarsus has the right to acquire minority interests. In the US, though, the growth strategy is different: Tarsus manages successful medical and cheap low-cost clothing exhibitions.
With the boost from the odd calendar year, broker Numis Securities expects pre-tax profit to soar to £23.7m for 2013, giving EPS of 19.1p (from £14.8m and 12.1p in 2012).
TARSUS (TRS) | ||||
|---|---|---|---|---|
| ORD PRICE: | 208p | MARKET VALUE: | £199m | |
| TOUCH: | 207-212p | 12-MONTH HIGH: | 222p | LOW: 134p |
| DIVIDEND YIELD: | 3.3% | PE RATIO: | 37 | |
| NET ASSET VALUE: | 46p* | NET DEBT: | 33% | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2008 | 42.5 | 5.68 | 5.70 | 6.00 |
| 2009 | 57.5 | 6.80 | 6.30 | 6.00 |
| 2010 | 43.6 | 5.31 | 5.40 | 6.00 |
| 2011 | 61.7 | 2.97 | 0.30 | 6.30 |
| 2012 | 51.5 | 8.36 | 5.60 | 6.80 |
| % change | -17 | +181 | +1767 | +8 |
Ex-div: 29 May Payment: 10 Jul *Includes intangible assets of £103m, or 107p a share | ||||
