You can't really compare Tarsus ' (TRS) interim results to the same period last year as the media events company's workload is loaded on a biennial basis, with its two big events coming in every 'odd-numbered' year. However, move back a step and compare the interim financials to those of 2014, and things are looking good; with like-for-like revenues and adjusted pre-tax profits up 11 per cent and 26 per cent, respectively.
The emerging markets segment is a key driver of that growth, with revenue up 26 per cent on the first half of 2014, to £14m. This is largely a result of increased attendance at the key GESS education event in Dubai and the launch of that event in both Mexico and Indonesia. Managing director Douglas Emslie hinted that a fourth geography for this popular event would be announced soon.
The outlook for Tarsus is positive, with pre-bookings for the second half of the year 10 per cent up on 2015, to around 80 per cent. Bookings for the two major events in 2017 - Labelexpo Europe and the Dubai Airshow - are also strong, giving the group good visibility for its main money-making year.
Broker Numis expects full-year pre-tax profits of £19.5m for the year to December 2016 and EPS of 14.8p, compared with £17m and 12.6p in the comparable period in 2014.
TARSUS (TRS) | ||||
|---|---|---|---|---|
| ORD PRICE: | 270p | MARKET VALUE: | £276m | |
| TOUCH: | 268-278p | 12-MONTH HIGH / LOW: | 273p | 204p |
| DIVIDEND YIELD: | 3.2% | PE RATIO: | 19 | |
| NET ASSET VALUE: | 32p* | NET DEBT: | 158% | |
| Half-year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2015 | 29.0 | -2.2 | -3.0 | 2.5 |
| 2016 | 27.0 | -3.1 | -3.1 | 2.7 |
| % change | -7 | - | - | +8 |
Ex-div: 1 Dec Payment: 13 Jan *Includes intangible assets of £139m, or 136p a share | ||||
