Shares in Tarsus (TRS) climbed by around a tenth on release of robust full-year results. Seen against 2016’s numbers – in keeping with the group’s biennial events cycle – revenues improved by 46 per cent, or 9 per cent on a like-for-like basis. Pre-tax profits were up 92 per cent over two years.
The Americas and Asia regions reported total revenues of £60.5m and £26.5m, respectively, improved results over the two preceding years. However, sales of £12.8m for Europe, the Middle East and Africa were down from £48.1m in 2017 and £17.4m in 2016. First-half events in Turkey saw weaker revenues, with the devaluation of the Turkish Lira also hampering performance. Still, Tarsus has seen “strong recovery” in Turkish bookings. Total group forward bookings for 2019 are up by 10 per cent on a like-for-like basis.
The group made six acquisitions during 2018, the largest being the remaining half of its joint-venture with EJ Krause in Mexico. This was financed by a £24m share placing last September, which also funded the purchase of a further stake in its South-East Asian exhibition business and the formation of a strategic partnership in the UAE.
Broker Numis expects adjusted pre-tax profits of £48.1m and EPS of 29.2p for 2019, up from £27.9m and 17.3p in 2018.
| TARSUS (TRS) | ||||
| ORD PRICE: | 280p | MARKET VALUE: | £344m | |
| TOUCH: | 280-298p | 12-MONTH HIGH: | 320p | LOW: 237p |
| DIVIDEND YIELD: | 3.9% | PE RATIO: | 30 | |
| NET ASSET VALUE: | 78p* | NET DEBT: | 77.3% | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2014 | 50.9 | 7.1 | 5.0 | 7.8 |
| 2015 | 82.0 | 19.1 | 14.4 | 8.4 |
| 2016 | 68.4 | 8.6 | 6.9 | 9.1 |
| 2017 | 118 | 27.9 | 21.5 | 10.0 |
| 2018 | 100 | 16.5 | 9.4 | 11.0 |
| % change | -15 | -41 | -56 | +10 |
| Ex-div: | 23 May | |||
| Payment: | 05 Jul | |||
| *Includes intangible assets of £230m, or 187p a share | ||||
