Tarsus Group plc – Final results for the year ended 31 December 2011

Tarsus Group plc, the international business-to-business media group, has published final results for the year ended 31 December 2011. Adjusted pre-tax profits are up 77% and net debt has been halved. Tarsus also continued to implement rapidly its strategy of developing businesses in the Emerging Markets, with these operations now contributing approximately 38% of Group revenues.

Financial highlights

  • Revenue up 42% to £61.7m (2010: £43.6m)
  • Like-for-like revenues up 8%
  • Adjusted profit before tax up 77% to £16.8m (2010: £9.5m)
  • Adjusted earnings per share up 63% to 17.0p (2010: 10.4p)
  • Proposed final dividend of 4.2p, total for year up 5% to 6.3p (2010: 6.0p)
  • Net debt halved to £13.7m (31 December 2010 £28.6m) – ahead of expectations

Operational highlights

  • Emerging Markets continued to grow strongly – 38% of proforma Group revenues
  • Major strategic expansion into Turkey – acquisition of IFO
  • Medical Division achieved 23% organic revenue growth
  • Labelexpo Europe and Asia (China) both produced record results
  • Dubai Airshow, the Group’s largest event, grew revenues by 3%, attendance up 7%

Outlook

  • Forward bookings represent approximately 53% of anticipated full year revenues (2010: 49%).
  • Off Price February 2012 revenues up 7%

Financial Results

 

2011

2010

2009

Revenue (£m)

61.7

43.6

57.5

Like-for-like* revenue growth

8%

6%

1%

Profit before tax (£m)

3

5.3

6.8

Adjusted profit before tax* (£m)

16.8

9.5

14.6

Adjusted EPS* (pence)

17

10.4

17.4

Dividend (pence)

6.3

6

6

Net Debt (£m)

13.7

28.6

30.8

Neville Buch, Chairman of Tarsus, commented, “2011 was a record year with the Group achieving a strong financial performance, both on a year-on-year and biennial basis, and we have halved our debt level. “We are on course to achieve our target of securing 50% of our revenues from the Emerging Markets by 2013 with revenues currently at 38% on a proforma basis. This was achieved alongside a stronger than expected performance by the US business. “We have now established strong positions in the US, China, Turkey and the Middle East and are focused on continuing to build our portfolio in these markets through a combination of organic and acquisitive growth. Our increasing exposure to the higher growth opportunities across these markets, in the short to medium term, should drive earnings and dividends. In the current year we are encouraged by the momentum in both our US and Emerging Markets businesses, where bookings are tracking ahead of their comparative events.”

UK, London

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