4th Mar 2015 08:35
LONDON (Alliance News) - Media firm Tarsus Group PLC Wednesday upped its total dividend for 2014 and said it was increasingly positive in its outlook for 2015, as it saw revenue rise on a biennial basis compared to 2012.
Tarsus proposed a final dividend of 5.4 pence, taking its total dividend for the year up to 7.8 pence from 7.3 pence a year before.
The company posted a pretax profit of GBP8.2 million, down from GBP15.9 million, as a fall in revenue to GBP60.6 million from GBP75.9 million was partly offset by lower operating costs.
Tarsus is in an 'even' year, meaning that it does not benefit from large biennial shows. On a biennial basis revenue was up 18%, the company said, from GBP51.5 million in 2012.
Trading in the first two months of 2015 has been strong, Tarsus said, and across its portfolio of events bookings are tracking 10% ahead on a like-for-like basis.
The company's revenues are heavily weighted towards the US dollar, and as a result Tarsus is benefiting from its current strength against sterling. If the strength continues, it will boost its results for 2015, Tarsus said.
"Forward bookings for the group's major events in 2015 are strong across the board and the two largest exhibitions, Labelexpo Europe and the Dubai Airshow, are well ahead of their previous editions. Given the current global geopolitical environment we have been deliberately cautious in our budgeting for 2015 but are increasingly positive about our trading prospects," said Managing Director Douglas Emslie in a statement.
The results "show good progress in the strategy to drive better shareholder returns, with all the key metrics being delivered ahead of market expectations," said Edison Investment Research analyst Fiona Orford-Williams.
"The group is driving revenues through a combination of acquisition and organic growth by replicating key brands across global markets, particularly in faster growing markets and the tone of the statement indicates that momentum into 2015 is positive," added Edison's Orford-Williams.
Shares in Tarsus are trading up 5.0% at 228.32 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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