4th Mar 2014 10:33
LONDON (Alliance News) - Tarsus Group PLC Tuesday raised its total dividend as increased revenue boosted pretax profit in 2013. The events and business-media group expressed confidence of a good performance in 2014.
Tarsus declared a total dividend of 7.3 pence for 2013, up from 6.8 pence in the previous year.
It posted pretax profit of GBP15.9 million, up from GBP8.4 million in 2012, as revenue rose to GBP75.9 million from GBP51.5 million. Tarsus posted an impairment charge of GBP4.0 million relating to some of its older IT events in France.
In Emerging Markets, the company posted total revenue of GBP37.1 million, up from GBP18.6 million, boosted by a strong performance from the biennial Dubai Air Show.
In the US, revenue declined to GBP18.7 million from GBP22.6 million, as it continued to see a change in mix of its education revenue streams towards more being delivered online and reduced volumes of on-site education revenues.
In Europe, revenue rose to GBP20.1 million from GBP10.3 million, boosted by the Labelexpo Europe event in Brussels in September 2013. In France its business ended broadly in line with expectations, although larger events were held back by IT shows and directories.
It sold up to 18% of its French business in January for EUR1.5 million to Romaul Gadrat, the incumbent managing director of the division, as part of its strategy to reduce its exposure in France.
"Despite the recent currency headwinds affecting some of our markets, with our portfolio of leading event brands we are confident Tarsus can deliver a strong performance in 2014," Chairman Neville Buch said in a statement.
The company noted that due to large biennial events in its portfolio the profits it generates in odd years tend to be larger than in even years. Adjusting for this, Tarsus expressed confidence to deliver a strong performance in 2014.
The company said its like-for-like bookings for 2014 are tracking 11% ahead of the previous year.
In a separate statement Tuesday Tarsus said that it had appointed Hugh Scrimgeour as executive chairman of Tarsus China and as an executive director, having previously acted as a senior independent director and chairman of the remuneration committee.
Gary Marshall will take on the role of chief operating officer following his relocation to the UK and at the same time step down as a director. Both will reported to Group Managing Director Douglas Emslie.
Shares in Tarsus were trading up 1.2% at 212.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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