17th Apr 2008 07:00
Tarsus Group PLC17 April 2008 Tarsus Group plc ("Tarsus or "the Group") Interim Management Statement and Annual General Meeting At today's Annual General Meeting Neville Buch, the Chairman of Tarsus, willpresent the following Interim Management Statement. Tarsus is today publishing its first Interim Management Statement relating tothe period from 1 January 2008 to 16 April 2008. Trading performance The current year has begun well with the Group's trading performance for thisperiod fully up to the Board's expectations. A summary of the more significantdevelopments includes: • In the US: - a 6% increase in revenues at the February Off-Price show comparedwith the February 2007 event. • In France:- overall revenues for the period were slightly ahead of the sameperiod last year. Of particular note was the performance of the Februaryedition of the Mod'Amont clothing show, a joint venture with Premiere Vision,which produced revenues 8% higher year-on-year. • In Emerging Markets: - overall like-for-like revenues for the period more thandoubled. The fourth edition of the Chinese travel event, COTTM, finishedyesterday with revenues 35% ahead of last year and a record attendance. Acquisition There was one transaction in the period. On 3 March 2008 Tarsus announced theacquisition of 50 per cent of the share capital of Hubei Hope ExhibitionCompany Limited ('Hope') for a maximum total consideration of RMB 20 million (approximately £1.4 million). The acquisition is conditional on receiving approval by the Chinese governmentwhich is expected shortly. Hope will provide a platform for further growth inthe more developed Shanghai market and also gives Tarsus a leading position in the fast developing Central and Western Chinese markets. Financial Position There have been no significant changes to the financial position of the Groupsince the publication of the preliminary results on 3 March 2008. The Group'snet debt is currently £30.2 million (£29.0 million as at 31 December 2007), alsoin line with the Board's expectations. The Group's major currency exposure is to the US dollar. In 2008, this exposurewill be slightly higher than in 2007 as a result of Labelexpo being held in theUS. Outlook The phasing of some of the Group's major events favours the odd years and theBoard continues to be confident about the Group's prospects for 2008 withforward bookings ahead of 2007 on a like-for-like basis. The directorsanticipate a continuation of the trend of the past 3 years with double-digitlike-for-like organic revenue growth. The Group's largest event of the year- Labelexpo Americas in September - now hasover 99% of expected space revenues contracted. The French division, which isheavily second half weighted, is continuing to benefit from the sales reorganisation undertaken in 2007 and strong cost management in 2008. Forwardbookings remain solid, led by continuing strong performances from IPConvergence and Mod'Amont. The Group's medical division continues to exceed expectations. The Orlando showlater this month is on track to produce organic revenue growth of at least 30%driven by the expanded educational aspect of the event. Bookings for the August Las Vegas Off-Price exhibition are tracking ahead of the corresponding 2007event. Neville Buch, Chairman of Tarsus, commented: "We believe that the Group will continue to benefit from the migration of mediaspend towards exhibitions and the internet as well as the increasing demandfrom our customers to sell and market their products in faster growth emergingmarkets. Tarsus derives its strength from its market-leading products, an increasinglydiversified portfolio, both by sector and geography, and an experiencedmanagement team. The year has begun well and we remain confident of furtherstrong progress over the 2008/2009 cycle."For further information please contact: Tarsus Group plc: Douglas Emslie, Group Managing Director: 020 8846 2700 Media:Matthew Moth, Madano Partnership: 020 7593 4000 Investors/Analysts:Neville Harris, IRfocus: 020 7593 4015Stephen Scott, Annabel Michie, Scott Harris 020 7653 0030 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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