1st Jul 2009 07:00
1 July 2009
Tarsus Group plc
Pre-Close Trading Update
Tarsus Group plc ('Tarsus' or 'the Group'), the international media group with interests in exhibitions, conferences, publishing and online media, is today providing investors with a pre-close update on trading ahead of the announcement of its interim results for the six months to 30 June 2009 on 29 July. The Group's results are very heavily weighted towards the second half of the year when the larger of its exhibitions occur. As such, there is little to add to the comments made regarding the first half trading performance in the Interim Management Statement released on 1 May 2009.
Trading continues to be in line with the Board's expectations and forward bookings remain solid. Revenues for Tarsus' two largest exhibitions, the Dubai Air Show (in November) and Labelexpo Europe (in September), remain ahead of the comparable events in 2007 and both are on track to be record events.
The Group's translated trading results are impacted by movements in foreign currency exchange rates. Following the recent appreciation of sterling, the Board has taken what it considers to be a prudent approach and has adjusted its budgeted rates from 1 July 2009 to 1.70 US$/£ and 1.20 €/£. Tarsus continues to expect a positive impact from currency on the trading performance for 2009 compared with 2008.
The Group's net debt at 30 June 2009 was approximately £35 million. The Group is in advanced discussions with its Banks to adjust its future covenants to give additional flexibility and facilitate faster growth.
On 9 June 2009, the Group announced a recommended offer for the outstanding share capital of CapRegen plc that it did not already own. The Group plans to incorporate CapRegen's investment portfolio within its own assets and to make use of the unutilised cash within this business which at 31 May 2009 stood at £3.44 million.
For further information, please contact:
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Tarsus Group plc:
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Douglas Emslie, Group Managing Director
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020 8846 2700
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Ashley Milton, Group Finance Director
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020 8846 2700
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Media:
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Matthew Moth, Madano Partnership
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020 7593 4000
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Investors/Analysts:
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Neville Harris, IRfocus
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020 7593 4015
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Stephen Scott, Scott Harris
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020 7653 0030
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