2017 saw the culmination of Tarsus' “Quickening the Pace” (QTP) strategy which delivered another year of strong performance. The Group saw like-for-like revenue growth of 7% over the year (at constant exchange rates) and across the portfolio buyers also increased by 7% on a like-for-like basis.
Financial results
|
|
2017 |
2016 |
2015 |
|
Revenue (£m) |
117.7 |
68.4 |
86.9 |
|
Like-for-like* revenue growth |
7% |
8% |
10% |
|
EBITDA (£m) |
44.9 |
22.0 |
28.7 |
|
Operating profit |
33.6 |
14.7 |
24.5 |
|
Adjusted profit before tax* (£m) |
40.2 |
19.2 |
26.3 |
|
Profit before tax (£m) |
27.9 |
8.6 |
19.1 |
|
Adjusted EPS* (pence) |
27.7 |
15.2 |
21.4 |
|
Basic EPS (pence) Dividend (pence) |
21.5 10.0 |
6.9 9.1 |
14.4 8.4 |
|
Net debt (£m) |
84.8 |
69.5 |
43.8 |
Financial highlights
· Revenue of £117.7m up 35% against 2015
· Group like-for-like revenues* up 7%
· Adjusted profit before tax of £40.2m up 53% against 2015 (statutory profit before tax £27.9m up 46%)
· Adjusted earnings per share of 27.7p up 29% against 2015 (statutory earnings per share 21.5p up 49%)
· Proposed final dividend of 7.0p per share – total for year up 10% to 10.0p
· Banking facilities increased to £126m with interest rates fixed
Operational highlights
· Buyer/visitor growth across the portfolio of 7%, more than double the industry average
· Strong performances from leading events
· Recent acquisitions of Connect, Hometex and Intex all performed well
· 28 brand replications launched
· JV in Mexico expanded through acquisition of remaining nine E J Krause Mexico events
Current trading and outlook
· Next phase of Quickening the Pace strategy launched
· Trading off to a good start in 2018
· Forward bookings for 2018 on a like-for-like basis currently ahead of the Group's target range (adjusted for biennials and acquisitions)
· Well positioned to deliver another strong performance in 2018
Douglas Emslie, Group Managing Director of Tarsus, commented:
“2017 was a record year for Tarsus. It saw the culmination of the first phase of our Quickening the Pace strategy, which over the past few years has transformed the business and produced strong returns for our shareholders.
“The Group has grown significantly, both organically and through carefully targeted acquisitions and over the next four years of our strategy we will build further on the strong foundations we have laid down.
“Our growth ambitions are supported by the global industry outlook and enhanced by our own focus on deepening our presence in higher-growth markets, maximising the scale of our events and delivering high-quality buyers.
“2018 is off to a good start, with forward bookings currently ahead of our target range. Whilst we continue to be mindful of geopolitical uncertainty, the outlook for the year is good, and we proceed with confidence”.