Tarsus continued to focus on its strategy of “Quickening the Pace” to accelerate the pace of financial returns to shareholders. The Group saw like-for-like revenue growth of 8% over the year (at constant exchange rates) and across the portfolio buyers increased by 7% on a like for like basis; well ahead of the Group's target of 5%.
Financial results
|
|
2016 |
2015 |
2014 |
|
Revenue (£m) |
68.4 |
86.9 |
60.6 |
|
Like-for-like* revenue growth |
8% |
10% |
10% |
|
Adjusted profit before tax* (£m) |
19.2 |
26.3 |
17.0 |
|
Profit before tax (£m) |
8.6 |
19.1 |
7.1 |
|
Adjusted EPS* (pence) |
15.2 |
21.4 |
12.7 |
|
Basic EPS (pence) Dividend (pence) |
6.9 9.1 |
14.4 8.4 |
5.0 7.8 |
|
Net debt (£m) |
69.5 |
43.8 |
38.4 |
Financial highlights
· Revenue up 13% against 2014
· Group like-for-like revenues* up 8%
· Adjusted profit before tax up 13% against 2014
· Adjusted earnings per share up 20% against 2014
· Proposed final dividend of 6.4p – total for year up 8% to 9.1p
· Successful share placing raising £23m and banking facilities increased to £111m
Operational highlights
· Strong buyer/visitor growth across the portfolio of 7%, more than double industry average
· Four acquisitions – Connect in the US, Intex and Hometex in China and PEP in SE Asia
· 10 new brand replications
· New divisional structure with strengthened senior management
Current trading and outlook
· Good start to 2017
· Forward bookings for 2017, on a like-for-like basis, currently +10% ahead of those for 2016 (adjusted for biennials and acquisitions)
· Record rebook for global brands (Labelexpo Europe and the Dubai Airshow)
· Well positioned to deliver a strong performance in 2017
Douglas Emslie, Group Managing Director of Tarsus, commented:
“Our 'Quickening the Pace' growth strategy continued to deliver in 2016. Organic growth was strong at 8% and we grew our buyer attendance, a key metric for us, by a very encouraging 7%. Strategically, we delivered 10 new replications of our leading brands and further deepened our presence in the world's largest exhibition markets, the US and China, with three earnings enhancing acquisitions towards the end of the year.
“We are anticipating increasing economic activity in the geographies and sectors served by our exhibitions, with the exception of Turkey, and have budgeted accordingly.
“Forward bookings for 2017 are 10% ahead. Whilst we are mindful of geopolitical uncertainty, 2017 – the larger year in our biennial cycle – is looking exciting for the Group.”