Tarsus Group 2015 First-half Revenues See Increase to $53 Million
U.K.-based Tarsus Group released its interim results for the first half of 2015 (ending June 30), and the news was positive, with revenues reaching $53 million, up from $36 million last year and $41 million in comparable year 2013 (when biennials run).
Taking into account not only acquisitions, but also biennial shows, organic revenue growth rose 14 percent and visitor growth increased 9 percent.
"Our record trading performance in the first half was very encouraging and we also made further strategic progress with our replications in Emerging Markets,” said Douglas Emslie, Tarsus Group managing director.
He added, “The investment in our portfolio has resulted in sector leading organic revenue and visitor growth.”
The positive results were a boost to the company’s "Quickening the Pace" strategy, which is focused on accelerating the pace of financial returns to shareholders.
The first half of 2015 also saw Tarsus Group expand its global footprint even more with the purchase of PAINWeek from Aventine Co. for $27.5 million.
PAINWeek runs the leading U.S. event for pain management, which takes place annually in September in Las Vegas.
In addition, the company expanded even further into the emerging markets by buying a stake in AMB with events in Cambodia and Myanmar.
Tarsus also completed the divestiture of its French business by selling 100 percent of Tarsus France Holdings SAS to Magellan VI SAS for approximately 10.3 million.
"The execution of our strategy gathered pace recently with acquisitions of PAINWeek and AMB and the agreement to dispose of our French business,” Emslie said.
The first half of the year saw strong results from existing shows, including Asansor and Komatek in Turkey, as well as replications of the GESS and Industrial Print Expo brands into Mexico.
The second half of the year looks bright as well Forward bookings currently 15 percent ahead of 2014 (adjusted for biennial exhibitions. There also is a Promising outlook for larger events in the second half, such as Labelexpo Europe and Dubai Airshow.
"Revenues for the year as a whole are heavily second-half weighted owing to the timing of the Group's larger exhibitions. Bookings overall are 15 percent ahead, adjusting for biennials,” Emslie said.
He added, “Prospects for our two largest events in the second half – Labelexpo Europe and the Dubai Airshow – are encouraging. The Group is increasingly confident of delivering a strong result for the year as a whole."