Tarsus Group profits rose in a year marked by international expansion

4th Mar 2014 14:35

AExhibition and conferences group Tarsus saw revenues rise by 23 per cent last year, driven by its expansion into several emerging markets, such as Indonesia and Mexico. The firm also carried out three strategic acquisitions, namely SIUF in China, Komatek in Turkey and Cardio in the US.Sales rose 23% to reach £75.9m. On a like-for-like (LFL) basis income increased by 11%, following a 13% improvement in the year before. Its main strategic achievement during the year was the launch of the next phase of its growth strategy dubbed "Quickening the Pace". That consists of what the firm calls the "geographical replication" of its major brands into 'fast-growth´ economies.Adjusted profit before tax gained 44% to £24.2m.Net debt stood at £28.6m as of December 31st, versus £15.7m at the end of 2012.Neville Buch, Chairman of Tarsus, said: "We have made a good start to 2014 operationally and the recent strategic acquisitions will provide us with additional momentum and opportunity. Despite the recent currency headwinds affecting some of our markets, with our portfolio of leading event brands we are confident Tarsus can deliver a strong performance in 2014."The company also highlighted the fact that on a comparable basis forward bookings for 2014 were running 11% ahead of those for 2013.For their part, following the results analysts at Investec said the fiscal year figures revealed "good underlying momentum".The broker also indicated that Tarsus had "materially improved its portfolio prospects" with new emerging market launches planned in fiscal year 2014 with more expected in fiscal year 2015." As of 15:40 shares of the business-to-business media interest were advancing by 2.03% to 213.75p.AB