Tarsus has reported increased revenues for the financial year 2013, following a series of acquisitions and board appointments.
In its annual financial results ending 31 December 2013, the media group said its major events continue to improve underlining the importance of continuing to invest in its market leading brands.
Tarsus also said that the group’s move into Mexico and Indonesia in 2013 completed the footprint of the geographical markets it was aiming to develop.
The exhibition organiser said reported revenues for the full year were strong at £75.9m compared to £51.5m in 2012, and up 23 per cent on a biennial basis (2011: £61.7m). Like-for-like revenues (excluding acquisitions and foreign exchange movements) also increased by 11 per cent.
The group launched its Quickening the Pace strategy early in 2013 focusing on accelerating the pace of financial returns to shareholders, which followed completion ahead of schedule.
“Our “Quickening the Pace” growth strategy gained momentum in 2013. Visitor numbers were strong and we increased our share of revenues from emerging markets and the US,” said Tarsus chairman Neville Buch.
The group generated £24.5m of cash from operations in 2013, up from £12.2m in 2012.
Group adjusted profit before tax was £24.2m (2012: £14.8m) and up 44 per cent on a biennial basis (2011: £16.8m). The firm reported that net interest expense rose to £1.5m (2012: £1.2m) reflecting increased debt levels across 2013 as a result of acquisitions completed. Reported profit before tax was £15.9m (2012: £8.4m).
In 2013, the Tarsus made a series of acquisitions, including 51 per cent of Indonesian exhibition organiser PT Infrastructure Asia, and 50 per cent of two Mexican events from EJ Krause.
Tarsus also acquired 50 per cent of China (Shenzhen) International Brand Underwear Fair (SIUF), and the outstanding 25 per cent of Istanbul-based IFO having purchased the initial 75 per cent in June 2011.
Buch said the firm’s strategy to replicate its major brands across its emerging market portfolio continues to gather pace and strengthen the portfolio.
Early in 2014, Tarsus extended its existing construction portfolio with the acquisition of 60 per cent of Komatek, organiser of construction events in Turkey, and 100 per cent of the assets of HealthScienceMedia in the US which organises the Cardiometabolic Health Congress.
“We have made a good start to 2014 operationally and the recent strategic acquisitions will provide us with additional momentum and opportunity,” added Buch. “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.”
Buch said after “a period of rapid expansion”, the board of Tarsus has been reconfigured to better address the opportunities and challenges of the future.
Hugh Scrimgeour has been appointed to the role of executive director of the group, and executive chairman of Tarsus China, where he will lead the development and growth of the group’s business in the region.
Gary Marshall will step down as a director of Tarsus on 5 March to relocate to the UK to take up the post of chief operating officer of the group. Both Scrimgeour and Marshall will report to group managing director Douglas Emslie.
David Gilbertson will also join the board of directors of Tarsus on 5 March as a non-executive director. He will become the senior independent director, chairman of the remuneration committee and a member of the nomination, audit and disclosure committees.
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