Tarsus Share Discussion Threads

[seangray] 15/9/2006 22:05

IS THIS XD

[seangray] 11/9/2006 11:25

up

The interim dividend will be paid on 6 November 2006 to Shareholders on the Register of Members of the Company on 15 September 2006.

[johnrxx99] 01/9/2006 12:36

A number of but recs noticed over the last few weeks. Mentioned in Sh@res mag last week as well.

[johnrxx99] 24/8/2006 15:53

The bulk of Tarsus' business comes from owning and operating business events and its largest franchise is Labelexpo (35% sales), a 25-year-old international labels exhibition business. This is held biennially in three main regions: Chicago (for the USA), Brussels (Europe) and Shanghai (China) as well as in four smaller territories.

Labelexpo promotes the business of self-adhesive labelling for a wide variety of consumer goods, such as food packaging, beverages and pharmaceutical products. Its exhibitors are the manufacturers of labelling machines, paper and dyes and they sell their wares to the printers, who are the attendees. The end customers are typically large consumer brand owners such as Unilever and Procter & Gamble but the ultimate driver of growth is the increase in supermarket shelf space.

There is no direct competition to speak of, which means that Tarsus has a strong hold over its customers, 90% of whom will typically rebook for the next event while attending the previous one. Equally significant is that demand for Labelexpo is going through the roof, with September's flagship event in Brussels seeing a 13% increase in booked exhibition space to a record of over 26,500 sq. metres, while rates are holding steady at £180 per sq. metre.

Further impetus has since come from the recent enlargement of the European Union, with new Eastern European customers coming to the exhibition to source more goods, but also to comply with the EU's stringent packaging and labelling regulations. Emslie expects that interest in and probable industry adoption of radio frequency identification (RFID) labels, a new technology which allows supermarkets to track and trace their goods in the supply chain, will also stimulate demand for exhibition space.

Events businesses exhibit high levels of operational gearing due to the relatively fixed nature of costs, the largest being staff (25% sales) and venue hire (20%). This gearing, which is most pronounced in its biggest venues, such as Labelexpo Europe, means that as much as 75p in every incremental 100p of new sales goes straight to the bottom line!

Tarsus has replicated its franchise into a number of key emerging markets, such as China, India and Latin America. These territories are seeing the emergence of a new middle class, which can now afford to buy branded goods and this in turn has led to huge growth in the number of supermarkets being opened by multi-national companies. Tarsus' biggest success has been in China, where its second Labelexpo, which held December 05, more than double the space sold.

Other leading franchise, Off Price (30% sales), which consists of two annual specialist discount clothing exhibitions held in Las Vegas, is also making good progress. At Off Price, the exhibitors are jobbers who buy surplus stock from brand owners and split them into smaller lots, before re-selling them to discount chains, such as Walmart and T.J. Maxx, who are the attendees.

These events are cheaper to hold than in Europe, with venue hire representing just 6% of sales thanks to a glut of exhibition halls and Tarsus currently sells nearly 10,000 sq. metres of space. Top line growth consistently hovers between 5%-10%, driven by the powerful emergence of US discount stores tapping into the consumer obsession for buying branded clothing on the cheap and these stores now account for 35% of the total retail space.

The success of Off Price has encouraged Tarsus to launch new events into related areas including the Home Goods industry, such as cheap gifts, linens and bath towels and most recently into the packaging sector. Unusually, its first packaging event, Packaging Services Expo, which was held in Chicago in May, immediately broke into profit which has encouraged Tarsus to launch two more next year.

Tarsus has other irons in the fire including several smaller business events in France, such as Educatec, an exhibition for education and training equipment and two events covering the call centre and IT markets. Tarsus recently bought two more French exhibition companies, for a combined maximum consideration of up to Eu 13.5m (£9.3m), with both deals being earnings enhancing. The first, Mobile Office, is the leading exhibition for mobile business solutions, while the second, Heavant, brought in two annual exhibitions for the event marketing sector.

Tarsus' business produces a large amount of free cashflow, which has resulted in a dramatic reduction in net debt from £17m in 2001 to £7m last year, while it is expected to move to a net cash position by 2008. However, 53% of its portfolio is classed as immature (less than 3 years old). These immature events only represent 19% of the total space sold (15,000 sq. metres out of 80,000) and when this proportion increases, profits should ratchet up significantly.

The Beijing International Travel and Tourism Market (BITTM) in China is a 50:50 joint venture with Rising Star Media. The first event was held in April 05. BITTM is an annual business to business outbound travel show, which sells UK and European destinations to the Chinese traveller. Once again, the theme of an emerging middle class is expected to drive growth, with industry forecasts predicting an increase in the number of departures from 10m in 2003 to 100m by 2020.

Tarsus will shortly open an office in Shanghai with five people and by the end of '06 it will have 4-5 events running.

[johnrxx99] 24/8/2006 15:22

Started a chart based thread for myself.

[johnrxx99] 04/7/2006 12:18

I realtively strong trading statement and plenty of prospect imo.

[mitzis] 01/6/2006 15:58

the bounce is definetely on...!

[dennis russell] 02/3/2006 17:30

A fine set of results. Trs is one of my favourite companies, and is starting to look very sound financially, particularly with the retention of earnings.

[peladon] 02/3/2006 07:52

Easy on the eye...

"Final Results

RNS Number:1625Z
Tarsus Group PLC
02 March 2006



Tarsus Group plc

Preliminary results for the year ended 31 December 2005

Record Results

Tarsus Group plc ("Tarsus" or "the Group"), the international media group with
interests in exhibitions, conferences, publishing and online media is pleased to
announce record results for 2005.

Financial Highlights

* Profit before tax up 105% to #5.6 million (2004: #2.7 million)
* Adjusted profit before tax* up by 101% to #6.0 million (2004: #3.0 million)
* Basic EPS up 92% to 9.0p (2004: 4.7p)
* Adjusted EPS* up 87% to 9.4p (2004: 5.0p)
* Continuing strong operating cash flow of #5.5 million (2004: #2.6 million)
* Dividends increased by 30% to 3.25p (2004: 2.5p)

Glossary *

Adjusted = Adjusted to add back share option charges, amortisation and
profit before minority interests' share of losses.
tax

Adjusted EPS = Calculated using profit after tax adjusted to add back share
option charges, amortisation and minority interests' share of
losses.

Operational Highlights

* Strong performance from all of the Group's major shows, led by Labelexpo
Europe.
* Good results from all geographic regions.
* Record results from our French division boosted by the mid-year acquisitions
of the Heavent and Mobile Office exhibitions.
* Twenty new products launched across the portfolio.

Neville Buch, Chairman of Tarsus, commented:
"Tarsus performed very well in 2005 and is now positioned for further growth. We
are particularly excited about our organic product developments which have been
favourably received by the markets they serve. Although the cycling of our major
labelling events favours the odd years over the even years, we remain confident
that 2006 will be a year of further progress with strong like-for-like growth."

For further information, please contact:

Tarsus Group plc:
Douglas Emslie, Group Managing Director: 020 8846 2700

Media:
Matthew Moth, Madano Partnership: 020 7593 4000

Investors/Analysts:
Neville Harris, IRfocus: 07909 976044


CHAIRMAN AND MANAGING DIRECTOR'S STATEMENT

RESULTS

We are pleased to report that 2005 was another year of very strong progress at
Tarsus. Once again, our established brands excelled, with the Group's largest
show, Labelexpo Europe, achieving revenues 23% greater than the equivalent 2003
show. In addition, we began to reap the benefits of the new launch programme
initiated in 2003, with 16% of 2005 revenues generated from products under three
years old.

Group revenue, excluding our share of joint ventures, was #23.2 million (2004:
#14.6 million), an increase of 58% with underlying organic growth of 19%
(excluding acquisitions that impacted for the first time in 2005).

Profit before tax was #5.6 million compared with #2.7 million in 2004. The
adjusted profit before tax of #6.0 million (2004: #3.0 million) was up by 101%,
of which acquisitions contributed #1.2 million.

Basic earnings per share were 9.0p (2004: 4.7p) and adjusted earnings per share
rose by 87% to 9.4p (2004: 5.0p).

Operating cash flow continued to be strong at #5.5 million representing 96% of
operating profit. The good conversion rate reflected the continuing focus on
managing working capital as the business expands.

Your directors are proposing a final dividend of 2.25p, bringing the total for
the year to 3.25p - an increase of 30% over 2004. The final dividend will be
paid on 28 April 2006 to Shareholders on the Register of Members of the Company
on 10 March 2006. We will continue to offer a scrip alternative.

STRATEGIC DEVELOPMENTS

During the year your Board decided that the Group's French operations would
benefit from increased scale and that efforts should be made to increase the
size of its portfolio. To this end, Tarsus acquired the Heavent and Mobile
Office exhibitions in June 2005 for a total consideration of approximately #7.4
million excluding transaction costs.

The Group continued its new launch programme in its core sectors with specific
emphasis on the United States and China. Further resources were applied to our
online media activities which experienced rapid growth.

OPERATING REVIEW

USA

*Revenues of #4.2 million
*Profit before tax of #1.5 million

The Off-Price clothing shows in February and August both traded well with
revenue increases of 10% and 4% respectively. The prospects in the US should be
further enhanced in 2006 by additional Off-Price Home Goods shows in partnership
with the Las Vegas Market which hosts the largest furniture and decorative
accessories exhibitions in the United States. With this segment of the retail
market in the US continuing to make progress, we believe the outlook for our
Off-Price division remains favourable.

Our launch into the packaging market went extremely well with the Packaging
Services Expo in May immediately profitable. This sector represents an exciting
opportunity for the Group going forward and we have now expanded the offering
into the related packaging containers and materials sectors.

Europe

*Revenues of #17.6 million
*Profit before tax of #5.4 million

The biennial Labelexpo Europe - the Group's largest single exhibition - was
another notable success with revenues at #5.2 million, 23% higher than in 2003.
Labels and Labeling magazine continued to enjoy good growth with revenues up
19%. Our online media division grew dramatically with revenues increasing by
72%, driven by strong visitor traffic and new launches. Further growth from our
online media division is anticipated in 2006 following the acquisition of DH
Publishing Limited, a leading B2B global online recruitment industry portal,
which we announced in January 2006.

We are particularly pleased at the progress achieved in France where we are
beginning to reap the benefits of the progressive restructuring undertaken over
the last three years. Revenues rose by 77% to #10.1 million (2004: #5.7 million)
and, operating profits more than tripled to #2.3 million (2004: #0.7 million).
The acquisitions made over the last two years have transformed the division's
profitability and strengthened our market position.

Our two largest exhibitions, Heavent and Educatec, enjoyed strong growth
relative to 2004. Educatec, in its twenty-third year, saw its revenues rise by
16%, while Heavent, under our management for the first time, increased revenues
by 28%. Our French directory business, which comprises 13% of our French
revenues, enjoyed further good growth with revenues ahead by 21%.

Emerging Markets

*Revenues of #1.3 million
*Profit before tax of #0.2 million

Notwithstanding an aggressive launch programme in China, India and South America
our emerging markets activities were profitable in 2005. A major step forward
was taken during the year with the establishment of an office in Shanghai. This
will enable us to maximise opportunities in the region as early as possible. The
core driver of this division was Labelexpo Asia which was more than double the
size of the 2003 event. The Latin American Label Summit in Brazil was
immediately profitable and the 2006 event - to be held in Mexico - is booking
well.

Outlook

The number of events held by the Group is growing steadily with 39 events in 11
countries scheduled for 2006. By focusing largely on existing sectors or sectors
that are closely related to our core areas of expertise, we are able to maximize
the value inherent in our brands whilst minimizing the risk of launch failure.
This organic expansion is supported by a strong backbone of cash-generative core
events which themselves continue to grow.

Tarsus performed very well in 2005 and is now positioned for further growth. We
are particularly excited about our organic product developments which have been
favourably received by the markets they serve. Although the cycling of our major
labelling events favours the odd years over the even years, we remain confident
that 2006 will be a year of further progress with strong like-for-like growth.



Neville Buch Douglas Emslie
Executive Chairman Group Managing Director
2 March 2006 2 March 2006"

[gb2005] 18/1/2006 09:35

could you explore?
the DB was at around 153p
extending of the trendline we ends abouty 170p in the scenario it should build a new support line there.
currently the drop looks like early state of a C&H. So under observation.

[plantronics] 17/1/2006 21:09

chart suggestng 150p

[gb2005] 17/1/2006 20:59

could be that the UKX tops at nearly a week now. 4 x knocks could not break out the recent top. Players afraid of a market corrction and sliced off their investments? Or a more sinister news is around but we dont know, could not see it in the face of RNSs in recent months. Several other stocks with good profitability aspect behaving similar.
Set toploss way below the 38% mark but got kicked-off also.

[oscarino] 17/1/2006 16:30

stop loss kicked in when i was at lunch at £ 1.82 will keep my eye on this with a view to get back in when the drop is explained.

[millhaugh] 17/1/2006 15:27

Mmmmmmmmmmmmmmmm maybe time to sling the hook for a while, would still like to know what is driving this.

[battlebus] 16/1/2006 19:01

Selling again ,me thinks there will be better times for Tarsus.

[gb2005] 16/1/2006 17:39

Observing from fibonnaci perspective, for the raise from 152p double bottom, the 38.2% retrace level at 191p-190p seems to find some supports. It has already bounced today.

After a steady raise, stock usually would retrace to 38% level, consolidate, collect strength, then from here attack the recent 200p mark again, if there comes no news.

[peladon] 16/1/2006 17:15

SCSW did say take a profit if you wish. I guess some do.

[gb2005] 16/1/2006 13:40

and google
recently they also added AIM50 and another 100 mid caps stocks to the SETS and SETSmm. Better youi ask your broker for more info.

[millhaugh] 16/1/2006 11:49

thanks for that although I wasn't sure T was a SET stock, how does one chjeck that apart from calling one's broker?

[gb2005] 16/1/2006 11:19

perhaps profit taking and SET system, which trigger a range of sells of too close stop setting. With this system, we often see a dip intraday but then price recover at the end in many stocks of midcaps recently.

Some argue it is great for intra day traders?!

[millhaugh] 16/1/2006 09:46

Anybody know why this fall today, scsw still v positive.