Saturday, March 10, 2012

Tarsus profit up 77%, cuts net debt by 50%

News this week: Earlier this week, London-listed media group, Tarsus released its financial results for the year ended 31st December 2011. The company reported group revenues of £61.7 million, a year-on-year growth of 42% compared to £43.6 million in 2011. Adjusted profit before tax was £16.8 million, up 77% over 2010’s £9.5 million.

Tarsus’ management highlighted a strong performance of its businesses in emerging markets last year, which generated revenues of £21.2 million compared with £7.5 million in 2010. The company attributed the increase in part to the cycling in of the biennial Dubai Airshow. On a biennial basis, revenues increased by 11% over 2009.

Under the company’s initiative “Project 50/13”, which aims to generate 50% of its revenue from emerging markets, saw emerging markets contribute 38% on a proforma basis. The group also reported that it managed to cut its net debt by half to £13.7 million in 2011.

Neville Buch, chairman of Tarsus, commented, “2011 was a record year with the Group achieving a strong financial performance, both on a year-on-year and biennial basis, and we have halved our debt level. We are on course to achieve our target of securing 50% of our revenues from the Emerging Markets by 2013 with revenues currently at 38% on a proforma basis. This was achieved alongside a stronger than expected performance by the US business.”

This post is excerpted from BSG's weekly e-newsletter which is part of our subscription research service, BSG Tracker. Visit our website to find out more about this service. You can also follow us on Twitter for all the latest updates.

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