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.”
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