Interim results july quickening the pace 2 DRIVING SCALE & MOMENTUM

Transcription

1 Interim results july 2018 quickening the pace 2 DRIVING SCALE & MOMENTUM

2 agenda Overview Financial and operational highlights Strategy update Outlook Summary Q&A 2

3 overview Strong ongoing organic growth Visitor growth +13% Revenue growth +12% Launch programme delivering Full year bookings up 10% Encouraging outlook for the full year 3

4 financial & operational highlights 4

5 financial highlights Strong financial performance Revenues heavily second half weighted Good underlying like-for-like revenue growth of 12% Interim dividend up 10% to 3.3p Net debt of 94.7m at 30 June 2018 Gearing on track to return to long term target range by year end ( x net debt: EBITDA) 5

6 financial overview v 2016 GROUP REVENUE 35.6m 39.8m 27.0m 32% ADJUSTED PBT 5.8m 6.8m 4.0m 45% ADJUSTED TAX RATE 18% 16% 15% ADJUSTED EPS 2.8p 3.5p 2.8p 0% INTERIM DIVIDEND 3.3p 3.0p 2.7p 22% NET DEBT 94.7m 85.3m 57.3m 6

7 revenue drivers m 4.2m m 1.9m 3.6m 35.6m Biennials Phasing FX Growth

8 eps bridge p 1.0p 0.9p 2.8p 2 0.1p Event timing FX Growth

9 net debt bridge m 4.1m 1.1m 3.5m 94.7m m 4.5m Last Year Acquisitions Dividends Interest & Tax Exceptional costs Cashflow from Ops Current Year 9

10 net debt Net debt at 30 June m Represents gearing of 2.36x net debt: EBITDA Long term target remains x Year end target approx. 2.0x 10

11 results by geography

12 revenue by segment profit by segment ,m 20 15,m Americas EMEA Asia Americas EMEA Asia 12

13 ASIA v 2016 ANNUAL REVENUE 15.3m 13.1m 7.7m 99% ADJUSTED PROFIT 6.5m 5.0m 1.9m 242% Strong trading in China led by Shenzhen events Hometex particularly strong SE Asia trading in line with expectations (H2 weighted) Good trading in prospect for second half 13

14 americas v 2016 ANNUAL REVENUE 15.2m 16.3m 12.2m 25% ADJUSTED PROFIT 2.9m 3.0m 4.3m (33%) Strong second half and full year Connect performing well (H2 weighted) Off Price event solid Medical division revenues continue growth trend (Painweekend phasing) Expo Manufactura strong in Mexico (no Plastimagen in 2018) 14

15 emea v 2016 BIENNIAL REVENUE - 4.2m - - ANNUAL REVENUE 5.2m 6.3m 7.1m (27%) TOTAL 5.2m 10.5m 7.1m (27%) ADJUSTED PROFIT 0.1m 2.2m 0.5m (80%) Dubai events performed well Turkey trading slow in H1 (mainly smaller shows and Turkish Lira weaker) Strong trading in prospect for Turkey in second half 15

16 strategy update

17 strategy overview - QTp2 Quickening the Pace 2 - Driving Scale and Momentum Builds on successful Quickening the Pace: Evolution Focus on: Peer leading growth Building scale at event level Driving strong shareholder returns Strategy to take Tarsus through to

18 Delivering on Quickening the Pace 3 PILLARS ORGANIC GROWTH REVENUE AND BUYERS LAUNCHES ACQUISITIONS BOLT-ONS 18

19 strategic progress Good momentum in organic growth Visitor/buyer programme delivering Building scale in the portfolio Launch programme delivering Acquisitions in Connect and Mexico SIUF minority purchased Management team scaling to support growth 19

20 organic growth - launches

21 organic growth - launches 9 new launches in H Launch portfolio now stands at 49 Expected to deliver increasing share of total group revenue for FY2018 As events scale financial returns are accelerating 21

22 launch portfolio (14) Launch H Launch planned H Closed

23 launch portfolio - progression H1 H2 Total NEW LAUNCHES REPEATED TOTAL * SHARE OF GROUP REVENUE 2% 3% 4% 9% 9% *Portfolio includes an additional six events running in

24 launch portfolio - revenue build up,m * *Estimated net profit trend

25 launch CASe study - labelexpo bangkok Planning started Spring 2015 Show announced February 2017 Held May 2018 Net square metres - 4,000+ Revenue - 1m+ Contribution - positive year one 25

26 acquisitions

27 acquisitions Key component of QTP2 strategy Markets in transition in key geographies Manage risk by stepped acquisition process Add value with organic growth including launches Disciplined financial approach Track record of adding value 27

28 Mexico Expo Restaurantes Annual event in June in Mexico City Focus on food, beverages and equipment for restaurant industry June event up 19% on 2017 Integrated into EJK JV 28

29 Connect etourism Purchased by Connect Annual event held in San Francisco in October Focussed on travel industry marketing professionals Founded in 2000 Integration into Connect going well 29

30 china - siuf Purchase of further 25% - total stake now 75% New Tarsus appointed General Manager in place Strategy to buy in joint venture minority interests 30

31 outlook

32 outlook Full year bookings tracking up 10% like-for-like Heavily second half weighted H2 busy with replication / launch activity Encouraging outlook for full year 32

33 summary

34 summary Strong operational and financial results Good strategic progress - launch programme delivering Encouraging outlook for full year 34

35 q&a

36 glossary ADJUSTED PROFIT BEFORE TAX: Calculated using profit before tax adjusted for exceptional items, share option charges / credits, amortisation charges, impairment of intangibles, profit / loss on disposal of intangibles and tangible fixed assets and unwinding of discount. ADJUSTED EPS: Calculated using profit after tax attributable to equity shareholders adjusted for exceptional items, share option charges / credits, amortisation charges, impairment of intangibles, profit / loss on disposal of intangibles and tangible fixed assets and unwinding discount. LIKE-FOR-LIKE: Calculated using constant exchange rates adjusted for biennial events, excluding acquisitions impacting for the first time in 2018 and nonrecurring products and items. GEARING: Calculated using net debt divided by EBITDA average of the previous two years, including acquisitions as if they were owned throughout the 24 month period. EBITDA: Calculated using adjusted profit before tax before depreciation charge. 36

37 thank you 37