In its latest trading update, U.K.-based Tarsus Group not only said its remaining events for the year are in line with its expectations and forward bookings for 2017 are strong, but also the company bought PNO Exhibition Investment (Dubai) Ltd.
Company officials added that if exchange rates remain at current levels, particularly the weakness of the pound against the dollar, this will benefit its 2017 results.
Because of foreign exchange hedges taken out earlier in the year, the financial results for 2016 are not materially impacted by changes in the U.S. dollar exchange rate.
Excluding the movements in the exchange rate, the underlying performance in the business continues to be strong.
The new acquisition, PNO Exhibition Investment (Dubai) Ltd., owns a 50-percent stake in Shanghai Intex Exhibition Co Ltd., which runs the Music China, CES Asia and Hortiflorexpo IPM events.
No financial details on the bolt-on acquisition were disclosed.
“We expect positive performances from our remaining shows this year and the group is confident of delivering a good result from our diversified portfolio for the full year,” said Tarsus Group’s Managing Director Douglas Emslie.
He added, “Bookings for our larger biennial events in 2017 remain strong and the financial performance of the group in 2017 should benefit from foreign currency tailwinds.”
- Industry News