Media company Tarsus (TRS) gains 2.3% to 265.2p as it reports third quarter trading in line with guidance and says Turkish instability is having little impact on its events in the country.

This makes for an interesting contrast with its peer ITE (ITE) which recently said July's attempted coup hit its September roster of exhibitions.

Tarsus reports like-for-like bookings up 8%, its LabelExpo Americas event also saw visitor attendance up 8% with plenty of rebookings for 2018. Attendance has been robust in Turkey with an excellent performance from the Zuchex and Sign events.


Forward bookings for the group's major events in 2017 are strong, including for those in Turkey. There is a biennial bias to Tarsus' results as the company hosts its two largest events, the Dubai Airshow and Labelexpo Europe, in odd years.

Accordingly, Numis forecasts earnings per share of 14.8p for 2016, compared with the 21.3p reported for 2015 and 24.6p pencilled in for 2017.

Numis analyst Gareth Davies, who reiterates his 'add' recommendation and 310p price target, comments: 'All in, a reassuring statement. No change to estimates at this stage, though if exchange rates remain at current levels this provides significant buffer into 2017.'

Tarsus is set to hold a capital markets seminar for analysts and investors on 22 November.

Issue Date: 12 Oct 2016