Tarsus refutes rumours of cash crisis

Tarsus Group has hit back at speculation that it is in financial difficulty after it asked shareholders for permission to cut its premium share by £18m.

Tarsus Group has hit back at speculation that it is in financial difficulty after it asked shareholders for permission to cut its premium share by £18m. In a letter sent out last month, the Tarsus board appealed to shareholders to cut the premium because of a change in the economic climate after the company had invested £20m in Martex. A Tarsus spokeswoman said: “This is a technical, financial device, allowing the company to reorganise its balance sheet. It has no impact on profit or cash.” Last year, Tarsus reported a 59% jump in turnover to £8.5m for the six months ending 30 June. Increased losses, up from £2.5m to £2.9m, were blamed on acquisitions and investment in new media (Marketing Event, October). As part of its recent acquisition programme the group bought TS Central’s online event directory last year to form TSNN.com. A joint venture with Advanstar also saw Tarsus products merge with the SECA call centre exhibition, directory and website. A City insider said: “Many companies are borrowing money to fund growth as a result of the drop in interest rates, so whether Tarsus has accumulated more than £3.5m in debt may not be anything too noteworthy. In fact, its ability to continue to make dividend payments could be seen as a promising sign.”

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