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Ascential on track to hit targets this year
(Sharecast News) - Publishing, events and B2B consultancy group Ascential has said that trading is in line with expectations for the full year, helped by strong growth in marketing and fintech operations. The company, known for media titles like Retail Week and Drapers, along with events like Cannes Lions, said marketing revenues grew by more than 10% in the first half, helped by double-digit growth from Cannes Lions delegates and sponsorship.
This was driven by a "combination of strong delegate volume growth, new pass launches and successful expansion of the physical footprint of the festival".
Financial technologies revenues rose by a double-digit percentage in the first half, though sales in Europe are lower than last year, reflecting the broader funding conditions in the fintech end market observed in the second half 2023.
"Following completion of the £300m tender offer, the £450m special dividend and the associated share consolidation, we remain focused on our 2024 priorities as communicated at our 2023 year end results and confident in our medium-term growth targets and ambitions," Ascential said.
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