Organiser Ascential has released its interim results for the six months ending 30 June 2017, showing growing revenue and profit and reducing debt in line with expectations.
Looking ahead to the second half of the year, the interim statement predicts continued investment in new products and platforms to drive future organic growth.
Highlights of the financial period include the company’s successful execution of its organic growth strategy, with the launch of products such as Groundsure Avista, Coloro, WGSN Barometer and WGSN Insight and growth from event extensions including Money20/20 Europe and Bett Middle East.
There has also been progress on Ascential’s ‘evolution towards higher growth brands’, with the sale of 12 of its 13 Heritage Brands and the acquisition of MediaLink.
Revenue from continuing operations is £222.0m (compared to £176.2m in 2016) and reported growth at 26 per cent. The company has also reported adjusted EBITDA from continuing operations of £81.4m (compared to £63.2m in 2016).
Reported operating profit from continuing operations shows growth of 28 per cent to £48.1m (£37.6m in 2016).
The exhibitions & festivals side of the business has reported strong organic growth of 8.2 per cent in revenue to £137.0m and 8.9 per cent in adjusted EBITDA to £64.5m.
Duncan Painter, chief executive officer, commented: “We have delivered successful first half results in line with our expectations. We grew both revenues and profits driven by the focus on our primary brands and on customer retention. The launch of new products such as WGSN Insight and the growth of our live, content-rich event extensions, Money20/20 Europe and Bett Middle East, contributed well to our growth.
“The business continues to generate significant cash flows to fund investment, dividends and acquisitions and the integration of MediaLink and One Click Retail are progressing according to plan, enhancing our offering and opening up new opportunities for growth. Furthermore the strategic actions we have taken in the last 12 months enable us to optimise the focus on our primary brands and further accelerate our product and international revenue diversification.
“We enter the second half of 2017 with positive momentum. With our current level of forward bookings and the increasing geographic diversification of our revenue streams, we are confident that we will achieve our full year expectations.”