Ascential has released a trading update following the proposed sale of events including Spring Fair, Autumn Fair, Bett, CWIEME, Pure, Glee and BVE to ITE Group for a headline consideration of £300m. In the update the company states its intention to become ‘a global leading specialist information company’ – focusing on its digital brands.
The company retains fintech event Money 20/20, which has editions around the world, and creative and marketing communications festival Cannes Lions.
The company stated:
“Ascential today confirms that the Group is trading in line with its expectations for the full year.
Our strategy to become a global leading specialist information company supporting our customers to win in the digital economy continues to deliver overall strong revenue and profit growth.
Strong performances across our digital information subscription brands and continued demand from the global fintech payments industry for our Money20/20 platform are driving this performance. Money20/20 has delivered a particularly strong first half, outperforming on both the launch of the Asian edition in Singapore and the European edition that took place this week in Amsterdam.
Cannes Lions is experiencing a more challenging trading environment with a lower than expected level of spend by the advertising agency holding companies. Realigning Cannes Lions’ revenues to have a strong digital component is a core part of our plans and we are pleased with its digital product growth. This is accelerating through the launch of our newest digital product, The Work, and we recently signed a top three holding company as the first enterprise partner of this new platform. However, in 2018 growth in these digital offerings and in sponsorship will not offset the lower level of spend from the advertising agency holding companies on Cannes Lions more generally.
The Board remains confident in our overall 2018 performance and our prospects for continued success through the execution of our strategy.”