In the wake of accepting Informa’s £1.2bn offer to buy the business, Ascential has published its half-year financial results for the six months ended 30 June.
The results reveal that Money 20/20 Europe revenue was 8% lower this year, after growth of 19% in 2023. However, the successful launch of Money 20/20 into Asia delivered £6m and overall, Ascential’s fintech arm saw revenues grow by 14%.
The company’s marketing division, which includes the Cannes Lions Festival of Creativity, saw revenue grow by 15%, delegate numbers increase by over 10%, and sponsorships up by over 20%.
Overall, Ascential has reported an operating profit of £56.3m (US$72.4m), compared with £39.5m in the first half of last year.
Ascential CEO, Philip Thomas said: “We have again delivered strong, double-digit revenue growth across both of our segments in the first half, building upon the 13% growth we delivered in 2023. In Marketing, revenue growth of 15% was driven by the substantial expansion of our customer base at Cannes Lions, addressing significant new segments and volume growth from attendees and sponsor customers. As expected, Money20/20 Europe’s performance reflected similar end-market disruption to that experienced by the November 2023 US show. We successfully relaunched Money20/20 in Asia as our third region, which provides us with a firm foundation for future growth.
“As we look to the second half of 2024 we are focused on leveraging the considerable momentum generated in the first half. For the Money20/20 US show in Las Vegas this October, forward booking values are currently in line with prior-year levels. Given the typical balance between first and second-half trading, in light of the very strong first-half performance, we expect to report constant currency revenue growth rates towards the top end of our medium-term target range in 2024, with 2025 expecting to benefit from the strong levels of momentum in the Marketing division in particular.
“I am extremely proud of all of Ascential’s brands, and the people who work so hard to deliver for them every day. Our two divisions, Lions and Money20/20, have transformed how our customers around the world experience events, and benefit from both digital intelligence and advisory services. The value our businesses bring to their respective industries is clear as is the regard in which, following their recommended offer for the Company, they are held by Informa.”
