14th Mar 2016 07:47
LONDON (Alliance News) - Newly listed business-to-business media company Ascential PLC on Monday said it is confident of another good year of growth in 2016, as it reported a swing to a pretax profit for 2015.
The company, which owns the Draper's fashion trade magazine and the Cannes Lions advertising festival, listed on the London Stock Exchange last month.
It reported 2015 results from Ascential Holdings, which was acquired by Ascential PLC prior to its listing. The company reported a pretax profit of GBP8.4 million, swung from a pretax loss of GBP5.4 million, as revenue rose to GBP319.1 million from GBP312.7 million, mostly as a result of lower sales, marketing and administrative expenses and lower exceptional costs.
Ascential cited a strong performance from Cannes Lions, with revenue up 18% at constant currency, as well as 38% revenue growth from its Money20/20 show in Las Vegas. This helped offset a fall in revenue from its information services business, hit by the continuing decline in print advertising revenue.
Ascential said the 2015 results had been in line with its expectations.
The company plans to pay its first dividend with respect to 2016, with one-third paid in November 2016 and two-thirds paid in May 2017. It is targeting a pay-out ratio of 30% of pretax profit, adjusted to strip out exceptional items and share based payments.
"2015 was another strong year for Ascential and we grew both revenues and profits driven by our focus on our top products, customer retention and growing customer volumes," said Chief Executive Officer Duncan Painter in a statement.
"The new financial year has started well. Since the year end, Spring Fair, Bett UK and Pure Spring have taken place and performed in line with our expectations and preparations for Money20/20 Europe in April continue to progress well. While still early in 2016, we are encouraged by the current level of forward bookings and are confident of another good year of growth for the group," Painter added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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