17th Jun 2024 08:53
(Alliance News) - Ascential PLC on Monday said trading is in line with its expectations for the full year.
The London-based events, subscription business and advisory services-focused company was updating investors ahead of a capital markets event in Cannes, France on Wednesday. Ascential organises the annual Cannes Lions International Festival of Creativity.
In the first half of 2023, Ascential said the Marketing division is expected to deliver revenue growth in excess of 10%, led by strong, double-digit growth from Cannes Lions delegates and sponsorship, driven by a combination of strong delegate volume growth, new pass launches, and successful expansion of the physical footprint of the festival.
The Financial Technology division also is expected to deliver "double-digit" revenue growth.
Ascential said that, following particularly strong growth in 2023, the European edition's revenue earlier in June was approximately 8% lower than the prior year, reflecting the broader funding conditions in the fintech end-market observed in the second half 2023.
Ascential said it remains confident in its medium-term growth targets and ambitions.
Shares in Ascential were up 1.8% to 336.50 pence in London on Monday.
By Jeremy Cutler, Alliance News reporter
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