5th Jan 2017 09:13
LONDON (Alliance News) - Media and events company Ascential PLC on Thursday said it has carved out 13 'Heritage' brands in to a separate operating entity which will be held for sale.
The brands include a portfolio of magazines, comprising HSJ, MEED, Drapers, Nursing Times, Local Government Chronicle, Construction News, New Civil Engineer, Ground Engineering, H&V News and RAC, Retail Jeweller, Materials Recycling World and the architecture titles including Architects' Journal, The Architectural Review and the associated World Architecture Festival.
Ascential will report results for the 'Heritage' brands as a separate segment segment in its 2016 results, due on February 27.
The brands generated revenue of GBP63.0 million in 2015, down from GBP64.0 million a year before.
"Ascential's growth strategy continues to be to focus its resources and investment on its largest brands and those with the highest growth potential," said Duncan Painter, Ascential's chief executive.
"This move will further focus our portfolio on our largest market leading products. The Heritage Brands, with large, loyal audience communities, provide an exciting opportunity for new owners," he added.
Ascential shares were up 0.8% to 270.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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