Last checked at (Sharecast News) - Information, data and analytics company Ascential pinned the blame on Covid-19 on Tuesday as it cancelled the Europe and US editions of the Money20/20 events.
The company pointed to a further deterioration of the situation in the US as well as recent spikes in infection rates in certain European countries.
"This, combined with the rapidly evolving restrictions on physical travel in both the US and Europe, means we are no longer confident we can deliver physical events this year that meet the standard expected of Money20/20," it said.
Instead, Ascential will be "engaging virtually with the industry" in the week of 26-28 October, through a digital content programme. There will also be a dedicated networking platform for Money20/20's delegates and sponsors.
The company had already planned for a scenario in which there would be no live events running in the second half of the year, or even in the first half of next year.
Chief executive officer Duncan Painter said: "While it is obviously disappointing, this decision reflects the realities of the continued impact of Covid-19 in many regions of the world, and has been taken in the longer-term interest of the Money20/20 community."
Shore Capital analyst Roddy Davidson said: "Notwithstanding the short-term disappointment of more Covid-driven forecasts downgrades we believe that Ascential's management has done a rigorous good job of 'controlling the controllables' in response to the pandemic.
"We also remain of the view that the group's underlying businesses have the potential to deliver strong medium-term organic revenue growth, an attractive margin progression and robust cash generation. We are particularly drawn to its growing specialism in the fast-growing digital commerce market where we see good scope for it to become a leading international player."
3 Jun 2020 13:56
