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Ascential Expects Total Revenue Decrease Despite Seeing Good Recovery

Thu, 10th Dec 2020 11:15

(Alliance News) - Ascential PLC on Thursday said it has delivered a robust performance throughout 2020, driven by continued strong growth in its Digital Commerce division and a good recovery in its Built Environment & Policy business unit.

As a result of this, the London-based information, data and analytics company said it expects total annual revenue of between GBP298 million and GBP302 million, above market consensus of GBP297 million but down from GBP416.2 million in 2019.

Ascential also forecasts adjusted earnings before interest, tax, depreciation and amortisation of between GBP48 million and GBP52 million, again above consensus of GBP43 million but down from GBP128.5 million in 2019.

Chief Executive Duncan Painter said: "Looking to 2021, with respect to our two main events brands, for us to achieve optimal recovery, the fast and effective implementation and distribution of vaccines to address the Covid-19 pandemic will be critical.

"In terms of the eCommerce channel shift, which has also been a feature of the pandemic, it is clear to us that these structural gains are here to stay and will remain an increasingly important driver for our digital businesses going forward," he added.

Shares in Ascential were down 0.7% at 363.80 pence in London on Thursday.

By Zoe Wickens; zoewickens@alliancenews.com