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(Alliance News) - Events and data firm Ascential PLC on Friday said it has taken the "difficult" decision to cancel the Cannes Lions festival this year, having already postponed it due to Covid-19.
Shares in Ascential were down 12% at 197.50 pence each in London.
"After consultation with major customer groups, we have concluded that it would be inappropriate and not commercially viable to run the festival in 2020," the FTSE 250-listed company said, adding that the next edition of the event will be in June 2021.
Revenue from the Cannes Lions Festival & Awards, and its associated regional events, comprised just over half the total revenue earned in the Marketing division in 2019. Ascential is working with partners and suppliers to minimise costs associated with the 2020 festival.
Ascential has also decided to withdraw the 4.0 pence per share final payout for 2019 declared earlier this year, which will save it GBP15 million. Salary increases, including for some executive and non-executive directors, have also been halted.
Duncan Painter, chief executive of Ascential, said: "We are seeing significant disruption already across the marketing and communications industry and following in-depth consultation with these customers, we feel the best decision we can make for all our stakeholders is to not run the Cannes Lions Festival this year."
By Tapan Panchal; tapanpanchal@alliancenews.com
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