(Alliance News) - Ascential PLC on Wednesday said it has decided to postpone the Cannes Lions advertising festival due to the coronavirus outbreak and suspended its share buyback programme.
The events company said the decision to push back the festival was made in collaboration with its customers and the city of Cannes, France. The event will now be held in October instead of June.
Ascential added that trading continued to be in line with prior guidance, reflecting a heavy bias towards digital subscriptions and platforms, advisory and benchmark revenue streams.
"However, in light of the rapidly changing impact of the Covid-19 outbreak, the board has decided not to reconfirm financial guidance and has taken the prudent decision to put the share buyback programme on hold for the time being," the company said.
The FTSE 250 stock closed down 5.2% at 241.74 pence on Wednesday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Ascential (ASCL)