(Alliance News) - Ascential PLC shares were in demand on Thursday as it announced strong growth last year as Covid pressures eased.
The FTSE-250 business-to-business media and events firm grew revenue by 53% to GBP349.3 million in 2021, up from GBP229.9m in 2020.
This was as Digital Commerce revenue grew 43% to GBP147.3 million, with the smaller division of Retail & Financial Services tripling revenue following the relaunch of its Money20/20 in-person event. Revenue from the Marketing division nearly tripled.
Pretax loss narrowed to GBP39.6 million from GBP189.1 million the year before, on the back of the increased revenue, which helped offset investment into sales, product engineering, data and operations. Pretax loss before the pandemic in 2019 was GBP7.9 million.
Shares in Ascential were up 4.8% to 329.40 pence each in London on Wednesday morning.
Ascential decided to declare no annual dividend, having suspended payments last year.
For 2022, it plans to continue its mergers and acquisitions strategy, having made seven acquisitions to enhance its Digital Commerce capabilities in 2021. Ascential expects "excellent levels of growth" from Digital Commerce and Product Design in the year, which has started well, it said.
"2021 was a successful year - one of recovery and growth despite the continued backdrop of the pandemic," said Chief Executive Duncan Painter.
"We expect to see a recovery in Marketing and Retail & Financial Services over the coming years as we continue to successfully navigate the ongoing impacts of the pandemic. Although Covid-19 is likely to continue to present challenges to our event products, the return of Money20/20 US has demonstrated that we can swiftly achieve full financial recovery."
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Ascential (ASCL)