(Alliance News) - FSTE 250-listed Ascential PLC on Friday said its Money20/20 China event, previously planned to take place between December 4 and 6, has been deferred and now will not take place in 2019.
The stock was 6.5% lower in morning trade in London at 340.00 pence a share.
Money20/20 China is the space where the industry's "smartest visionaries" and innovators come together "to create the future of money", according to the event's website.
Ascential, a London-headquartered exhibitions, festivals and information services provider, said the previous edition of Money20/20 China in 2018 generated GBP2.5 million of revenue.
For 2019, Ascential said the one-off costs relating to Money20/20 China are not expected to impact its adjusted earnings before interest, taxes, depreciation, and amortization by more than GBP1.5 million.
The company explained that the decision to defer Money20/20 China has been taken in light of "a short-term hiatus for international companies in the Chinese fintech market", arising from a combination of macro-economic trends and changes in local market dynamics, including to the peer-to-peer lending sector.
Looking ahead, Ascential said it intends to return the event to Hangzhou in China in due course when market conditions are more "conducive".
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Ascential (ASCL)