Last checked at 7 Jun 2018 07:00
7 June 2018
Ascential plc
Proposed disposal of Exhibitions & Trading Update
Ascential plc (LSE: ASCL.L), the global, specialist information company, has today posted the notice of general meeting (the "General Meeting") and circular (the "Circular") relating to the proposed disposal of Ascential Exhibitions to ITE Group plc as previously announced on 15 May 2018.
The Circular includes the following statement on current trading:
"Ascential today confirms that the Group is trading in line with its expectations for the full year.
Our strategy to become a global leading specialist information company supporting our customers to win in the digital economy continues to deliver overall strong revenue and profit growth.
Strong performances across our digital information subscription brands and continued demand from the global fintech payments industry for our Money20/20 platform are driving this performance. Money20/20 has delivered a particularly strong first half, outperforming on both the launch of the Asian edition in Singapore and the European edition that took place this week in Amsterdam.
Cannes Lions is experiencing a more challenging trading environment with a lower than expected level of spend by the advertising agency holding companies. Realigning Cannes Lions' revenues to have a strong digital component is a core part of our plans and we are pleased with its digital product growth. This is accelerating through the launch of our newest digital product, The Work, and we recently signed a top three holding company as the first enterprise partner of this new platform. However, in 2018 growth in these digital offerings and in sponsorship will not offset the lower level of spend from the advertising agency holding companies on Cannes Lions more generally.
The Board remains confident in our overall 2018 performance and our prospects for continued success through the execution of our strategy."
The Circular is available for inspection on the investor relations section of the Ascential website and a copy of the Circular has been submitted to the National Storage Mechanism, and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.
Contacts
Ascential plc Duncan Painter Mandy Gradden |
Chief Executive Officer Chief Financial Officer |
+44 (0) 20 7516 5000
|
Media enquiries Edward Bridges, Matt Dixon, Jamie Ricketts |
FTI Consulting LLP |
+44 (0) 20 3727 1000 |
Goldman Sachs International Anthony Gutman, Chris Emmerson, Alex Garner, Duncan Stewart |
|
+44 (0) 20 7774 1000
|
About Ascential
Ascential (LSE: ASCL.L) is a global, specialist information company that informs and connects the business world in 150 countries. In an increasingly complex, digitally-driven world, we help our customers understand what's important and how to act on it - today, and in the future.
Ascential powers the global trend forecasting service WGSN, environmental risk data business Groundsure, e-commerce analytics providers One Click Retail and Clavis, the prestigious Cannes Lions festival for the branded communications industry, the world's premier payments and financial services congress Money20/20 and MediaLink, a U.S.-based advisory and business services firm. Ascential's premium products enable focus, growth and value. The company provides customers with world class content and connections empowering their businesses to be the best informed and best connected.
www.ascential.com
Important notice
Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for Ascential plc and for no one else in relation to the Disposal and will not be responsible to anyone other than Ascential plc for providing the protections afforded to its clients or for providing advice in relation to the Disposal or any other matters referred to or described in this announcement.