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Ascential sees FY in line despite tough times for Cannes Lions
Ascential, which is selling its events unit to sector peer ITE Group for £300m, said the group was trading in line with expectations for the full year.
In a trading statement, the company said its our strategy to become a leading specialist information company continued 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," Ascential said.
It added that Money20/20 had 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".
However, it warned its Cannes Lions division was experiencing a more challenging trading environment with a lower than expected level of spend by 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," Ascential said, but added that this would not offset the lower level of spend from the advertising agency holding companies on Cannes Lions more generally.