Ascential plc, the specialist information, analytics, events, and eCommerce optimization company, has announced its half-year results for the period ending June 30, 2023. The company reported strong organic revenue growth in all segments, with events leading the way with a 25% increase in revenue. The marketing segment within events saw a 28% increase in revenue, driven by a 30% increase in revenue from Lions and continued double-digit growth from WARC's subscription business. The retail and financial services segment within events also performed well, with a 17% increase in revenue, driven by the strong growth of Money20/20 Europe.
The digital commerce segment saw a 10% increase in revenue, outpacing a challenging retail environment. The company attributed this growth to key client wins and investments in technology and marketing. As part of its efforts to drive stronger margins, Ascential launched the Flywheel Commerce Cloud, an integrated go-to-market operating platform, and implemented integration synergies. The company also launched a unitary, single-brand digital commerce organization structure in October.
The product design segment reported an 8% increase in revenue, driven by strong retention and growth in non-fashion products. Fashion product growth remained steady at 2%. Overall, the company reported group revenues of £307.4 million, a growth of 18% compared to the same period last year. Adjusted EBITDA increased by 17% to £78.6 million, with a margin of 25.6%.
Ascential's CEO, Duncan Painter, commented on the results, stating that the company's businesses have continued to trade strongly in the first half of 2023. He highlighted the success of Cannes Lions and Money20/20, which both exceeded their pre-pandemic benchmarks. Painter also mentioned the strategic actions being taken to maximize shareholder value and position each business within the portfolio for long-term success, with an update expected before the end of the year.
Looking ahead, Painter expressed confidence in the company's prospects, citing the structural long-term growth in its end markets and the success of its marquee events. Despite continued macro uncertainty and currency headwinds, Ascential's businesses remain well-positioned for the year, supported by multiple growth levers.
Ascential will host a presentation for analysts and investors on September 22, 2023, to discuss the half-year results. The presentation will be webcast on the company's website, and a recording will be available on-demand.