Ascential PLC, a specialist events, intelligence, and advisory company, has released its half-year results for 2024, showcasing strong growth ahead of market expectations. The company has recommended a cash offer from Informa, valuing Ascential at £1.2 billion, representing a significant premium and providing shareholders with certainty and acceleration of value in cash.
The company has reported continued strong growth as a premium, global, events-led business, with double-digit growth in both its Lions and Money20/20 segments. Ascential boasts diverse, sustainable revenue streams, including live events, benchmarking awards, digital subscriptions, and advisory, and maintains a strong balance sheet with a net cash position at the end of June 2024.
In terms of strategic actions, Ascential completed the sale of Digital Commerce and WGSN at the start of the year and returned £758 million to shareholders via a tender offer, special dividend, and share buyback in the first half. The company also provided an update on the ongoing sale process of Hudson MX.
The results for continuing operations have exceeded market expectations, with strong organic growth, revenue up 15% to £157.8 million, and adjusted EBITDA up 27% to £65.4 million. The Marketing segment saw revenue growth of 15%, led by delegates and sponsorship revenue streams, while the Financial Technology segment's revenue increased by 14%.
Ascential's reported operating profit stood at £56.3 million, and the company delivered strong growth in earnings per share. The company also demonstrated a robust balance sheet, with a closing net cash position of £22.4 million as of June 30, 2024.
Philip Thomas, Chief Executive Officer of Ascential, expressed pride in the company's strong performance and highlighted the considerable momentum generated in the first half. Looking ahead, the company is focused on leveraging this momentum and expects to report constant currency revenue growth rates towards the top end of its medium-term target range in 2024.
In conclusion, Ascential PLC's half-year results for 2024 reflect robust performance, strategic actions, and a recommended offer by Informa, positioning the company for continued growth and success in the future.