Ascential PLC, a specialist events, intelligence, and advisory company, has released its unaudited full year results for 2023. The company has positioned itself as a premium, global, events-led business with a long-term growth strategy, proven track record, and diverse, sustainable revenue streams. The results of the Continuing business have exceeded market expectations, with a 13% increase in revenue and a 17% increase in Adjusted EBITDA.
The company has completed the disposal of Digital Commerce and WGSN, with total cash proceeds of £1.2bn. As a result, Ascential plans to return £850m to shareholders through a combination of a tender offer, special dividend, and on-market buyback programs. The sale of Hudson MX is also underway and expected to conclude in Q2 2024.
In terms of financial performance, the company has seen strong organic growth, particularly in the Marketing segment, where revenue increased by 22%. The Financial Technology segment also saw a 1% increase in revenue, with strong growth in Money20/20 Europe. Ascential has also achieved significant cost reduction and an increase in EBITDA margins.
The company reported a strong cash flow performance and a robust balance sheet, with a closing net debt of £318.1m as of 31 December 2023. Ascential also announced its intention to return £850m of value to its shareholders through a special dividend and a purchase of shares, subject to shareholder approvals at the upcoming AGM in May.
Philip Thomas, Chief Executive of Ascential, stated, "Following our strategic review, Ascential is now a focused events-led business." The company's performance in 2023 reflects its strategic actions to create value for shareholders and its strong financial position.