Ascential FY results beat expectations as all segments record growth

Ascential, the owner of Cannes Lions, reported a rise in full-year earnings and revenue on Wednesday following growth in all four of its segments.

In the year to the end of December 2021, adjusted earnings before interest, taxes, depreciation and amortisation rose to £88.9m from £21.7m in 2020, with revenue up 52% on a reported basis at £349.3m.

Ascential said its performance was ahead of market expectations, with growth in all divisions of the business, not just against 2020 but also versus 2019 pre-pandemic levels.

Revenue in Digital Commerce rose 43% on a reported basis to £147.3m, with underlying momentum accelerated further by "several capability enhancing acquisitions over the course of the year".

In Marketing, revenue was 175% higher at £56.5m, while Retail & Financial Services saw a 198% increase to £54.2m. Ascential said both segments recovered positively from 2020 when the performance of Lions and Money20/20 had been severely limited by Covid restrictions.

Finally, the Product Design arm saw revenues edge up 4% to £91.3m. The company said that following the difficult trading conditions of 2020, the division returned to strong levels of growth, in addition to launching coverage of the consumer technology sector.

Chief executive Duncan Painter said: "As we look forward, our top priority remains the acceleration of our Digital Commerce strategy, our largest structural growth engine that has a rare and significant growth opportunity.

"2022 has started well. Digital Commerce and Product Design look set to deliver excellent levels of growth in the coming year, with Digital Commerce expected to make strong progress against its medium-term financial goals.

"We expect to see a recovery in Marketing and Retail & Financial Services over the coming years as we continue to successfully navigate the ongoing impacts of the pandemic. Although Covid-19 is likely to continue to present challenges to our event products, the return of Money20/20 US has demonstrated that we can swiftly achieve full financial recovery."