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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Ascential PLC    ASCL   GB00BYM8GJ06

ASCENTIAL PLC (ASCL)
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Ascential : Proposed disposal of Exhibitions & Trading Update

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06/07/2018 | 02:09am EST

7 June 2018

Ascential plc

Proposed disposal of Exhibitions & Trading Update

Ascential plc (LSE: ASCL.L), the global, specialist information company, has today posted the notice of general meeting (the 'General Meeting') and circular (the 'Circular') relating to the proposed disposal of Ascential Exhibitions to ITE Group plc as previously announced on 15 May 2018.

The Circular includes the following statement on current trading:

'Ascential today confirms that the Group is trading in line with its expectations for the full year.

Our strategy to become a global leading specialist information company supporting our customers to win in the digital economy continues 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. Money20/20 has 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.

Cannes Lions is experiencing a more challenging trading environment with a lower than expected level of spend by the 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. This is accelerating through the launch of our newest digital product, The Work, and we recently signed a top three holding company as the first enterprise partner of this new platform. However, in 2018 growth in these digital offerings and in sponsorship will not offset the lower level of spend from the advertising agency holding companies on Cannes Lions more generally.

The Board remains confident in our overall 2018 performance and our prospects for continued success through the execution of our strategy.'

The Circular is available for inspection on the investor relations section of the Ascential website and a copy of the Circular has been submitted to the National Storage Mechanism, and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

Contacts

Ascential plc

Duncan Painter

Mandy Gradden

Chief Executive Officer

Chief Financial Officer

+44 (0) 20 7516 5000

Media enquiries

Edward Bridges, Matt Dixon,

Jamie Ricketts

FTI Consulting LLP

+44 (0) 20 3727 1000

Goldman Sachs International

Anthony Gutman, Chris Emmerson, Alex Garner, Duncan Stewart

+44 (0) 20 7774 1000

About Ascential

Ascential (LSE: ASCL.L) is a global, specialist information company that informs and connects the business world in 150 countries. In an increasingly complex, digitally-driven world, we help our customers understand what's important and how to act on it - today, and in the future.

Ascential powers the global trend forecasting service WGSN, environmental risk data business Groundsure, e-commerce analytics providers One Click Retail and Clavis, the prestigious Cannes Lions festival for the branded communications industry, the world's premier payments and financial services congress Money20/20 and MediaLink, a U.S.-based advisory and business services firm. Ascential's premium products enable focus, growth and value. The company provides customers with world class content and connections empowering their businesses to be the best informed and best connected.

www.ascential.com

Important notice

Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for Ascential plc and for no one else in relation to the Disposal and will not be responsible to anyone other than Ascential plc for providing the protections afforded to its clients or for providing advice in relation to the Disposal or any other matters referred to or described in this announcement.

Disclaimer

Ascential plc published this content on 07 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 07 June 2018 06:07:06 UTC

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Financials (GBP)
Sales 2018 346 M
EBIT 2018 90,4 M
Net income 2018 35,0 M
Debt 2018 112 M
Yield 2018 1,52%
P/E ratio 2018 35,53
P/E ratio 2019 29,25
EV / Sales 2018 4,80x
EV / Sales 2019 4,03x
Capitalization 1 549 M
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 4,67  GBP
Spread / Average Target 21%
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NameTitle
Duncan Anthony Painter Chief Executive Officer & Executive Director
Scott Edward Forbes Chairman
Michael Lisowski Chief Operating Officer
Amanda Jane Gradden Chief Financial Officer & Executive Director
Paul Scott Harrison Independent Non-Executive Director
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