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Ascential delivers 'robust performance' in 2020
10th Dec 2020 08:08
(Sharecast News) - Data and analytics firm Ascential said on Thursday that it had continued to deliver "a robust performance" in 2020 despite the ongoing Covid-19 pandemic.
Ascential expects events-adjusted proforma revenue growth for the year to be roughly 2%, with total company revenues now projected to be in the range of £298.0m-302.0m, driven by "strong growth" in digital commerce and a recovery in its built environment and policy business wing.
Profitability improved thanks to a combination of strong cost control measures and a positive revenue mix in favour of higher-margin digital revenue streams, with adjusted underlying for 2020 now predicted to come in between £48.0m and £52.0m - ahead of consensus estimates of £43.0m.
Chief executive Duncan Painter said: "Our brands have built on their resilient performance in the first half of the year and delivered profits ahead of expectations.
"Looking to 2021, with respect to our two main events brands, for us to achieve optimal recovery, the fast and effective implementation and distribution of vaccines to address the Covid pandemic will be critical. In terms of the eCommerce channel shift, which has also been a feature of the pandemic, it is clear to us that these structural gains are here to stay and will remain an increasingly important driver for our digital businesses going forward."
As of 0820 GMT, Ascential shares were up 1.31% at 371.20p.
Ascential expects events-adjusted proforma revenue growth for the year to be roughly 2%, with total company revenues now projected to be in the range of £298.0m-302.0m, driven by "strong growth" in digital commerce and a recovery in its built environment and policy business wing.
Profitability improved thanks to a combination of strong cost control measures and a positive revenue mix in favour of higher-margin digital revenue streams, with adjusted underlying for 2020 now predicted to come in between £48.0m and £52.0m - ahead of consensus estimates of £43.0m.
Chief executive Duncan Painter said: "Our brands have built on their resilient performance in the first half of the year and delivered profits ahead of expectations.
"Looking to 2021, with respect to our two main events brands, for us to achieve optimal recovery, the fast and effective implementation and distribution of vaccines to address the Covid pandemic will be critical. In terms of the eCommerce channel shift, which has also been a feature of the pandemic, it is clear to us that these structural gains are here to stay and will remain an increasingly important driver for our digital businesses going forward."
As of 0820 GMT, Ascential shares were up 1.31% at 371.20p.