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Ascential
Ascential (ASCL) investor relations material
Ascential has been acquired by Informa plc
Ascential H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2024 earnings summary30 Jul, 2024
Executive summary
Achieved 15% organic revenue growth and 27% adjusted EBITDA growth year-over-year for H1 2024, with strong performance in both Marketing and Financial Technology segments.
Over £750 million was returned to shareholders via tender offer, special dividend, and buyback following major disposals.
Board recommended a £1.2 billion cash acquisition offer from Informa, representing a premium of up to 53% to the pre-announcement share price, with completion expected in Q4 2024.
Net cash position at 30 June 2024 was £22.4 million, a significant improvement from £318.1 million net debt at December 2023.
Disposals of Digital Commerce and WGSN generated over £1.1 billion in net cash proceeds and a pre-tax profit of £516 million.
Financial highlights
Revenue for H1 2024 was £158 million, up from £136 million in H1 2023, reflecting 15% organic constant currency growth.
Adjusted EBITDA reached £65 million, up 27% year-over-year, with margin increasing to 41% from 38% in H1 2023.
Adjusted diluted EPS for continuing operations was 11.9p (H1 2023: 7.0p); total diluted EPS 125.2p, reflecting large gains from disposals.
Operating cash flow conversion was 100%, ending the half with a net cash position of £22.4 million.
Profit after tax for discontinued operations was £428.5 million, including £516.2 million pre-tax profit on disposal of Digital Commerce and WGSN.
Outlook and guidance
Expecting constant currency revenue growth rates towards the top end of medium-term target range for 2024.
2025 expected to benefit from strong momentum in the Marketing division, with sponsorship bookings ahead of last year.
Money20/20 US forward bookings for October 2024 are in line with the prior year.
Corporate costs for the year expected to be slightly above £13 million, likely around £14 million.
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Frequently asked questions
Ascential plc provides specialist information, analytics, and e-commerce optimization platforms in the United Kingdom, rest of Europe, the United States, Canada, the Asia Pacific, the Middle East, Africa, and Latin America. The company operates through four segments: Digital Commerce, Product Design, Marketing, and Retail & Financial Services. It offers industry-specific business intelligence, insights, and forecasting through data and digital subscription tools. The company was formerly known as Trident Floatco PLC and changed its name to Ascential plc in January 2016
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