Ascential swings to H1 loss amid Covid-19 lockdowns

Ascential said on Monday that it swung to an interim loss as revenue declined due to the coronavirus pandemic.

The company hailed a "resilient" performance in a challenging environment, with strong growth from digital businesses but "considerable headwinds" for live events and the marketing sector, both of which were dented by Covid-19 lockdowns.

In the six months to 30 June, the business-to-business media group, which specialises in exhibitions and festivals, swung to a pre-tax loss of £78.3m from a profit of £30.5m in the first half of last year, with revenue down to £144.3m from £236.2m. Still, this was ahead of expectations of £138m.

Reported revenue in the marketing business slid 74% over the period following the cancellation of the 2020 Cannes Lions festival. Coronavirus restrictions also had an adverse impact on MediaLink's advisory business, Ascential said.

Meanwhile, revenue from the live events business fell by £96.8m in the first half due to Covid-related cancellations or deferrals. Ascential said the 2020 events outlook is uncertain, with the operation of the Money20/20 event in the second half "remaining very challenging".