Revenues surge at Ascential

Ascential reported record revenues on Thursday, as it pushed ahead with plans to break up the business, but saw losses widen as costs mounted.

The specialist information and analytics firm reported revenues of £524.4m in the year to 31 December, ahead 50% or by 30% on an organic basis.

That was boosted by strong performances in both digital commerce - with reported revenues up 54% at £226.1m - and in events, which saw a 73% jump in sales to £191.2m.

Adjusted earnings before interest, tax, depreciation and amortisation were £121.1m, up 36%.

The operating loss, however, widened to £94.2m from £26.7m, hit by amortisation and impairment of intangibles as well as increased costs, including £15m incurred as part of its strategic review.

The FTSE 250 firm announced in January that it wanted to list its digital commerce business in the US and sell WGSN, its consumer trends unit, with the remaining events business having a standalone UK listing as Ascential.

Duncan Painter, chief executive, said there had been "positive reactions" from potential buyers to the proposed sale of WGSN, with a full sales process expected to get under way next month.

He continued: "Ascential delivered strong trading in 2022, with record revenues and organic revenue growth of 30%. The competitive advantage we offer our customers is reflected in double digit growth in our segments. This is particularly impressive in a challenging macro backdrop.

"We have made good progress optimising the operating models to create a standalone digital commerce company listed in the US, and the world’s highest quality events business listed in London. We are taking these actions from a position of strength."