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Ascential annual losses widen on pandemic hit to events, advisory business
StockMarketWire.com
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Data and analytics company Ascential reported wider annual losses as pandemic-led disruptions to its events and advisory business hurt revenue and led to asset writedowns.
For the year ended 31 December 2020, pre-tax losses were £184.3 million from £7.9 million year-on-year as revenue fell 31% to £301.1 million.
Revenue was hurt by the pandemic-led disruptions, but the company said the results were in line with its expectations.
'The impact of the pandemic-related restrictions in 2020, on both our events and strategic advisory business drove an overall revenue decline of 31%, while adjusted EBITDA dropped by 73%,' the company said.
Looking ahead, the company reported 'strong trading' in the first two months of the year, and said it had 'confidence' of further good progress in the year ahead.
'Digital Commerce is now our largest and fastest growing segment and is well placed to benefit from the structural gains arising from the acceleration in eCommerce adoption,' the company said.
'While our two marquee events are ready for a recovery as conditions allow, the Covid-19 pandemic restrictions continue to influence the timing of a return to maximum participation at venues,' it added.
Story provided by StockMarketWire.com
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