Events giant Ascential cuts losses

By City and Finance Reporter

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Events giant Ascential cuts losses Share or comment on this article:

Updated: 16:50 EDT, September 22, 2023

The events group behind the Cannes Lions advertising festival praised strong trading as it cut losses in the first half of the year.

Ascential, which used to be called Emap and is in the FTSE 250 index, said revenue in the six months to the end of June rose 18 per cent to £307.4m.

The business was boosted by its events division, which includes Money20/20 and Cannes Lions, and saw its revenue rise 25 per cent.

Cannes Lions is considered the largest gathering of advertising executives and attracts celebrities such as actress Eva Longoria.

Rising losses amounted to £11.8m in the first half, up from £41.6m in the same period last year.

Star quality: Cannes Lions is considered the largest gathering of advertising executives and attracts celebrities such as actress Eva Longoria.

Chief executive Duncan Painter praised the “extremely successful June editions”.

The shares rose 6 per cent, or 11.5p, to 202p.

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