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Ascential (ASCL) investor relations material
Ascential H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 15% organic revenue growth and 27% adjusted EBITDA growth in H1 2024, with both Marketing and Financial Technology segments delivering double-digit increases.
Board recommended a £1.2bn–£2bn cash acquisition offer from Informa, representing a 50–53% premium to the pre-announcement share price, with completion expected in Q4 2024.
Over £750m was returned to shareholders in H1 2024 via tender offer, special dividend, and share buyback, following the sale of Digital Commerce and WGSN.
Net cash position improved to £22.4m at 30 June 2024, from net debt of £318m at December 2023.
Disposals of Digital Commerce and WGSN generated €1.1bn–£1.2bn in net cash proceeds, enabling full debt repayment.
Financial highlights
Revenue for H1 2024 was £158m, up from £136m in H1 2023, reflecting 15% organic constant currency growth.
Adjusted EBITDA reached £65m, up 27% year-over-year, with margin increasing to 41% from 38%.
Adjusted diluted EPS for continuing operations was 11.9p, up 70% year-over-year.
Operating cash flow conversion was 100%, with free cash flow conversion at 87%.
Profit after tax for discontinued operations was £428m–£433m, including a £516m pre-tax gain on disposals and a £21m–£21.5m impairment for Hudson MX.
Outlook and guidance
Expecting constant currency revenue growth rates toward the top end of medium-term targets for 2024.
2025 expected to benefit from strong momentum in the Marketing division.
Money20/20 US forward bookings for October 2024 are in line with the prior year.
Margin for Money20/20 to remain stable, with £1m in additional costs for the 20Fold digital product in H2.
Corporate costs expected to be slightly above £13m for the year.
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