Ascential PLC on Thursday reported a rise in its annual revenue but suffered a widened loss as expenses climbed.

The London-based business-to-business media and events firm recorded revenue of £524.4 million for 2022, up 50% from £349.3 million in 2021. It noted double-digit growth in all segments.

In Digital Commerce, revenue was up 54% to £226.1 million from £147.3 million a year earlier. In Product Design, revenue amounted to £107.1 million, up 17% from £91.3 million.

Ascential’s pretax loss, however, widened to £116.1 million from £39.6 million a year earlier.

Marketing expenses jumped to £400.0 million from £246.6 million.

Adjusted earnings before interest, tax, depreciation and amortisation amounted to £121.2 million, up 36% from £88.9 million.

Chief Executive Officer Duncan Painter said: ‘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 all of our segments. This is particularly impressive in a challenging macro backdrop and is a testament to the commitment and talent of our staff.’

Looking ahead, Ascential said 2023 has started well and in line with plans, and it said it expects to grow its digital revenue.

Shares were up 0.9% at 244.20 pence each on Thursday morning in London.

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