Ascential on track to deliver FY expectations despite Cannes Lions facing 'challenging' environment
Source - SMW
Specialist information company Ascential said Thursday that trading so far was in line with its expectations for the full year despite its Cannes Lions division facing a more 'challenging' environment as spending from advertising agencies fell.
The firm said its digital information subscription brands performed strongly amid continued demand from the global fintech payments industry for its Money20/20 platform.
'Money20/20 had delivered a particularly strong first half, outperforming on both the launch of the Asian edition in Singapore and the European edition that took place this week in Amsterdam,' Ascential said.
The company's Cannes Lions division, the Oscars for the ad industry, came under pressure as advertising agencies cut spending by more than the group had anticipated, weighing down performance.
While efforts to realign Cannes Lions' revenues to include a strong digital component had seen the division generate digital product growth, it would not be enough to offset the lower than expected spend by the advertising agency holding companies, the company said.