Ascential PLC 13 Heritage brands separated and held for sale (3801T)
January 05 2017 - 4:00AM
UK Regulatory
TIDMASCL
RNS Number : 3801T
Ascential PLC
05 January 2017
Thursday 5 January 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE
REGULATIONS.
Ascential plc
13 Heritage brands separated and held for sale
Ascential plc (the "Group" / LSE: ASCL.L), the international
business to business media company with a focused portfolio of
market-leading events and information services products, today
announces that it has separated 13 heritage brands (the "Heritage
Brands") into a separate operating entity. The Heritage Brands will
develop an independent business strategy while new owners are
sought.
The Heritage Brands are HSJ, MEED, Drapers, Nursing Times, Local
Government Chronicle, Construction News, New Civil Engineer, Ground
Engineering, H&V News and RAC, Retail Jeweller, Materials
Recycling World and the architecture titles including Architects'
Journal, The Architectural Review and the associated World
Architecture Festival. Each provides essential content to the loyal
subscribers and industries they serve across three platforms -
digital, events and print.
Consistent with the evolution of its internal management
reporting structure during 2016, the Group will be reporting these
Heritage Brands as a separate segment for its 2016 financial year,
the results of which are due to be announced on 27 February 2017.
As a result of on-going discussions, the Board now considers a sale
of the segment to be highly probable and has therefore reclassified
it as a discontinued operation.
The Heritage Brands generated revenue of GBP63m in 2015 (2014:
GBP64m) and GBP26m in H116 (H115: GBP29m). As stated at the time of
Ascential's interim results on 1 August 2016, print advertising
reduced to GBP9m in the 12 months to 30 June 2016 (or less than 3%
of Group revenue). The Heritage Brands accounted for more than 90%
of that GBP9m total.
Duncan Painter, CEO, Ascential, commented:
"Ascential's growth strategy continues to be to focus its
resources and investment on its largest brands and those with the
highest growth potential. Our top five products represented 56% of
Group revenue and 71% of Adjusted EBITDA in the 12 months to 30
June 2016. This move will further focus our portfolio on our
largest market leading products. The Heritage Brands, with large,
loyal audience communities, provide an exciting opportunity for new
owners."
For further information,
please contact:
FTI Consulting LLP 020 3727 1000
Matt Dixon/Ed Bridges
About Ascential:
Ascential plc is a leading international media company that
informs and connects business professionals in 150 countries
through market-leading Exhibitions, Festivals, and Information
Services. Ascential powers the prestigious Cannes Lions Festival
for the branded communications industry, the world's premier
payments and financial services congress Money20/20, Spring
Fair/Autumn Fair, the global fashion trend forecasting service WGSN
and environmental risk data business Groundsure.
23 of Ascential's 32 product lines are marketing leading and
occupy number one positions. Ascential exists to provide our
customers with world class content and connections empowering their
businesses to be the best informed and best connected. Our products
enable focus, growth and value. Ascential.com
This information is provided by RNS
The company news service from the London Stock Exchange
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