Annual Report
2023
We take the world’s leading brands to the heart of what’s next for their industries.
We help the world’s leading brands navigate what’s next. As a trusted partner, we help our customers achieve success through our industry-leading events, our data, analytics and insights platforms, and our expert advisory and training.
Our divisions
We are organised into two divisions: LIONS and Money20/20. At the heart of each division are tentpole events for the industries we serve: Cannes Lions and Money20/20. And with our digital intelligence products and advisory services, we can take customers to the heart of what’s next all year-round.
In the LIONS division, LIONS, WARC, Contagious and Acuity Pricing come together to champion creative marketing that matters.
Money20/20’s regional events provide a distinctive focus on what’s next across the world of payments, fintech and financial services.
- Large and fast growing addressable marketsMarket-leading businessesSignificant competitive moatsDiverse revenue streamsMultiple levers for revenue growthHighly attractive financial profile
- Large and fast growing addressable markets
The global markets in which we operate provide clear opportunities for continued growth across our business.
The Marketing industry is forecast to maintain robust levels of growth in the medium term at 6% CAGR supported by structural trends such as the growing importance of direct to consumer relationships, the increasing appeal of shared live experiences in sports and entertainment, as well as the clear opportunities for greater scaling and reach offered by generative AI.
The Financial Technology industry, following a period of robust growth, currently operates within a challenging landscape shaped by higher interest rates and inflation, and their impact on investment decisions. Nevertheless, the ongoing technological revolution continues to create additional avenues for value creation in the sector, suggesting that the industry’s medium term growth, currently estimated at 15% CAGR to 2028, is set to continue to outstrip that of its traditional banking counterpart.
- Market-leading businesses
We set the benchmark for product quality and are regarded as market leaders in our industries. We serve over 80% of the worlds’ most valuable brands.
Our brands are number one in their industries by a considerable margin. This strong position enables us to bring new ideas to market more quickly, as well as providing clear pricing growth options.
Kantar BrandZ, 2023 most valuable global brands
- Significant competitive moats
Our market leadership is underpinned by significant competitive moats, which reinforce our competitive advantage and create high barriers for new entrants:
World class, scalable platforms We have established wide reaching event platforms, which we continue to develop, providing our customers with unrivalled access to key industry content and deal making opportunities that generate a powerful network effect.
Global coverage We serve over 8,000 customers, in over 120 countries across five continents.
Leading market expertise Our teams are recognised and valued as the leading experts in their industries, excelling in innovation, market insights and event delivery.
- Diverse revenue streams
We have a diverse mix of revenue streams, which is particularly notable in an events-led business.
Our revenue mix is distributed between event driven and non-event driven revenues, which account for over a third of all revenues.
2023 Revenue, by type
- Multiple levers for revenue growth
We have many levers to organic growth at our disposal:
Organic
- Penetration of existing markets
- Expansion into new geographies
- Growth in higher value-add products
- Product innovation
Other
- Bolt on acquisitions
- Opportunities in new markets
- Highly attractive financial profile
We have delivered a strong financial performance over the past 10 years, with annual compound revenue growth of 8% and Adjusted EBITDA growth of 6% since 2019, looking through the pandemic period.
This has been achieved through a rigorous focus on the strength of our world-leading events.
Revenue and Adjusted EBITDA*
- Revenue
- EBITDA
*including the proforma results of acquisitions and disposals to date
What we do
Ascential provides our customers with events-led products and services, creating value for our stakeholders, underpinned by:
Market-leading brands
Global ecosystems
Diverse revenue streams
Global workforce
Increasing sustainablility
Four key value streams
Multiple customer touchpoints, building upon our events platform.
Select circles for more data about each stream
Advisory
Insight
Events
Benchmark
Awards benchmark for industry excellence
Revenue
£31m
Proportion of revenue
15%
Delivering premium global events that sit at the heart of their industry and fuel connection, business and learning
Revenue
£136m
Proportion of revenue
66%
Setting the bar through benchmarking and unlocking data and insight to raise it, accessed through subscriptions
Revenue
£30m
Proportion of revenue
15%
Providing expert advisory services to create the conditions for creative transformation and maximum marketing effectiveness
Revenue
£9m
Proportion of revenue
4%
Our value
We have executed a deliberate strategy to best serve the needs of our stakeholders, ensuring that we continue to be uniquely positioned to deliver value.
For our shareholders
For our customers
For our colleagues
For our communities
- MarketingFinancial Technology
- Marketing
Marketing
The Marketing segment comprises Lions and WARC, Contagious and Acuity. Lions, through its awards and festival, as well as its subscription and advisory products, is the global benchmark for creativity in the branded communications industry. WARC is the global authority on marketing effectiveness for brands, agencies and media platforms. In August 2023, we acquired Contagious, a provider of creative trends insights to brands and agencies. The Marketing segment now also includes Acuity which was transferred from the Financial Technology segment in 2023.
- Financial Technology
Financial Technology
Financial Technology The payments ecosystem has grown increasingly complex due to technology and regulation, challenging organisations that move money globally at scale. Money20/20 helps customers navigate this by offering access to a diverse ecosystem where businesses can buy and sell products, form partnerships, and showcase their brands on a unified platform. In 2023, Acuity Pricing was transferred to the Marketing segment.
Senior leadership
Philip Thomas, Chief Executive, Ascential, has been appointed as ESG Board Sponsor and Kent Dreadon, Chief Operating Officer, Ascential, as ESG Executive Sponsor. Both these roles will oversee and champion the Company’s ESG strategy, ensuring compliance and accountability.
Establishing a carbon footprint baseline
We measured the carbon and waste footprints of Cannes Lions, and our Money20/20 events in Amsterdam and Las Vegas. We will be using this baseline data to set carbon and waste reduction targets across our events portfolio.
Ascential Events Sustainability Standards
We have developed the Ascential Events Sustainability Standards. The standards are a roadmap for significantly reducing the carbon emissions and waste generated at our events year-on-year. It sets us on a pathway to collaborate across our industries, and with our supply chains, to deliver some of the most sustainable events.
Reducing Cannes Lions’ footprint
Actions taken to reduce the footprint of the 2023 Cannes Lions event included off-setting all staff and jury flights and implemented measures to reduce waste and energy consumption, including solar charging stations, placing water fountains around the venue, and reducing the use of single use plastic.
Supporting charities
We have maintained our partnership with The Prince’s Trust for the 11th year and continued to sponsor the ‘Educational Achiever Award’. In 2023 our Million Makers' team raised £377,750, taking our total amount raised over the 11 years to over £2.5 million.
Championing under-represented groups
Our brands continue to run a range of programmes which provide skills and opportunities for those under-represented in their industries. The Rise Up programme in Money 20/20 is an annual programme for women and non-binary leaders. 250+ women have been through the programme since its launch in 2018. See It Be It, run by Lions, has had 100+ women and non-binary people from over 40 countries through the programme since its launch in 2014.
