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Ascential scraps dividend after cancelling Cannes Lions Festival

By BFN News | 08:31 AM | Friday 03 April, 2020


Information and events company Ascential scrapped its dividend after cancelling its Cannes Lions Festival in the wake of the Covid-19 pandemic. The next edition of the Cannes Lions Festival would now take place in June 2021. Revenue from the Cannes Lions Festival and Awards and its associated regional events comprised just over half the total revenue earned in the marketing segment in 2019, the company said. Following the loss of revenue, the company said it would reduce its costs. Ascential said it would no longer propose the 2019 final dividend of 4.0p a share announced in February 2020, resulting in a cash saving of £15m. The company also decided to suspend previously proposed 2020 salary increases across Ascential. At 8:31am: (LON:ASCL) Ascential PLC share price was -29.1p at 195.3p Story provided by StockMarketWire.com

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