MARKET REPORT: Events giant at five-year high on break-up plan

Sharesin Ascential hit a six-month high as the events giant outlined its proposals to break up the business.

The FTSE 250 company behind the Cannes Lions advertising festival soared 26 per cent, or 54p, to 262p a level not seen since July last year after it said it will seek shareholder approval to float its digital operations in the US, sell a brand and keep the rest of the business listed in London.

Ascential first aired plans to separate in April as a way to create more value for shareholders.

The case for breaking up its business has been strengthened by double-digit revenue growth last year.

In a positive end to its financial year, Ascential said revenue and profit for 2022 were likely to have beaten market expectations.

As part of the proposals, Ascentials US-focused digital commerce arm would float in New York while the events business that includes Cannes Lions and Money 20/20 conferences would stay within the London-listed company.

And it wants to sell its trend forecasting firm WGSN.