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Hyve Group PLC on Wednesday said the speed of its recovery has surpassed expectations, as a return to in-person events exceeded pre-pandemic numbers.
For the financial year ended September 30, the London-based events organiser reported revenue of £122.0 million, jumping from £22.0 million a year prior. This represented over 85% recovery on a pro-forma basis when compared to the 2019 financial year, before the onset of the pandemic.
Hyve shares were trading 14% higher at 56.82 pence each in London on Wednesday morning.
Following another year of profit, Hyve relied less on insurance proceeds, which reduced by 71% to £19.0 million from £65.0 million.
The business said strong like-for-like customer spending shows that demand for high-quality events continues to grow.
Despite disruption caused by the Omicron variant in the first half of the year, two of Hyve's largest events held in September significantly outperformed their previous editions.
One of the events, Groceryshop USA, reported revenues more than 40% higher than its last pre-Covid edition.
Hyve has also continued to streamline its portfolio. It announced the sale of Hyve Fuarc?l?k Anonim Sirketi, its Turkish business, for up to £8.0 million to ICA Ltd.
For the financial year ended September 30, 2021, the Turkish business reported a pretax loss of £700,000, and had gross assets of £1.9 million.
Hyve intends to use the proceeds to reduce net debt.
Looking to the future, the business said that forward bookings totalled £68.0 million, compared to £50.0 million last year, filling it with confidence for the year ahead.
Chief Executive Officer Mark Shashoua said: ‘We enter FY23 with a de-risked and concentrated portfolio of market leading events, clear opportunities for continued growth [...] and our ever-present commitment and energy to make those a reality.’
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