(Alliance News) - Hyve Group PLC on Monday said it has traded in line with market expectations during the first half of its financial year, following the reopening of events in China.
The London-based events organiser said that in the period from October 1 to March 26 it has traded in line with the company's expectations.
It added that it expects to deliver revenue between GBP95 million and GBP100 million in the first half of financial 2023. In the first half of financial 2022, the company generated revenue of GBP58 million.
Hyve explained that following its five-year transformation, which was completed in financial 2022, the company's portfolio of events are now weighted to the first half of its financial year.
Further, following the phasing out of Covid-19 restrictions, Hyve was able to hold its first events in China since 2020, including ChinaCoat. As expected, the events were impacted due to early stages of market re-opening and the lack of international participation.
Looking ahead, Hyve said it has entered the second half of the financial year with positive trading momentum. It added that as of March 22, it had forward bookings of about GBP145 million, giving confidence that performance for the full financial year will be in line with Hyve's expectations. At the same point in time last year the company had GBP102 million of forward bookings.
Chief Executive Officer Mark Shashoua said: "We remain conscious of challenges in the macro-economic environment globally, the threat of recession in a number of our markets and, in particular, the recent macro events in Banking and Tech sectors. However, we believe we are well placed to weather any possible challenges, as marketing spend continues to gravitate towards must-attend leading events that drive return on investment.
Shares in Hyve were down 0.3% at 111.47 pence each in London on Monday afternoon.
By Sophie Rose, Alliance News reporter
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