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Hyve shares get boost from faster-than-expected events recovery

Mon, 27th Jun 2022 09:22

(Alliance News) - Hyve Group PLC said on Monday that the post-pandemic recovery of in-person events has "considerably ahead of anticipated levels".

The events organiser explained that the momentum seen in the first half of its financial year had continued into the third-quarter, ending June 24.

Revenue in the period showed a full recovery on a pro-forma basis, Hyve said, supported by strong customer demand for in-person events.

Forward bookings for all of financial 2022 total GBP122.3 million, which excludes August events in China due to Covid restrictions and all events in Ukraine due to the war.

The company cautioned around continued uncertainty with running events in China in the near term, but added that the situation remains "fluid" with restrictions easing in certain areas.

"I am pleased to report another quarter of strong trading," said CEO Mark Shashoua. "The trends we saw emerge post-pandemic continue to hold true - in particular, our customers continue to spend more with us than before, demonstrating the huge value which in-person events offer and proving that our strategy of focusing on only market-leading events is paying off."

Shares in Hyve were up 7.3% at 72.96 pence each on Monday morning in London.

By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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