Hyve Group PLC - London-based exhibitions and conferences organiser - Revenue for six months to March 31 slumps to GBP10.4 million from GBP90.6 million year-on-year as pandemic continues to disrupt in-person events, but Hyve swings to pretax profit of GBP18.7 million from GBP168.7 million loss.
Successfully secures confirmation of GBP49.0 million of insurance proceeds in the first half of the year, and additional GBP13.9 million has been confirmed since the period-end. In addition, books no impairments in recent half after taking charge of GBP166.8 million a year ago.
"As we enter the second half, while the near-term outlook remains fluid, we are cautiously optimistic about events taking place across the majority of our markets in the second half. We continue to see strong pent-up demand for our market-leading events, and we expect a gradual return of customer participation as international travel resumes and restrictions are lifted," company says.
No interim dividend declared, in line with a year ago. Payment of dividends currently are restricted under terms of waivers agreed with lenders in May last year.
Current stock price: 115.00 pence, down 1.8% on Tuesday
Year-to-date change: up 1.7%
By Lucy Heming;Â lucyheming@alliancenews.com
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