(Alliance News) - Hyve Group PLC on Thursday noted travel restrictions remain in place across the globe but the events firm took heart from vaccine rollouts in the UK and US.
Hyve said it held 12 in-person events in Eastern Europe and Asia in the first half of its financial year. It expects revenue of GBP10 million in the six months to March 31, down 90% from GBP96.3 million a year earlier.
The GBP10 million estimate includes revenue from Groceryshop Spring Meetup which performed more than 10% above expectations and was acquired in December 2020.
Hyve received GBP15.9 million of insurance claims in March, with insurance proceeds totalling GBP71 million since the pandemic began.
"While the outlook remains fluid, the pace of vaccine rollouts in the United Kingdom and United States provides optimism that events in Western economies will run in the second half and with growing confidence from calendar year 2022 in line with our recovery scenario," commented Hyve Chief Executive Mark Shashoua.
"The continuing strength of customer rollover for Western events is proving there is pent-up demand that will be fulfilled as and when restrictions are fully lifted."
In addition, the company said it sold Kazakhstan unit ITECA LLP to ICA Ltd. ITECA was the holding company for 25 of its "non-core" events in Kazakhstan. The disposal seals its planned exit from Central Asia.
Shares in Hyve were 0.2% lower at 130.10 pence each in London on Thursday morning. The stock is up 15% so far in 2021.
By Will Paige; willpaige@alliancenews.com
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