23 Mar 2020 07:00
23 March 2020 |
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| Hyve Group plc ("Hyve" or the "Group") Further Coronavirus update Following the announcement on 5 March 2020, Hyve provides a further update on our response to the coronavirus situation. Hyve continues to take decisive and rapid management actions to mitigate the potential impact to our business due to the current coronavirus outbreak. The Group is closely following and regularly monitoring the advice from the World Health Organization ("WHO") as well as regional and local government advice and continues to assess the situation carefully. The health and safety of our employees, customers and exhibitors continues to be of the utmost importance, as does the ability to continue to run events that deliver an outstanding return on investment for our customers. Due to the various restrictions that have been, or are likely to be, put in place by governments in many of our respective markets, we are activating a large-scale postponement plan per region. This is larger than had been anticipated at the time of our 5 March coronavirus update. Should the situation deteriorate, further events will need to be moved. The Group has been in regular contact with venue providers and key customers and will continue to postpone to another date in the current financial year where possible. We have been undertaking a number of proactive cost-cutting and cash flow management measures to ensure that cash outflows are minimised and working capital is managed as effectively as possible through this period of disruption and uncertainty. We are in constructive dialogue with our lenders in relation to covenant headroom and facility flexibility. We have access to total committed debt facilities of £250m which we have fully drawn in order to maximise flexibility in terms of short-term liquidity, providing the Group with significant cash resources at hand.
The Board believes that the measures being put in place will enable the Group to protect its core shows, customers, colleagues and communities for the long term. We strongly believe that our strategy of focusing on market-leading events will stand the test of time, once we come through this issue.
In line with other event organisers, and given the speed with which the situation is developing, the Group will no longer be giving guidance.
For further information please contact:
About Hyve Group plc Hyve Group plc is a next generation global events business whose purpose is to create unmissable events, where customers from all corners of the globe share extraordinary moments and shape industry innovation. Hyve Group plc was announced as the new brand name of ITE Group plc in September 2019, following its significant transformation under the Transformation and Growth (TAG) programme. Our vision is to create the world's leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for our customers. Where business is personal, where meetings move markets and where today's leaders inspire tomorrow's.
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