15 Mar 2022 16:51
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
15 March 2022
Hyve Group plc
("Hyve" or the "Group")
Update on Board review of Russian business - Hyve to exit Russia
Consistent with the announcement made on 11 March, the Board has been monitoring the conflict between Russia and Ukraine at the same time as focusing on the safety and welfare of our people. As the invasion escalates further, the Board has made a decision to formally exit the Russian market. Hyve recognises the impact this will have on its colleagues and remains determined to find an outcome which offers assurance and stability for all those affected.
Meanwhile, the Group continues to provide support to its Ukrainian team and their families, including through financial and relocation assistance.
The Group's liquidity position remains strong. As previously communicated, trading across the Group remains resilient with continued strong like-for-like customer spend, forward bookings and cash collection. The Board remains committed to the on-going drive to strengthen its global footprint and advance the Group's omnichannel strategy.
The person responsible for arranging for the release of this announcement on behalf of Hyve Group plc is Jared Cranney, Company Secretary.
Enquiries:
Mark Shashoua, CEO / John Gulliver, CFOO Marina Calero, Group Head of Investor Relations | Hyve Group plc | 020 3545 9000 |
Charles Palmer / Dwight Burden / Jamille Smith / Tom Blundell | FTI Consulting | 020 3727 1000 |
About Hyve Group plc
Hyve Group plc is a next-generation global events business whose purpose is to bring together and connect entire sector ecosystems from all corners of the globe. We meet our customer needs to learn, network and trade via both market-leading in-person and online events. Hyve Group plc is all about globally consistent best practice and unrivalled quality. 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. Hyve's market-leading portfolio of global brands include: Shoptalk, Spring Fair, Bett, Mining Indaba and recently acquired Retail Meetup, a ground-breaking digital platform enabling online networking and trade to take place at scale.
Where business is personal, where meetings move markets and where today's leaders inspire tomorrow's.