Global events business Hyve Group said on Wednesday that revenues had surged in the twelve months ended 30 September after running “a full schedule” of events outside China.
Hyve stated full-year revenues had shot up from £22.0m in 2021 to £122.0m in the 2022 trading year, after excluding revenues from discontinued operations in Russia, Ukraine, and Turkey, representing a more than 85% recovery on a pro-forma basis when compared to the 2019 trading year.
The London-listed group stated the speed of its recovery had “surpassed expectations” and, combined with strong like-for-like customer spend, demonstrated that demand for “high-quality market-leading events” was continuing to grow.
“This has resulted in another year of headline profitability with less reliance on insurance proceeds, which have reduced to £19.0m, and a return to positive headline EBITDA without insurance proceeds,” said the company.
Positive trading momentum was also said to have continued as the group starts FY23, with forward bookings of approximately £68.0m giving it confidence in the year ahead.
Hyve also said it had entered into an agreement to sell its Turkish business, Hyve Fuarcılık Anonim Şirketi, and its subsidiaries for up to £8.0m to ICA Limited. The group will receive £2.0m upon completion, less customary working capital adjustments, and between £4.0m and £6.0m of deferred consideration, payable over the six-year period ending December 2028.
As of 0920 BST, Hyve shares were up 12.04% at 56.02p.
Reporting by Iain Gilbert at Sharecast.com