Events company Hyve reported “strong” trading for the fourth quarter of the year as events returned to the UK and US after Covid restrictions were eased.
In an update for the year ending 30 September, Hyve said full-year revenues are expected to come in at around £55m. This is underpinned by the quality of the portfolio and return of events in the UK and US for the first time since February 2020 thanks to the relaxation of Covid measures.
In the fourth quarter, the group ran 11 shows in total across the UK, US, Turkey, Ukraine and Russia.
Hyve said Western events performed better than expected, driven by “significant” pent-up demand for in-person events, “and strong customer relationships maintained throughout the pandemic”. However, as expected, events were on a smaller scale than pre-pandemic levels.
Despite the return of events, the company cautioned that Covid-related disruptions remain, as evidenced by the recent reintroduction of restrictions in Shanghai which meant that two of its Chinese events scheduled for August had to be postponed.
Chief executive officer Mark Shashoua said: “Q4 has been a very positive step on the road to recovery, with events returning for the first time in the UK and US and exhibitors at many of our events increasing their spend compared to pre-pandemic levels.
“We have delivered strong performances wherever we have been able to hold shows. Our omnichannel rollout continues at pace with the successful trial of our Curated Meetings programme at Autumn Fair, and we look forward to our next fully online networking event, Shoptalk Fall Meetup, taking place in October.”
