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 ยฃ22.0m in 2021 to ยฃ122.0m 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 ยฃ19.0m, 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 ยฃ68.0m giving it confidence in the year ahead.
Hyve also said it had entered into an agreement to sell its Turkish business, Hyve Fuarcฤฑlฤฑk Anonim ลirketi, and its subsidiaries for up to ยฃ8.0m to ICA Limited. The group will receive ยฃ2.0m upon completion, less customary working capital adjustments, and between ยฃ4.0m and ยฃ6.0m 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
