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Hyve revenues boosted by faster-than-expected in-person event recovery
(Sharecast News) - Global events business Hyve Group said on Monday that the pace of in-person event recovery was "considerably ahead" of anticipated levels, resulting in interim revenues coming in ahead of previous guidance. Hyve said it saw faster than anticipated revenue recovery in the first half of the year, with momentum continuing into the third quarter - the second busiest quarter for the group's streamlined portfolio structure following the sale of its Russian business in May.
The London-listed group stated total revenue for the period demonstrated "a full recovery" on a pro-forma basis, underpinned by continued strong customer demand for market-leading in-person events, despite ongoing macro challenges.
Hyve highlighted that it had experienced "strong" forward bookings momentum, currently sitting at £122.3m for the full year, and added that it had delivered "continued omnichannel evolution".
Net debt as of 31 May sat at £53.0m, down from £64.0m on 31 March, which includes the receipt of insurance proceeds of £8.7m in May and bookings for upcoming events.
Chief executive Mark Shashoua said: "The trends we saw emerge post-pandemic continue to hold true - in particular, our customers continue to spend more with us than before, demonstrating the huge value which in-person events offer and proving that our strategy of focusing on only market-leading events is paying off.
"Our success this quarter has been strengthened by the continued delivery of our omnichannel strategy, which introduces additional opportunities for our customers to connect, network, and trade."
As of 0815 BST, Hyve shares were up 6.47% at 72.40p.
Reporting by Iain Gilbert at Sharecast.com
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