Hyve Group has reported a 7% increase in revenue to £220.7m (2018: £175.7m) for 2019. The company has also reported a statutory profit before tax increase to £8.7m (2018: loss of £3.7m). Headline profit before tax increased to £50.4m (2018: £35.4m), a 42% increase on last year, and headline diluted EPS was 4.9p (2018: 4.9p), in line with last year after the full-year impact of the additional shares issued through last year’s rights issue.
CEO of Hyve Group plc, Mark Shashoua commented: “I am delighted that our first set of results as Hyve show like-for-like revenue growth of 7%, as well as a like-for-like increase in headline profit before tax of 16% and strong margin improvement. Double digit revenue growth from our Top 10 TAG Events was a key driver of this performance and is proof of the benefits of the TAG programme.
“We are on a mission to deliver unmissable events, with a stronger and more diversified portfolio. The investments we have made to improve our portfolio through the TAG programme and our focus on must-attend events means that we are well-placed to continue to deliver further growth in FY20. While not immune from global economic and geopolitical uncertainties, including Brexit, forward bookings of £152m, representing 66% of market consensus, give us very good visibility as we enter FY20.
“We are confident that with the investments we have made into our market-leading events, we are in a better position to face any potential global headwinds. We will look for opportunities to increase our customer market share, as during downturns customer spend often gravitates towards market-leading events.
“Current trading for FY20 is in line with the Board’s expectations and we enter the new financial year with a stronger portfolio of events than ever before.”
The company has attributed a strong performance in 2019 to the completion and integration of Ascential Events and Mining Indaba, strengthened portfolio with the sale of 56 non-core Russian events and the closure of 24 small Russian and Central Asian events during the year and successful delivery of the transformation element of the TAG programme (A more centralised operating model from a decentralised federal organisation). TAG has fundamentally transformed the business to a more balanced international presence from a purely emerging-markets focus. as a result the the portfolio has halved since the launch of TAG – 269 events (May 2017) to 130 events – yet overall revenue has increased by 64%.
Neil England stepped down from his position as Non-Executive Director, following ten years on the board. Nicholas Backhouse has joined the board on 1st May 2019, with experience at board level, including non-executive roles at Guardian Media Group plc, Hollywood Bowl Group plc and Loungers plc.
In January 2020, Nicholas will replace Stephen Puckett as chair of the audit committee and Stephen will remain on the audit committee and will also become the chair of the risk committee, in addition to having taken up the role of Senior Independent Director and the employee representative on the board.
Hyve’s board will also look for a non-executive director during 2020.