Hyve Group plc has reported a full recovery of revenue in the period from 1 April to 24 June.
The global events business held nine in-person events during the period, showing a faster than anticipated recovery, they said in their latest trading update today (27 June).
In a statement to the London Stock Exchange the group said: “The first half of our 2022 financial year saw faster than anticipated revenue recovery. This momentum continued into Q3, which is now the second busiest quarter for the group’s streamlined portfolio structure, following the sale of the Russian business in May. Total revenue for the period demonstrated a full recovery on a pro-forma basis, underpinned by the continued strong customer demand for market-leading in-person events, despite on-going macro challenges.
“During the period the group ran all nine scheduled in-person events, with the exception of three events in Ukraine, taking place across four continents.”
Hyve has now run 30 events so far this year, including 13 tech-enabled programmes and has forward bookings £122.3m for the full year – excluding £6.5m of bookings due to be held in China in August. Revenues also exclude events in Ukraine which continue to be postponed until further notice, the group said.
Net debt at 31 May 2022 reduced to approximately £53m (31 March 2022: £64m), Hyve reported, including the receipt of insurance proceeds of £8.7m in May and bookings for upcoming events.
CEO Mark Shashoua (pictured right) said: “I am pleased to report another quarter of strong trading. 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.
“The launch of Shoptalk Europe delivered exceptional results and was a prime example of how best to capitalise on organic growth and demand. With our in-person event portfolio now streamlined, our strategy going forward is to shift our focus from geographies to sectors, and Shoptalk Europe perfectly demonstrates the opportunities presented by industries which are experiencing growth themselves, as well as tech-led disruption.
“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.
“Once again, I would like to thank our global teams who, despite the significant disruption they have faced in recent years, remain committed to constantly innovating and delivering exceptional quality for our customers.”
Hyve’s events during the reporting period included Mining Indaba, CWIEME Berlin and Breakbulk Europe, which all delivered increases in like-for-like customer spend compared with their previous editions. The US edition of Shoptalk in March became Hyve’s largest event by revenue in history. The launch edition of the geo-cloned Europe edition – Shoptalk Europe – in June, attracted more than 3,000 attendees from more than 50 countries, doubling expectations.
Five tech-enabled meeting programmes also took place during the quarter, including the inaugural Shoptalk Europe, facilitating over 4,700 one-on-one, pre-matched, algorithmically scheduled meetings.
A number of 121 Mining Investment programmes also took place during the quarter, including the first co-located event with Mining Indaba since Hyve’s acquisition of 121 Group in November. This delivered over 1,800 meetings making it the largest programme delivered by 121 Group.
Find out about Hyve’s omnichannel strategy in the September issue of EN. Subscribe