13th Dec 2022 10:43
(Alliance News) - Hyve Group PLC on Tuesday reported an "unrecognisable" transformation in financial 2022 as revenue surged, despite a widened loss.
For the year that ended on September 30, the London-based events organiser reported revenue of GBP122.5 million, jumping from just GBP21.8 million the year before.
The company said it successfully completed "portfolio transformation with full return of events outside China and strong performance across all key performance indicators".
Pretax loss, however, widened by 13% to GBP31.0 million from GBP27.5 million. It booked an impairment loss in respect of trade receivables of GBP1.2 million from a profit of GBP592,000 the year before.
Chief Executive Officer Mark Shashoua said: "2022 has been a year of significant achievements for Hyve as we drew a line in the sand on the past. The business is unrecognisable from its form in 2017. We have successfully delivered on our ambitious structural transformation and today's results show the significant progress we have made delivering an industry leading recovery and performance. The most significant change to our portfolio during the year was the sale of the Russian business following Russia's invasion of Ukraine."
It declared no dividend for financial 2022, unchanged from a year prior.
Looking ahead, Hyve said it is well-positioned to deliver operating profit margin growth to ahead of pre Covid-19 levels over the medium term. It is confident of its outlook in financial 2023, entering the year with strong forward bookings of GBP98 million, compared to GBP67 million a year ago.
Hyve Group shares were up 1.3% at 71.03 pence on Tuesday morning in London.
By Xindi Wei, Alliance News reporter
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