21st Jan 2021 10:34
(Alliance News) - Hyve Group PLC on Thursday said its near term outlook remains "fluid" despite being encouraged by the start of vaccinations against the Covid-19 pandemic in its main markets.
For the first quarter to the end of December, the London-based exhibitions and conferences organiser ran eight events, bringing the total number of events run by Hyve since the start of the pandemic to 20.
Although there was a high number of domestic attendance, the events were at a significantly reduced scale as international travel restrictions remain in place. However, recent acquisition Retail Meetup reported encouraging forward bookings for upcoming events in March and May.
To date, Hyve has received GBP46.7 million in insurance payments, which are in respect of the policies insuring event cancellations in the 2020 financial year, which is capped at GBP62 million.
The group has confirmed that it is awaiting a further payment of GBP8.4 million, and noted that insurance covers are in place for the cancellation of events in the 2021 financial year, with potential claims capped at GBP50.0 million.
Looking ahead, Hyve expects continued disruption to its event schedule and a gradual return of customer participation, particularly in Western countries.
The group has modelled two scenarios for the financial year. The 'Recovery' scenario assumes that only events in China, Russia, Ukraine and Turkey will proceed in the first half, but all other scheduled events will take place in the second half.
The 'East-West' scenario meanwhile assume that no western events take place throughout the entire year.
"We have done everything in our control to position Hyve at the forefront of the recovery. As in-person events continue to return, Hyve's market-leading events are optimally placed to service the pent-up demand for learning, networking and trading whilst stimulating the global economy," said Chief Executive Officer Mark Shashoua.
"The evolution of our strategy into an omnichannel business has been accelerated through the recent acquisition of Retail Meetup, enabling our customers to learn, network and trade online, presenting an exciting new avenue of growth for Hyve. Retail Meetup combined with our strong financial platform and market-leading in-person events provides us with a springboard to emerge successfully from the pandemic," Shashoua added.
Shares in Hyve Group were down 0.4% at 114.70 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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