3rd Oct 2019 11:34
(Alliance News) - Events organiser Hyve Group PLC on Thursday said it expects a full-year revenue increase helped by the impact of recent acquisitions.
In the year ended September 30, the company forecasts revenue of GBP219 million, up 24% year-on-year from GBP176 million.
Hyve, formerly known as ITE Group PLC, said on a like-for-like basis, revenue is expected to be 7% higher year-on-year as the firm's transformation and growth strategy gathers pace.
The company explained: "The increase reflects the full year impact of the recent acquisitions and strong underlying trading growth, particularly from our top 10 events, which collectively delivered double-digit revenue growth for the second year in a row."
Looking ahead, Hyve said it has roughly GBP118 million revenue booked for the current financial year, 4.4% higher than booked revenue of GBP113 million a year ago.
Hyve added that it expects sanctions against foreign exchange uncertainty, with Russia, Brexit and the US and China trade war to impact its key markets.
Shares in the company were 2.4% lower at 80.00 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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