3rd Dec 2019 11:17
(Alliance News) - Hyve Group PLC on Tuesday expressed confidence for the year ahead as it swung to profit in its most recently ended financial year.
The company, which organises exhibitions and conferences, reported a profit of GBP8.7 million for the year to the end of September compared to a GBP3.7 million loss a year prior.
Revenue meanwhile grew by 26% to GBP220.7 million from GBP175.6 million year-on-year, thanks to acquisitions. On a like-for-like basis, it climbed by 7%.
Hyve maintained its annual payout at 2.5 pence a share.
"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," said Chief Executive Mark Shashoua.
He added: "Current trading for financial 2020 is in line with the board's expectations and we enter the new financial year with a stronger portfolio of events than ever before."
Hyve shares were trading 0.1% lower in London on Tuesday at 82.60p each.
By Evelina Grecenko; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
HYVE.L