Hyve swings to profit as acquisitions boost revenue

Tue, 3rd Dec 2019

Hyve swung to an annual profit as revenue increased by more than a quarter, led by acquisitions. For the year ended 30 September, the company reported a pre-tax profit of £8.7m compared with a loss of £3.7m on-year as revenue increased 26% to £220.7 Forward bookings of £152m were already contracted for 2020, representing 66% of market consensus and up 4% on a like-for-like basis. The final year dividend was unchanged at 2.6p a share. The company's transformation and growth programme (TAG), launched in 2017, remained ahead of plan on all investment targets and would draw to a close in 2020. 'Due to the progress we have made throughout the TAG programme, we have good visibility of our forward bookings for next year and are confident in our outlook for 2020,' Hyve said. At 8:39am: (LON:HYVE) share price was 0p at 82.7p Story provided by StockMarketWire.com

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