Hyve swings to profit in H1 on cost cuts ; optimistic of recovery in demand for events

Tue, 18th May 2021

Events company Hyve swung to a first-half profit as cost cuts offset a slump in revenue owing to the impact of the pandemic. For the six months ended 31 March 2021, pre-tax profit was £18.7 million, compared with a loss of £168.7 million a year earlier, while revenue fell to £10.4 million from £90.6 million. 'Since the outbreak of COVID-19 we have secured insurance proceeds totalling £84.9m, achieved cost savings above our projections and ensured we have sufficient liquidity to make the most of the opportunity in front of us as markets begin to reopen,' the company said. 'Hyve expects a gradual return of customer participation as international travel resumes and restrictions are lifted,' the company said. 'Having run events in Russia, Ukraine, China, Turkey and India in H1, we are optimistic that events in Western economies will run in the second half, in line with our modelled scenarios,' it added. At 9:50am: (LON:HYVE) Hyve Group PLC share price was 0p at 85.05p Story provided by StockMarketWire.com

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