16th Dec 2021 15:10
(Alliance News) - Hyve Group PLC on Thursday recorded a significantly narrowed pretax loss on decreased revenue as the events business continues to recover from the pandemic.
The London-based company reported a narrowed pretax loss for the year ended September 30 at GBP20.6 million from GBP315.0 million the year before.
This is due to a 73% decrease in administrative expenses to GBP91.1 million, from GBP339.2 million the year prior.
Hvye's foreign exchange loss on operating activities was also narrowed to GBP306,000 from GBP2.6 million.
Revenue of the exhibitions and conferences organiser amounted however to GBP55.2 million from GBP99.4 million a year prior.
Hyve said that this revenue was supported by the return of in-person events in all major markets.
It added that the ongoing progress of the vaccine rollout was also "encouraging" and paved the way for its markets to continue to recover.
Furthermore, Hyve added that a lifting of travel restrictions will aid its recovery as well.
Nonetheless, the company said it remains "cautious" due to the recent spikes in Covid-19 cases in some of its markets.
"We expect recovery to continue as we return to a more normal footing. However, we must remain cautious that international travel restrictions, as well as new Covid variants, will impact the pace of that recovery," the event organiser stated.
Hyve still affirmed that its portfolio is showing positive signs of recovery.
The company also claimed that there are positive performance indicators, such as a strong increase in customer spend and forward bookings.
Lastly, the events business is confident that its robust balance sheet and strong liquidity will help it trade through the current uncertainty "whilst supporting further acceleration of the omnichannel strategy and targeted mergers and acquisitions," the company said.
"Our focus since the outbreak of Covid-19 has been to emerge with a stronger customer proposition and robust financial platform. This has prepared us well to meet significant pent-up demand and accelerate our omnichannel offering as markets reopened," Chief Executive Mark Shashoua commented.
Shares were up 4.7% at 88.87 pence each on Thursday afternoon in London.
By Abby Amoakuh; [email protected]
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