29th Jul 2020 12:44
Hyve Group PLC - London-based organiser of exhibitions and conferences - Says cost savings are above projections and interim insurance payments and successful rights issue provide a strong financial platform to see the company through Covid-19. Cost savings were projected at GBP40 million for this financial year but the company expects to surpass that figure by GBP25 million, due to successful venue negotiations, the acceleration of redundancy plans, and the utilisation of the UK government's furlough scheme. Hyve Group has secured GBP12.9 million in insurance claims so far, with an aggregate cap for all insured events to October 31 sitting at GBP62 million. The group has a strong financial position resulting from a successful rights issue of GBP126.6 million back in May. Hyve Group has enough reserves to operate for at least the next 12 months, the company said. All these cost-saving measures are part of what the group calls 'project fortress'.
Current stock price: 68.16 pence
Year-to-date change: down 98%; 2,947.61p on December 31
By Greg Roxburgh; [email protected]
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