1st Jun 2021 14:50
Hyve Group PLC - London-based exhibitions and conferences organiser - Confirms it is currently considering its funding options to stimulate "post pandemic growth" and take advantage of related market disruption. The report comes after, on Sunday, Sky News reported that the Washington DC-based private equity firm Carlyle Group discussed investing between GBP200 and GBP250 million in Hyve. The company confirms that discussions regarding any potential investment remain at an "early stage", but notes that there is no certainty that these discussions will progress further. Hyve says it will make a further announcement regarding the investment "if required".
Hyve's interim results in May showed revenue the for six months up to March 31 was down to GBP10.4 million from GBP90.6 million year-on-year, as the pandemic continues to disrupt in-person events. However, company swung to pretax profit of GBP18.7 million from GBP168.7 million loss the previous year. Hyve benefited from GBP49.0 million of insurance proceeds in the first half of the year, and additional GBP13.9 million has been confirmed since the period-end.
Current stock price: 134.40 pence, up 2.3% on Tuesday afternoon
Year-to-date change: up 19%
By Scarlett Butler; [email protected]
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