28th Feb 2022 16:26
Hyve Group PLC - London-based events organiser - Postpones events scheduled to be held in Ukraine until further notice, though these represent only 3% of company revenue. There has been no impact yet on its events schedule in Russia, but it expects disruption to Western participation. Is assessing potential financial impact of sanctions by EU, UK and US against Russia.
Says both revenue and costs of Russian events are in rubles, limiting the impact on the Russian currency's recent tumble on the profitability of those events. It holds GBP5 million cash in Russia. Hyve notes it has reduced exposure to Russia in recent years, selling 56 of its smaller events there in 2018. However, as recently as this month, in a trading update, Hyve called its YugAgro agricultural trade show in Russia a highlight of the first four months of its financial year. The show is one of Hyve's top 10 events.
Current stock price: 68.90 pence, down 22% on Monday
12-month change: down 50%
By Tom Waite; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
HYVE.L