In line performance reflects continued reopening of markets
Hyve Group plc today announces a trading update for the three-month period from 1 April to 30 June 2021 (“Q3”).
Q3 has been the Group’s busiest trading quarter since the COVID-19 pandemic began. Performance in the period was in line with management expectations and in line with the revised scenario detailed at the Group’s interim results announcement in May.
18 in-person events ran during Q3, bringing the total number for the year to date to 28. The increased number of events in Q3 reflects the continued momentum across the Group’s Eastern markets, primarily Russia, China, Turkey and Ukraine. The Group also successfully ran its first Top 10 event since the COVID-19 outbreak, MosBuild, and whilst impacted by international travel restrictions, it achieved a like-for-like revenue increase of 15% from customers who were able to attend in both FY19 and FY21.
In May the Group ran Shoptalk Meetup for Women, its second digital event using the Retail Meetup platform, acquired in December 2020. As was the case for the first Meetup event in March, Groceryshop Spring Meetup, the event outperformed expectations by more than 10%.
Launching Shoptalk to a European audience both in-person and online
Building on the successful Shoptalk brand and formula, Hyve has announced the launch of Shoptalk Europe, a new in-person event to debut at ExCeL London 6-8 June 2022. Shoptalk Europe will bring Shoptalk’s outstanding customer experience and industry leading format to a European audience. The event will showcase the Group’s omnichannel strategy by incorporating Hyve’s innovative facilitated meetings solution. Following high demand for Shoptalk Fall Meetup taking place in October 2021, this online event will now be expanded to include a European audience. This will complement the Shoptalk Europe in-person event when it takes place in 2022.
In July, £2.1m of further insurance claims have been approved in respect of cancelled FY21 events, bringing total insurance proceeds confirmed since the pandemic to £87.0m. This includes £56.3m received in respect of FY20 events (policy cap: £62.0m) and £30.7m confirmed in respect of FY21 events (policy cap: £50.0m).
Strong balance sheet and liquidity
Net debt at the period end reduced to approximately £73m (31 March 2021: £92.4m) after the receipt of further insurance proceeds, continued tight cost control and an increase in bookings for upcoming events. As reported at HY21, the Group maintains its strong liquidity position and has visibility of significant cash headroom.
Mark Shashoua, CEO of Hyve Group plc said:
Q3 is traditionally a strong trading period for the Group and it is extremely encouraging that Hyve has successfully run more events in the quarter than in the entirety of the first half. Many of the Group’s key markets in the East have been open for a number of months now and, combined with the continued pace of the vaccine rollout in our Western markets, this gives the Group continued confidence when looking ahead to the final quarter of FY21 and beyond.
“During this period of disruption, the Group’s market leading events have proven highly resilient and are well positioned to gain customer market share. Continued confidence in the future of omnichannel-enriched in-person events has seen the Group announce the launch of Shoptalk Europe, to bring the winning formula of the Shoptalk brand to a European audience.
“The market leading quality of the portfolio, strength of the balance sheet and growing omnichannel offering provides confidence that Hyve is well placed for success as markets continue to reopen.
For further information please contact:
|Hyve Group plc
Mark Shashoua / John Gulliver
+44 (0)20 3545 9400
Charles Palmer / Emma Hall / Chris Birt / Jamille Smith
+44 (0)20 3727 1000
About Hyve Group plc
Hyve Group plc is a next-generation global events business whose purpose is to bring together and connect entire sector ecosystems from all corners of the globe. We meet our customer needs to learn, network and trade via both market leading in-person and online events. Hyve Group plc is all about globally consistent best practice and unrivalled quality. Our vision is to create the world's leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for our customers. Hyve’s market leading portfolio of global brands include: Shoptalk, Spring Fair, MosBuild, Bett, Mining Indaba and recently acquired Retail Meetup, a ground-breaking digital platform enabling online networking and trade to take place at scale.
Where business is personal, where meetings move markets and where today's leaders inspire tomorrow's.