Our results for the year ending 30 September 2022 highlight out fast pace of recovery which has delivered strong performance, and detail our now-concluded transformation, which has established a platform for growth. 



  • Hyve is now unrecognisable from its form in 2017, with a streamlined and de-risked portfolio of global, market-leading events and almost 95% of revenue now in advanced economies
  • Full schedule of FY22 events ran outside China delivering revenue of £122.5m (2021: £21.8m1) with a number events outperforming pre-COVID-19 levels 
  • 110%2 revenue recovery compared to pre-COVID-19 levels in the second half and 90%2 revenue recovery for FY22, on a pro forma basis after excluding China3
  • Headline profit before tax of £11.5m (2021: £13.9m1)
  • Headline EBITDA of £23.7m (2021: £28.0m). Excluding the impact of insurance proceeds of £19.3m (2021: £65.0m), headline EBITDA has increased by £41.4m to £4.4m (2021: loss of £37.0m1)
  • Headline diluted earnings per share of 4.2p (2021: 4.9p1)
  • Positive cash generation resulted in adjusted net debt of £71.0m (2021: £79.9m) at the lower end of the £70-90m guidance range from the beginning of FY22
  • As a result of the £135 million refinancing completed in October 2022, the Group has a strengthened balance sheet with facilities committed to Autumn 2026 and the financial security to drive further organic growth
  • Entering 2023 with momentum and good visibility of earnings through strong forward bookings of £98m (FY22: £67m1)

Mark Shashoua, CEO of Hyve Group plc, commented:

2022 has been a year of significant achievements for Hyve as we drew a line in the sand on the past. The business is unrecognisable from its form in 2017. We have successfully delivered on our ambitious structural transformation and today's results show the significant progress we have made delivering an industry leading recovery and performance. This is a testament to the hard work of everyone at Hyve and I want to express my sincere thanks to our whole team.

"Our portfolio of market-leading events is now de-risked, with almost 95% focused on advanced economies with an emphasis on digital-ready growth sectors. The most significant change to our portfolio during the year was the sale of the Russian business following Russia's invasion of Ukraine. I am pleased that we were able to find an outcome which answered our compliance with sanctions and moral obligations, while also offering stability to our 200+ former Russian colleagues and providing the best opportunity to realise value for the business.

"We continue to invest in our digital diversification and product extensions to deliver the highest quality customer experience and unbeatable return on investment. Hyve now has a strong platform from which to deliver growth and sustainable long-term value.

"While we are mindful of the global economic headwinds, we are reassured by the strong visibility of future earnings, cash generative business model and forward bookings of £98m. We continue to see customers choosing market leading events even in times of economic downturn, as evidenced by double-digit growth in like-for-like customer spend for the third consecutive year going into 2023.


Strategic and operational highlights

  • Successfully completed portfolio transformation with full return of events outside China and strong performance across all KPIs
  • Streamlined and de-risked portfolio, focused on advanced economies following disposals of Russia, Ukraine, Turkey, Indonesia and ABEC
  • Growing omnichannel portfolio strengthened by acquisitions and successful integration of 121 Group and Fintech Meetup
  • NPS scores well above industry average and pre-COVID-19 levels
  • Organic growth being driven through product extensions such as Ahead by Bett, Shoptalk Europe and Green Energy Africa and the launch of full-scale meeting programmes following successful trials in FY22
  • Meaningful progress in embedding ESG strategy across the business

Outlook

  • Strong forward bookings and customer like-for-like spend with FY23 on track to be the third consecutive year of double-digit growth, providing good visibility and confidence in the year ahead
  • Clear demand for Hyve events with further new launches planned in 2023
  • Proportion of tech-enabled revenues expected to grow as multiple full-scale tech-enabled meetings programmes are rolled out
  • Planned investments into growth initiatives to scale up tech-enabled meeting programmes will have a positive impact on revenue and profitability
  • Well positioned to deliver operating profit margin growth to ahead of pre-COVID-19 levels over the medium term

Read the full report here. 


1 Results for the year ended 30 September 2021 have been restated for the treatment of the Russian, Ukrainian and Turkish businesses as discontinued operations as disclosed in note 12 to the consolidated accounts.
2 As no events were able to run in China in the year, FY22 China revenues were £nil. The FY19 revenues for China have been removed to show the recovery level of events that were able to run during the year.
3 Recovery is assessed with reference to pro forma FY19 revenues. The FY19 revenues have been adjusted to include the FY19 results of acquisitions made since September 2019 and to exclude the FY19 results of businesses that have since been disposed of. The FY22 revenues are after excluding discontinued operations in respect of Russia, Ukraine and Turkey.