These results demonstrate strong trading and a faster pace of recovery than anticipated, despite macro challenges

  • Continued recovery of in-person events at a rate faster than anticipated, with some surpassing pre-pandemic levels

  • Events in China disrupted by reinstatement of COVID-19 restrictions, which also impact Chinese international travel  

  • Market leading high-quality events driving customer spend and strong forward bookings

  • De-risked portfolio following Russian exit and strategic acquisitions enhancing omnichannel strategy

  • Entering the second half of FY22 with momentum and a streamlined portfolio of market-leading, omnichannel products, focused on high growth industries

Mark Shashoua, CEO of Hyve Group plc, commented:
‘Over the last six months we have, once again, had to respond to challenges outside of our control. Thanks to the hard work of our people around the world, not only did we successfully navigate these challenges, but we are now seeing a strong recovery and have moved significantly closer to our long-term vision, more quickly than expected.
Hyve is almost unrecognisable compared with just five years ago. Having evolved from a predominantly emerging markets business, today we have a de-risked portfolio of market leading events, mostly focused on the UK, US and European markets. As such, going forward our focus will be on sectors, rather than geographies. This is a significant shift for Hyve, but absolutely the right one for creating sustainable value for stakeholders.
We continue to expand our brands by launching new products, such as Shoptalk Europe, Ahead by Bett, Green Energy Africa and the first in-person Fintech Meetup event, and applying new propositions, such as our facilitated meetings programmes. This innovation is crucial to our success, and we continue to invest in our future growth.
We expect the strong momentum we have seen in the first half of the year to continue. Our in-person events are recovering faster than anticipated, with many having already fully recovered. Whilst there are clearly global economic and geopolitical headwinds, the Group is in a strong position with renewed confidence. This will serve Hyve well when navigating through any potential challenges.


Financial headlines
Results from continuing operations1

Six months to
31 March 2022

Six months to
31 March 2021




Volume sales

104,600 m2

24,800 m2




Headline profit before tax2



(Loss) / profit before tax



Insurance proceeds3



Adjusted net debt4



Headline diluted earnings per share5



  1. Results from continuing operations only. Results for the six months to 31 March 2021 and year ended 30 September 2021 have been restated throughout the Interim Results to exclude the results from the Russian business which are presented as discontinued operations.
  2. Headline profit before tax is defined as profit from continuing operations before tax and adjusting items, which include amortisation of acquired intangibles, impairment of assets, profits or losses arising on disposal of Group undertakings, transaction costs on completed and pending acquisitions and disposals, tax on income from joint ventures, gains or losses on the revaluation of deferred/contingent consideration and on equity option liabilities over non-controlling interests, and imputed interest charges/credits on discounted deferred/contingent consideration – see note 3 to the condensed consolidated interim financial statements for details.
  3. The gross proceeds from insurance claims under the Group’s cancellation insurance policies are recognised in the income statement when the receipt of the proceeds is virtually certain. Of the £10.6m (2021: £49.0m) recognised in the period, £nil (2021: £34.2m) is in respect of FY20 events cancelled in FY20 and £10.6m (2021: £14.8m) is in respect of FY21 events cancelled in the prior year.
  4. Adjusted net debt is defined as cash and cash equivalents after deducting bank loans. This is therefore prior to any lease liabilities recognised on the balance sheet and it is excluding cash presented as held for sale.
  5. Headline diluted earnings per share is calculated using profit attributable to shareholders from continuing operations before adjusting items – see notes 3 and 6 to the condensed consolidated financial statements for details. The headline and statutory results have been restated as a result of a prior period adjustment and for discontinued operations in order to provide a comparative measure – see note 1 and note 7 to the condensed consolidated interim financial statements for details. As a result, basic and diluted and headline basic and diluted earnings per share for March 2021 have also been restated.

Financial performance ahead of expectations as events recover faster than expected

  • £58.6m revenue (2021: £5.0m), ahead of full year revenues for FY21 and reflecting the return to pre-pandemic schedule of events with the exception of China

  • Headline profit before tax of £9.5m (2021: £29.4m). Excluding the impact of insurance proceeds received of £10.6m (2021: £49.0m), the Group’s headline profits would have increased by £18.5m, which reflects the strong recovery of the Group’s events

  • Adjusted net debt improved to £64.4m (2021: £92.4m) as a result of a return to positive operating cashflow and insurance proceeds

  • Liquidity position of £140.5m (2021: £122.6m) has been maintained despite macroeconomic headwinds faced

  • Covenant waivers secured up to and including March 2023 and, following the sale of the Russian business, a refinancing process has commenced

Strategic highlights

  • 21 (2021: seven) in-person events ran with a faster pace of recovery than expected, and some having surpassed pre-pandemic levels:

    • Domestic events attendance substantially recovered

    • International business travel resuming faster than previously anticipated, except to and from China

    • Continued investment in in-person events with the rollout of facilitated meetings on Spring Fair and Bett

    • Launch of new in-person events in response to customer demand: Ahead by Bett in the first half of the financial year; Shoptalk Europe in the second half and Fintech Meetup and Green Energy Africa Summit in 2023

  • Almost full return to pre-pandemic event schedule, with the exception of China

  • Exceptional performance from the first Shoptalk to run under Hyve ownership outperforming all expectations by delivering a double-digit increase in like-for-like revenue compared to its 2019 edition

  • Continued expansion of omnichannel portfolio in key digital transformation ready sectors, with eight (2021: one) tech-enabled programmes successfully delivered in the reporting period

  • Strategic acquisitions of 121 Group and Fintech Meetup accelerate the rollout of the Group’s omnichannel strategy

  • Diversifying the Board with two new Non-Executive Directors, Anna Bateson and Rachel Addison, who joined Hyve on 1 March 2022, following the departures of Stephen Puckett and Sharon Baylay

Continued support of Ukrainian colleagues

  • The Group continues to be in regular communication with those usually based in Ukraine. Salaries have been paid early and support offered to all staff, including relocation assistance

  • Events in Ukraine postponed until further notice

Exit of Russian market

  • In response to the ongoing conflict in Ukraine, the Group announced its intention to exit the Russian market on 15 March 2022; on 13 May 2022 the Group completed the disposal of the Russian business for a maximum cash consideration of up to £72 million, wholly structured as earn out consideration payable over a ten-year period; the group retained c. £10m from the Russian business prior to closing the sale (see note 7)

  • This solution provided stability for the local team, while crystalising some value for shareholders

  • The sale of the Russian business accelerated the Group’s portfolio refocus towards advanced economies and omnichannel-ready sectors


  • Momentum continuing into the second half, with forward bookings of £118m (2021: £28m) for FY22

  • COVID-19 related restrictions continue to have an impact, concentrated in China, affecting domestic events and Chinese participation in the Group’s other events

  • Clear omnichannel growth opportunities lie ahead through the roll out of further facilitated meetings programmes

  • Net debt for the year ending 30 September 2022 expected to be in the range of £70m - £90m

  • Over the medium term, we expect to return to the level of operating profit margins achieved prior to the COVID-19 pandemic

  • Following a successful first half, Hyve enters the second half of FY22 with a de-risked and streamlined portfolio of market-leading, omnichannel products, concentrated in growing industries.

Analyst and investor conference call and webcast

There will be an analyst and investor presentation hosted by Mark Shashoua, Chief Executive and John Gulliver, Chief Finance and Operations Officer at 9.30 a.m. today. To join presentation please use the following link:
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