Hyve Group talks of strong events momentum, revenues improving
Back to running a full schedule of global events, Hyve Group said Monday it has started this year with “purpose and momentum”, alongside strengthening revenues.
The Pure London, Scoop and Moda fashion trade shows organiser said in a trading update for the October 2022 to March period it expects to deliver revenue for HY23 ranging from £95 million to £100 million “underpinned by another strong performance across all key KPIs, including like-for-like customer spend”.
Following a five-year transformation plan, completed in FY22, the schedule of the group's streamlined portfolio of events is now weighted to the first half of its financial year. This includes Spring Fair, which delivered “strong year on year growth”. Meanwhile Shoptalk, which takes place at the end of March, is expected to perform “in line with the group's expectations”.
Adjusted net debt at 22 March was cut to £55 million from £64 million a year ago, helped by the receipt of insurance proceeds in February and bookings for upcoming events. But it doesn’t take into account recent event delivery costs. So adjusted net debt at the end of FY23 is expected to be a good deal higher without those insurance payments, ranging £80 million to £85 million.
However, Hyve said it entered FY23 with “positive trading momentum”, which has continued throughout the first half of the year with forward bookings of around £145 million at 22 March (compared to £102 million a year ago), “giving confidence that performance for the full financial year will be in line with the group's expectations”.
CEO Mark Shashoua said: “We remain conscious of challenges in the macro-economic environment globally, the threat of recession in a number of our markets.However, we believe we are well placed to weather any possible challenges, as marketing spend continues to gravitate towards must-attend leading events that drive return on investment.”
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