Hyve Group Says H1 Trading In Line With View; Sees FY23 Performance To Meet Expectations

Hyve Group plc (HYVE.L), an organiser of exhibitions and conferences, Monday said its first-half trading has been in line with expectations, including the reopening of China. Revenue for the period is expected in a range of 95 million pounds to 100 million pounds.

In its pre-close trading update for the period from October 1, 2022 to March 26, the company said it has recorded strong performance across all key KPIs including like-for-like customer spend.

Following its five-year transformation, which completed in FY22, the schedule of the company's streamlined portfolio of main events is now weighted to the first half of its financial year.

The company was also able to hold its first events in China since 2020, including ChinaCoat, following the phasing out of COVID-19 related restrictions. As expected, the events were impacted due to early stages of market re-opening and the lack of international participation.

Hyve Group said it has entered fiscal 2023 with positive trading momentum, which has continued throughout the first half of the year with forward bookings of around 145 million pounds as of March 22.

This gives confidence that performance for the full financial year will be in line with the firm's expectations.

Mark Shashoua, CEO of Hyve Group, said, "Our five-year transformation, which we completed last year and resulted in a streamlined and de-risked portfolio of market-leading events, has allowed us to start this year with purpose and momentum. This has led to strong trading throughout the first six months of the year, with like-for-like customer spend tracking strongly into FY23 in line with our expectations."

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