Hyve News

01/02/2017
Eurasia Rail 2017 is preparing to gather 10.000 visitors from 70 countries!

Eurasia Rail, which is the only railway exhibition in Eurasia region and one of the three biggest railway exhibitions in the world, is being hosted by Republic of Turkey Ministry of Transport, Maritime Affairs and Communications and Republic of Turkey State Railways with support from TÜVASAŞ, TÜDEMSAŞ, TÜLOMSAŞ, KOSGEB and UIC. With conferences and seminars taking place simultaneously in Eurasia Rail, sector professionals will be brought together with leading names.
 
International Rolling Stock, Infrastructure and Logistics Exhibition – Eurasia Rail, organized by EUF – E Uluslararası Fuarcılık which is among the group companies of ITE Turkey which organizes leading exhibitions in leading sectors of Turkey, is preparing to open its doors for the 7th time on March 2 – 4, 2017. The exhibition, which brings together the products, services and technologies of international manufacturers and suppliers from all around the world, is aiming to host 10.000 visitors from 70 countries as a productive business platform that gathers railway and light rail system professionals in Eurasia Region.
 
Eurasia Rail will host the conference which will provide information flow to railway sector… 
Eurasia Rail, which gathers professional visitors with leading companies of the sector and provides them with the opportunity to track innovations closely, will constitute an important platform for sharing sectoral information and experience with a simultaneous conference program. At the conference, the subjects of “Railway Forum”, “Urban Railway Issues” “New Railway Legislation”, “Developments in Rolling Stock Technology”, “Track Maintenance Safety” and “Special Issues in Railway” will be discussed and an information flow will be provided to the sector.
 
Hosted Buyers Delegation from target markets will be hosted… 
The “International Buyers Delegation Program”, which will be organized to create new purchasing, development, business and partnership opportunities for sector representatives on an international scale, will take place with support from Republic of Turkey Ministry of Economy. Buyers Delegation from target markets will be hosted by ITE Turkey.
 
Companies who lead the sector and will be exhibiting in the exhibition will share their innovations with the exhibitors…
300 companies that lead the sector with their successful projects in the sector of rolling stock and rail systems are preparing to introduce their engaging projects, innovative products and technologies to the visitors at the exhibition.
 
As of 2019, Eurasia Rail will be taking place at fuarizmir…
As of 2019, Eurasia Rail, which contributes to the development of rail systems sector and lights the way for the whole sector, will be taking place in Izmir at fuarizmir which has a wider exhibition space in every two years. While the latest developments and innovations related to the sector are exhibited during the exhibition, conferences and seminars with content based on railways and their technologies will be taking place as well.
 
ITE Turkey Transport & Logistics Group Director Moris Revah had the following to say: “Due to their fast, economical, environment-friendly, safe and modern nature, rail systems become more and more important throughout the world. Primarily from European countries, the investments made to increase modernization and carriage capacity in railways keep growing and growing. Among the targets of Turkish railway sector, there are plans to reach 25.000 km of total railway length by building 13.000 km of railway; 7.500 km of high-speed and 4.000 km of conventional railways. There are also targets of renewing 4.400 km of railway, completing the renewal of all lines, increasing the railway conveyance rate to 10% for passengers and 15% for freight and completing the liberalization process of the railway sector. Our country is also on the lookout for new markets to increase the export of its production. The B2B sessions which will be held within the scope of Eurasia Rail, which is the only railway exhibition in Eurasia region and one of the three biggest railway exhibitions in the world, will provide great contributions to railway sector and the national economy. Conference programs which will take place simultaneously with the exhibition will also constitute an important platform for sharing sectoral information and experience.”


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05/10/2022 06:48:05 Our FY22 pre-close trading update

Our latest trading update shows a full revenue recovery during the second half of the year and strong trading trajectory going into FY23. We also announce our agreement to sell our Turkish business. 

Hyve Group plc, the next-generation global events business, today announces a trading update for the year ended 30 September 2022, prior to entering its close period ahead of its preliminary results announcement.

The Group has delivered revenue for FY22 of approximately £122m (2021: £22m), after excluding revenues from discontinued operations in respect of Russia, Ukraine and Turkey, having successfully run a full schedule of events outside China in FY22. This represents more than 85% recovery on a pro-forma basis[1] when compared to FY19, or more than 90% excluding China where there remains considerable disruption to event schedules.

The speed of recovery has surpassed expectations and combined with strong like-for-like customer spend demonstrates that the demand for high-quality market leading events continues to grow. This has resulted in another year of headline profitability with less reliance on insurance proceeds, which have reduced to £19m (2021: £65m), and a return to positive headline EBITDA without insurance proceeds.


Many in-person events already outperforming their pre-COVID editions

The pace of in-person event recovery accelerated throughout FY22. Despite disruption caused by the Omicron variant in the first half of the year, revenue recovery compared to FY19 pro-forma revenues1 was still approximately 75% in H1. This increased in the second half to approximately 100%, even without the Group's events in China in the final quarter of the financial year which did not take place due to COVID related restrictions.

In September, two of the Group's largest events, Autumn Fair (UK) and Groceryshop (USA), took place and both significantly outperformed their previous editions. Groceryshop performed especially well, reporting revenues more than 40% higher than its largest pre-COVID edition and attracting more than 3,000 attendees.


Expansion of omnichannel portfolio

During the financial year the Group made significant progress in the continued development of its omnichannel strategy, including the rollout of further tech-enabled meetings programmes at in-person events, as well as the delivery of several successful fully online programmes.

In addition, the strategic acquisitions of 121 Group and Fintech Meetup expanded the size and diversity of Hyve's omnichannel products.

The Group ran 14 tech-enabled programmes in FY22, compared with four in FY21. These include a combination of digitally powered meeting programmes at in-person events and fully online experiences.


£135m debt refinancing and year-end net debt at lower end of guidance

As announced on 3 October 2022, the Group has signed new debt facilities totalling £135m, comprising a £115m term loan and a £20m super senior revolving credit facility ('SSRCF'). The new debt facilities will replace the Group's previous debt facilities, with the £101m debt at 30 September 2022 to be repaid in full on 20 October 2022 when the new funds are to be drawn.

As of 30 September 2022, the Group's adjusted net debt[2] was approximately £72m, which is at the lower end of the previously stated FY22 year-end guidance of £70m-£90m following strong trading performance and cash generation.


Disposal of Turkish Business in line with the Group's strategy

The Group has continued to streamline its portfolio, in line with its strategy to focus on market leading events in advanced economies, and has entered into an agreement to sell Hyve Fuarcılık Anonim Şirketi and its subsidiaries (the "Turkish Business") for consideration of up to £8m to ICA (JV) Limited.

The Group will receive consideration of £2m on completion, less customary working capital adjustments, and between £4m and £6m of deferred consideration, payable over the six year period until December 2028 based on the profitability of the Turkish Business.

The Turkish Business operates five events in Turkey and for the year ended 30 September 2021 reported a loss before tax of £0.7m. As of 30 September 2021, the Turkish Business had gross assets of £1.9m.

The Directors intend to use the proceeds to reduce the Group's net debt. Completion of the disposal is conditional on completion of the Group's refinancing announced on 3 October 2022.

The disposal of the Turkish Business, following the management buyout of Ukraine announced on 17 July 2022, completes the disposal in full of the Group's Eastern & Southern Europe division. Added to the exits from Russia and Indonesia earlier in the year, the Group has significantly reduced its exposure to more volatile countries and FX rate fluctuations.

The Group's operations are now more concentrated in advanced economies and its US presence has significantly increased compared to previous years. Approximately 30% of the Group's revenues are now generated in the US and therefore the recent strengthening of the dollar against sterling is expected to have a positive impact on the Group's results in FY23.

Strong forward bookings and growth in customer spend give confidence in the outlook for FY23

Positive trading momentum continues as the Group starts FY23, with forward bookings of approximately £68m giving confidence in the year ahead. This compares to £50m this time last year going into FY22[3], which included significant rollovers from events cancelled in FY21. The continuous improvement in trading performance is a testament to the Group's high-quality market leading events enhanced by the successful roll-out of the omnichannel strategy across the portfolio, despite challenges across the wider economic and geopolitical environment.

Uncertainty around running events in China remains, but the Group notes relaxation of the COVID-19 related rules on a region-by-region basis and currently plans to run a full schedule of events in China in FY23. China represents less than 10% of Group revenues.

Mark Shashoua, CEO of Hyve Group plc said:

It is clear that our business has now almost fully recovered from the turbulence of the last two years, and in many cases, we are pleased to have delivered significant growth compared to pre-COVID performance.

"The continued growth of customer like-for-like spend reinforces our strategy of focusing on only market leading events as customers are clearly directing marketing budgets towards key events in their sectors.

"In terms of our geographical focus, we continued to concentrate our capital on high growth industries in advanced economies. The sale of the Turkish Business announced today is another milestone in this direction. We are pleased to have found the right buyer who can offer the necessary investment and support to the team, along with regional expertise. I would like to thank all of the people in the Turkish Business and wish them the best in all of their future success.

"Looking ahead, we must of course remain vigilant/mindful of macroeconomic challenges, however we are optimistic about the next 12 months and this optimism is underpinned by strong forward bookings and an increase in like-for-like customer spend. We enter FY23 with a de-risked and concentrated portfolio of market leading events, clear opportunities for continued growth - both through analogue and digital - and our ever-present commitment and energy to make those a reality.




The Group will be publishing its preliminary results for FY22 on 13th December 2022.

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03/10/2022 11:27:53 Refinancing of debt facilities

Having refinanced the Group's debt, Hyve has new debt facilities totalling £135m 

New £135m debt facilities

Hyve Group plc, the next-generation global events business, today announces the refinancing of the Group's debt. New debt facilities totalling £135m have been signed, comprising a £115m term loan and a £20m super senior revolving credit facility ('SSRCF').

The new debt facilities will replace the Group's previous debt facilities, with the £101m currently drawn to be repaid in full on 20 October 2022 when the new funds are to be drawn.

The £115m term loan is provided by certain funds and/or accounts of HPS Investment Partners, LLC or subsidiaries or affiliates thereof and is repayable over the next four years. Interest is initially payable at a rate of 7.75% over SONIA1. A minimum liquidity covenant of £21m is in place up to and including August 2023. Thereafter a net debt to adjusted EBITDA ratio applies, flatlining at 3x.

The £20m SSRCF is provided by HSBC UK Bank PLC and is available over the next three years and nine months. Interest is initially payable on drawn amounts at 3.5% over SONIA2 with a commitment fee of 35% (i.e. 1.225%) payable on undrawn amounts.

Current trading

As announced in the Group's trading update on 27 June 2022, the pace of in-person event recovery in FY22 has exceeded anticipated levels. This trend has continued over the final three months of the financial year in all markets with the exception of China where restrictions continue to disrupt our event schedule and resulted in the cancellation of the August Chinese events.

In September two of the Group's largest events, Autumn Fair and Groceryshop, took place and both significantly outperformed their previous editions. Groceryshop in particular outperformed expectations, reporting revenues more than 40% higher than the largest pre-COVID edition of the event.

Positive trading momentum continues as we approach FY23, with forward bookings for the next financial year currently in excess of £65m. This gives confidence in the FY23 outlook such that that the incremental debt service cost attributable to the increased margin over SONIA is expected to be offset by improved trading performance.

As of 31 August 2022, the Group's cash position was £34.7m and adjusted net debt3 £66.4m, on track to be towards the lower end of the previously stated FY22 year end guidance of £70m-£90m.

Mark Shashoua, CEO of Hyve Group plc said:

I am pleased that we have secured new debt facilities with two partners that share our vision and are aligned with our ambitions. With the continued accelerated pace of recovery, we now have the long-term financial footing to further advance our organic growth and omnichannel strategy.

 

1 Subject to a margin ratchet, with a margin range of 7.5% to 8.0% over SONIA

2 Subject to a margin ratchet, with a margin range of 2.5% to 3.5% over SONIA

3 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.

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05/09/2022 09:27:00 Resignation of Non-Executive Director

Anna Bateson, Non-Executive Director, steps down from Hyve Group plc Board following appointment as CEO of Guardian Media Group. 

Hyve Group plc, the next-generation global events business, today announces that, following her appointment as the CEO of the Guardian Media Group, Anna Bateson, Non-Executive Director, has tendered her resignation from the Board of Hyve Group plc ("the Board), effective on 16 September 2022.

Anna joined the Board on 1 March 2022. She is Chair of Hyve's ESG Committee and a member of the Remuneration and Audit Committees. Jo Rabbett, the Group's Chief of Staff, will act as an interim Chair of the ESG Committee.

Richard Last, Chairman of Hyve Group plc, commented:

"On behalf of the Board, I would like to extend my gratitude to Anna for her contribution to Hyve since her appointment earlier this year. While we are disappointed not to have benefited from her valuable experience and insights for longer, we are extremely supportive of her new appointment and look forward to witnessing her success at GMG."

The process is now underway to appoint a new Non-Executive Director and a further announcement will be made in due course.

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27/06/2022 08:02:25 Our latest trading update

This trading update, covering the period between 1 April to 24 June 2022, shows the continuation of a faster than anticipated recovery and an improved net debt position 

Hyve Group plc, the next-generation global events business, today announces a trading update for the period from 1 April to 24 June 2022.

Pace of in-person event recovery considerably ahead of anticipated levels

The first half of our 2022 financial year saw faster than anticipated revenue recovery. This momentum continued into Q3, which is now the second busiest quarter for the Group’s streamlined portfolio structure, following the sale of the Russian business in May. Total revenue for the period demonstrated a full recovery on a pro-forma basis, underpinned by the continued strong customer demand for market-leading in-person events, despite on-going macro challenges.

During the period the Group ran all nine scheduled in-person events, with the exception of three events in Ukraine, taking place across four continents. This included some of our major brands, such as Mining Indaba, CWIEME Berlin and Breakbulk Europe, which all delivered increases in like-for-like customer spend compared with their previous editions. In addition, following the highly successful US edition of Shoptalk in March, which became Hyve’s largest event by revenue in history, the Group launched the geo-cloned Europe edition – Shoptalk Europe – in June. This inaugural event almost doubled expectations, attracting over 3,000 attendees from more than 50 countries.

Continued omnichannel evolution

Five tech-enabled meeting programmes also took place during the quarter, including the inaugural Shoptalk Europe, facilitating over 4,700 one-on-one, pre-matched, algorithmically scheduled meetings.
CWIEME Berlin also trialled ‘Meet the Engineer’ and, based on this successful pilot, a full facilitated meetings programme will be rolled out in 2023.

In addition, a number of 121 Mining Investment programmes took place during the quarter, including the first co-located event with Mining Indaba since Hyve’s acquisition of 121 Group in November. This delivered over 1,800 meetings making it the largest programme delivered by 121 Group.

This brings the total number of events for the year to date to 30, which includes 13 tech-enabled programmes.

Strong forward bookings momentum

Forward bookings1 for the full year are currently £122.3m, which excludes £6.5m of bookings for the August Chinese events. This also excludes revenue for events in Ukraine which continue to be postponed until further notice. This performance has been underpinned by the ongoing demand for market-leading in-person events, enhanced by the continued execution of the Group’s omnichannel strategy, and despite COVID-19 disruption in some geographies and challenges across the wider geopolitical environment.

While there continues to be uncertainty around running events in China in the near term, the Group notes the beginning of a relaxation of COVID-19-related restrictions in certain regions, however this situation remains fluid.

Bookings for Groceryshop, due to be held in September, are tracking in line with expectations and are expected to exceed the pre-COVID-19 edition.

Disposal

The Group continues to streamline its portfolio focusing on events which are, or have the potential to be, market-leading. In June the Group completed the disposal of its loss-making 50% interest in Debindo Unggul Buana Makmur in Indonesia, for a total consideration of £0.5m.

This five-year drive for quality has fundamentally changed the makeup of the Group’s in-person event portfolio, which has gone from 269 events, with a c. 90% weighting towards emerging markets, to a de-risked portfolio of 50 market-leading events, 88% of which are rooted in advanced economies.

Improved net debt position

Net debt at 31 May 2022 reduced to approximately £53m (31 March 2022: £64m) which includes the receipt of insurance proceeds of £8.7m in May and bookings for upcoming events. The Group maintains its strong liquidity position, with net debt tracking at the lower end of previously stated year end net debt guidance of £70m-£90m. The refinancing process is in progress, with the Group in discussions with existing and prospective lenders.


Mark Shashoua, CEO of Hyve Group plc said:
I am pleased to report another quarter of strong trading. The trends we saw emerge post-pandemic continue to hold true – in particular, our customers continue to spend more with us than before, demonstrating the huge value which in-person events offer and proving that our strategy of focusing on only market-leading events is paying off.

The launch of Shoptalk Europe delivered exceptional results and was a prime example of how best to capitalise on organic growth and demand. With our in-person event portfolio now streamlined, our strategy going forward is to shift our focus from geographies to sectors, and Shoptalk Europe perfectly demonstrates the opportunities presented by industries which are experiencing growth themselves, as well as tech-led disruption.

Our success this quarter has been strengthened by the continued delivery of our omnichannel strategy, which introduces additional opportunities for our customers to connect, network and trade.

Once again, I would like to thank our global teams who, despite the significant disruption they have faced in recent years, remain committed to constantly innovating and delivering exceptional quality for our customers.


The person responsible for arranging for the release of this announcement on behalf of Hyve Group plc is Jared Cranney, Company Secretary.

Enquiries:
Mark Shashoua, John Gulliver, Marina Calero | Hyve Group plc | +44 (0)20 3545 9400
Charles Palmer, Dwight Burden, Jamille Smith | FTI Consulting | +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 includes: Shoptalk, Spring Fair, Bett, Mining Indaba and the recently acquired Fintech Meetup, which is defining the future of events for the fintech ecosystem and uses state-of-the-art technology to power its world renowned meetings programme.

Where business is personal, where meetings move markets and where today's leaders inspire tomorrow's.
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24/05/2022 06:36:10 Announcement of our half year financial results for 2022

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

Revenue

£58.6m

£5.0m

Headline profit before tax2

£9.5m

£29.4m

(Loss) / profit before tax

(£11.5m)

£20.5m

Insurance proceeds3

£10.6m

£49.0m

Adjusted net debt4

£64.4m

£92.4m

Headline diluted earnings per share5

2.1p

9.1p

  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

Outlook

  • 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:
https://kvgo.com/IJLO/Hyve_HY22_Interim_Results
There is also a facility to join the presentation and Q&As via a conference call. Participants should dial:
 
UK Toll Free: 0808 109 0700
UK-Wide: +44 (0) 33 0551 0200
New York New York: +1 212 999 6659
USA Toll Free: 1 866 966 5335
 
and quote Hyve HY22 Results when prompted by the operator.
 
A playback facility will be available shortly after the presentation had finished

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12/04/2022 14:21:57 Further omnichannel evolution through the acquisition of Fintech Meetup

Fintech Meetup is the leading US financial technology event and this multi-year partnership forms part of a plan to create the biggest and best in-person and virtual fintech events.

"The addition of Fintech Meetup to our group delivers on Hyve’s goal to acquire market-leading events in large industries that are undergoing dramatic, decades-long, technology-driven changes," said Mark Shashoua, Chief Executive Officer of Hyve.

Fintech Meetup is the world’s largest fintech meetings event and was founded by event industry disrupters and fintech industry insiders Anil Aggarwal and Simran Rekhi Aggarwal - the same creators of online networking platform Retail Meetup, which Hyve acquired in December 2020.

“We're thrilled to become part of Hyve to accelerate the growth and transformation of all areas of fintech, banking and financial services through our ground-breaking events which focus on delivering significant value across the whole sector. Hyve's solid track record of investing in and growing its acquisitions, including Shoptalk, gives us every confidence in the success of Fintech Meetup's future.” said Jonathan Lear, President of Fintech Meetup.

Fintech Meetup announces in-person event for 2023

“Having facilitated over 250,000 requests to meet and 50,000 virtual meetings since we started Fintech Meetup last year, we're now excited to launch in-person events. Our March 2023 Las Vegas event is designed to be the key kickoff event for the entire fintech industry at the beginning of every year, and will enable us to quickly build the biggest and best U.S. fintech events,” said Jonathan Lear. The event, which is set to become the big annual Q1 kickoff event for the fintech industry, will bring a fresh approach to Fintech Meetup and will enable attendees to unlock new opportunities to connect and collaborate, offer co-located events, experiences, and activations through industry partnerships, while ensuring unmatched value for money and measurable return on investment.

Hundreds of organizations from across the fintech ecosystem are supporting the launch of Fintech Meetup, including Visa, Bank of America and Microsoft. 

"In a short space of time, Fintech Meetup has delivered significant value to thousands of individuals and organizations across the industry and established itself as a leading hub of the sector,” said Mark Shashoua. “It holds tremendous potential for short- and long-term growth, especially with its first in-person event scheduled to take place in just 12 months.” 

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30/03/2022 11:28:28 "Inclusion is an action"

Our Chief of Staff, Jo Rabbett, talks about how we're empowering women at Hyve 

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Recognising Women’s History Month in the workplace offers us an opportunity to take a moment and reflect. We often get caught up in the time constraints of deadlines and work, and I believe that taking the opportunity to celebrate women’s achievements internally and externally should be an essential priority for us all. For Hyve, creating an environment where women – and all of our employees – thrive, allows the business to make a positive difference to our culture and to make an impact in our wider industry.  

We want to create an environment where individuals feel empowered to reach their true potential. This is crucial as we seek to create a talent pipeline for the future. I am particularly proud of the efforts made by some of our colleagues on the AEO Women in Exhibition Committee as it is essential to us to not only be the best we can be internally, but also to push boundaries in the event space on equity and inclusion. 

As a part of our ESG strategy, we aim to have a minimum of 33% female leaders across our senior teams, and as we stand today, we have exceeded that with 45% of Hyve Leadership Team roles now held by women.  However, we recognise that there are areas in which we need to do more. Speaking directly about the results of our 2020 Gender Pay Gap Report, we have set specific KPIs to reduce the pay gap and dedicate our efforts to creating a more equitable environment. The results of our 2020 report were directly impacted by the effects of the pandemic, as many of those placed on furlough were women. But, with our renewed commitment to progressing the trajectory of women into senior roles, we expect that the next time we report we will see a difference for the better – our commitment is there.  

Hybrid working has provided balance and flexibility that didn’t exist before COVID and this benefits women. The reason behind this evolution was negative, but I see some of the changes we're experiencing as positive, and they have allowed us to see that hybrid working can work.

As I continue to reflect on the meaning of Women’s History Month, it is essential to me that our ESG and inclusion efforts are an executive-level priority and that starts with increasing our understanding of the many issues women face. As a leadership team, we have recently undergone very impactful unconscious bias training which is now being rolled out to the wider business. We are in a privileged position, and we are responsible for ensuring that inclusion barriers are removed. Considering things such as language in our job descriptions can make a huge impact on the confidence level of women as they apply for roles at Hyve – our choices can make unintentional dissuasions for applicants, with a higher impact on women.  

Our HR team is developing a global inclusivity calendar to raise awareness and celebrate individuality across all teams, and we know that our approach to people can’t be a one size fits all. Above all, I am committed alongside our leadership team to creating a supportive environment where our people can thrive.  

I speak frequently about Hyve being an employer of choice, and that is the ambition that we are working towards making a reality. We are not making these efforts just to tick a box, we really want to make positive change.  

As we close out Women’s History Month, I believe it is important to acknowledge that inclusion is an action, and is an open-ended journey. ESG is becoming embedded into every aspect of our business, and it is my goal to make sure that we are laser-focused on empowering every single one of our people, and opening our doors to people from all backgrounds. 

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