International exhibition organiser Hyve Group has reported a 7% increase in revenue to £220.7m (US$286.6m) (2018: £175.7m) for 2019.
The company also reported a statutory profit before tax increase to £8.7m (2018: loss of £3.7m).
Headline profit before tax increased to £50.4m (2018: £35.4m), a 42% increase on last year.
CEO of Hyve Group plc, Mark Shashoua commented: “I am delighted that our first set of results as Hyve show like-for-like revenue growth of 7%, as well as a like-for-like increase in headline profit before tax of 16% and strong margin improvement. Double digit revenue growth from our Top 10 TAG events was a key driver of this performance and is proof of the benefits of the TAG (Transformation & Growth) programme.
“We are on a mission to deliver unmissable events, with a stronger and more diversified portfolio. The investments we have made to improve our portfolio through the TAG programme and our focus on must-attend events means that we are well-placed to continue to deliver further growth in FY20. While not immune from global economic and geopolitical uncertainties, including Brexit, forward bookings of £152m, representing 66% of market consensus, give us very good visibility as we enter FY20.
“We are confident that with the investments we have made into our market-leading events, we are in a better position to face any potential global headwinds. We will look for opportunities to increase our customer market share, as during downturns customer spend often gravitates towards market-leading events.
“Current trading for FY20 is in line with the Board’s expectations and we enter the new financial year with a stronger portfolio of events than ever before.”
The company has attributed a strong performance in 2019 to the completion and integration of Ascential Events and Mining Indaba, the sale of 56 non-core Russian events and the closure of 24 small Russian and Central Asian events during the year and a more centralised operating model.
Hyve says there has been a transformation of the business to a more balanced international presence from a purely emerging-markets focus.
Neil England stepped down from his position as Non-Executive Director, following 10 years on the board. Nicholas Backhouse joined the board on 1 May 2019.
In January 2020, Backhouse will replace Stephen Puckett as chair of the audit committee and Puckett will remain on the audit committee and will also become the Chair of the risk committee, in addition to having taken up the role of Senior Independent Director and the employee representative on the board.
Hyve’s board will also look for a non-executive director during 2020.