In a trading update for the period from 1 October 2021 to 3 February, global exhibition organiser Hyve Group plc has announced a trading update to coincide with its AGM, 3 February.
The Group said it had seen resilient trading and continued strong like-for-like customer spend, forward bookings and cash collection during the first four months of FY22. The majority of the Group’s global events in the period ran to schedule, it reported, including YugAgro in Russia, a top 10 event, which outperformed the 2019 edition.
Events in China continue to be affected due to ongoing government restrictions. As a result, two of the four Hyve events scheduled to run were cancelled and one was postponed.
Elsewhere, Omicron has had limited impact on the Group’s events schedule, the company reported, and has so far only resulted in the postponement of Bett in the UK from January to March and Paperex in India, which has moved from January to May.
The integration of 121 Group acquired in November 2021 is progressing in line with plan, the Group said, adding that the acquisition not only continued to accelerate the Group’s omnichannel strategy, but also further enhanced its growth opportunities.
Board changes
Following the AGM, Hyve said Stephen Puckett, non-executive senior independent director will step down and Nick Backhouse will take on the role of senior independent director.
In addition, Sharon Baylay, non-executive director and chair of the Remuneration Committee, has indicated her intention to stand down from the Board with effect from 1 March 2022.
The Group has strengthened its Board with the appointment of two new non-executive directors, Anna Bateson and Rachel Addison, with effect from 1 March 2022.
Mark Shashoua, CEO of Hyve Group plc said: “Hyve has started 2022 with strong trading, forward booking and cash collection. We were pleased to see the relaxation of travel restrictions in some of our key markets and are encouraged by the limited impact of Omicron on our events schedule.
“However, uncertainty with regards to new variants and geo-political developments in Russia and Ukraine remain. Preparations for all scheduled events continue as planned, while contingency plans are well rehearsed.
“We are confident in the continuing recovery of our portfolio, have a strong liquidity position and remain focused on accelerating our omnichannel strategy.”
