Hyve Group: Recovery and sale of Turkish busi...
Hyve Group

Recovery and sale of Turkish business

Photo: Hyve Group

Hyve Group reports to have delivered revenue for FY22 of approximately £122m (2021: £22m), after excluding revenues from discontinued operations in Russia, Ukraine and Turkey. This represents more than 85% recovery on a pro-forma basis when compared with FY19, or more than 90% excluding China, where there is still considerable disruption to event schedules, the company states.

For Hyve Group, 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.

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." Hyve also reports to have progressed in the development of its omnichannel strategy, including the rollout of 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.
„We are optimistic about the next 12 months, which is underpinned by strong forward bookings.“
Mark Shashoua, CEO of Hyve Group
Hyve continues to streamline its portfolio 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 Turkish Business operates five events in Turkey and for the year ended September 30, 2021, reported a loss before tax of £0.7m and gross assets of £1.9m. The directors intend to use the proceeds from the sale to reduce the Group's net debt.

"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 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", Shashoua said.

"Looking ahead, we must, of course, remain vigilant and 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", Shashoua added.