Hyve has made a good start to the year with its performance in the period in line with management expectations.
Hyve Group plc is today publishing a trading update for the period from 1 October 2019 to the date of this announcement. This coincides with the Group's Annual General Meeting which is being held at 9am today.
The Group is also pleased to announce that as of 17 January 2020 it was promoted to the FTSE 250.
The Group has made a good start to the year with its performance in the period in line with management expectations.
For the quarter ended 31 December 2019 revenues were up 7% on a like-for-like1
basis reflecting strong trading from the events that have received investment, in particular Africa Oil Week and Yugagro. As a result of the transformation of the Group, Q1 is now a relatively small quarter from a revenue perspective.
Having built a scalable platform for our events, our strategy is to continue driving organic growth, whilst managing our portfolio and making product-led acquisitions. In line with this stated strategy, on 19 December 2019, we announced the acquisition of Shoptalk and Groceryshop – two US-based market-leading events focused on e-commerce in the retail, grocery and consumer packaged goods industries. These acquisitions continue our evolution into a best in class portfolio of fewer, bigger and better events.
The benefits of strengthening and diversifying our portfolio can also be seen from the continued growth in our forward bookings, which are £187m, up 3% on a like-for-like basis.
Despite uncertainty both economically and geopolitically across many of our markets, we remain confident in achieving our full year expectations.
Notes to Editors
- Like-for-like results are stated on a constant currency basis, after excluding events which took place in the current period but did not take place under our ownership in the comparative period and after excluding events which took place in the comparative period but did not take place under our ownership in the current period. This excludes:
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- Biennial events;
- Timing differences (i.e. events that ran in only one of the current or comparative periods, due to changes in the event dates);
- Cancelled or disposed of events that did not take place under our ownership in the current year;
- Acquired events in the current period; and
- Acquired events in the comparative period that didn't take place under our ownership in the comparative period (i.e. they took place pre-acquisition).
Melissa McVeigh, Director of Communications
+44 (0)20 3545 9000
Charles Palmer / Emma Hall / Chris Birt
+44 (0)20 3727 1000
About Hyve Group plc
Hyve Group plc is a next generation FTSE 250 global events business whose purpose is to create unmissable events, where customers from all corners of the globe share extraordinary moments and shape industry innovation. Hyve Group plc was announced as the new brand name of ITE Group plc in September 2019, following its significant transformation under the Transformation and Growth (TAG) programme. 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.
Where business is personal, where meetings move markets and where today’s leaders inspire tomorrow’s.