Hyve Group warns on profits as coronavirus forces event delays
Hyve Group
n/a
n/a
Events company Hyve group warned full year profits and revenue would be hit as the coronavirus forced it to postpone events in Asia and the US.
FTSE 250
19,719.37
17:09 24/04/24
FTSE 350
4,419.71
17:09 24/04/24
FTSE All-Share
4,374.06
16:44 24/04/24
Media
11,814.38
17:09 24/04/24
The company on Thursday forecast an estimated one-off £17m - £19m hit on revenue and £16m - £18m on profit.
Hyve said it had postponed four events in Asia along with the Shoptalk 2020 and Groceryshop events in the US, adding that it expected all to take place in the current fiscal year unless the impact of the coronavirus lasted until the rescheduled dates.
“The above estimates are based on the current situation and therefore could change if the situation improves or worsens,” Hyve said.
“As things currently stand, none of the above impacts are expected to have a significant impact on the group's results beyond the current financial year. We anticipate that the new date for Groceryshop will remain in future years and therefore do not expect to run the event twice in financial year 2021.”
Hyve said it had already booked around £200m of revenue for the current financial year and continued to be “highly cash generative” adding that it had material headroom available on its debt facility after a refinancing in December.