Hyve to sell Russian business for £72m, hails strong H1 trading
Hyve Group
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Events company Hyve hailed strong first-half trading on Wednesday as it announced the disposal of its Russian business to Rise Expo for up to £72m in cash.
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In the six months to the end of March, revenues came in at around £58m, up from £5m in the same period a year earlier, excluding Russian revenues of circa £17m, up from £5m. Revenues were underpinned by the reopening of western markets and strong performances across all key performance indicators, including like-for-like customer spend, visitor density and NPS.
Forward bookings for the full year are currently £103m, excluding bookings for Russian and Ukrainian events.
"This demonstrates the continued realisation of pent-up demand for in-person events as key shows return, enhanced by the ongoing execution of the group's omnichannel strategy, and despite continued Covid-19 disruption in some geographies and challenges across the wider geopolitical environment," Hyve said.
It also said the vast majority of its events have now run at least once since the outbreak of the pandemic. With the exception of China, a full schedule of events is expected to run in the financial year, thanks to the continued relaxation of Covid restrictions.
In addition, the company announced the sale of its Russian business to Rise Expo due to the conflict in Ukraine. It expects to report a loss on disposal of its Russian business as a result of the deal.
Hyve had already announced last month that it was planning to exit the Russian market.