Hyve trades in line following promotion to FTSE 250
Events business Hyve Group told investors on Thursday that it had made a good start to the year and was now trading in line with management expectations following its promotion to the FTSE 250.
FTSE 250
19,450.67
17:14 18/04/24
FTSE 350
4,334.00
17:14 18/04/24
FTSE All-Share
4,290.02
16:54 18/04/24
Hyve Group
n/a
n/a
Media
11,786.69
17:14 18/04/24
For the three months ended 31 December 2019, Hyve's revenues were up 7% on a like-for-like basis - reflecting strong trading from events that had received investment, most notably Africa Oil Week and Yugagro.
Hyve also noted that as a result of the recent transformation of the group, the first quarter was now set to be "a relatively small quarter" from a revenue perspective.
The firm recently acquired Shoptalk and Groceryshop - two US-based market-leading events focused on e-commerce in the retail, grocery and consumer packaged goods industries - and said the benefits of strengthening and diversifying its portfolio could also be seen from continued growth in forward bookings, which were up 3% at £187m.
"Despite uncertainty both economically and geopolitically across many of our markets, we remain confident in achieving our full-year expectations," noted Hyve.
As of 0825 GMT, Hyve shares were down 3.18% at 103.60p.