Hyve Group PLC Trading Statement (6491A)
23 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMHYVE
RNS Number : 6491A
Hyve Group PLC
23 January 2020
23 January 2020
Hyve Group plc
("Hyve" or the "Group")
Trading update
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.
Trading update
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-like(1) 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.
Outlook
The benefits of strengthening and diversifying our portfolio can
also be seen from the continued growth in our forward bookings,
which are GBP187m, 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
1. 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:
- 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);
- Launches;
- 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).
For further information please contact:
Hyve Group plc +44 (0)20 3545
Melissa McVeigh, Group Director of Communications 9000
FTI Consulting +44 (0)20 3727
Charles Palmer / Emma Hall / Chris Birt 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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