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Phil Soar CloserStill chairman and EN guest editor
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Categories in the EN Supplier Awards on 11 August
Hyve report ‘ full recovery ’ in trading update
Hyve Group plc has reported a full recovery of revenue in the period from 1 April to 24 June .
The global events business held nine in-person events during the period , showing a faster than anticipated recovery , they said in their latest trading update .
In a statement to the London Stock Exchange the group said : “ The first half of our 2022 financial year saw faster than anticipated revenue recovery . This momentum continued into Q3 , which is now the second busiest quarter for the group ’ s streamlined portfolio structure , following the sale of the Russian business in May . Total revenue for the period demonstrated a full recovery on a pro-forma basis , underpinned by the continued strong customer demand for market-leading in-person events , despite on-going macro challenges .
“ During the period the group ran all nine scheduled in-person events , with the exception of three events in Ukraine , taking place across four continents .”
Hyve has now run 30 events so far this year , including 13 tech-enabled programmes and has forward bookings £ 122.3m for the full year – excluding £ 6.5m of bookings due to be held in China in August . Revenues also exclude events in Ukraine which continue to be postponed until further notice , the group said .
Net debt at 31 May 2022 reduced to approximately £ 53m ( 31 March 2022 : £ 64m ), Hyve reported , including the receipt of insurance proceeds of £ 8.7m in May and bookings for upcoming events .
CEO Mark Shashoua said : “ I am pleased to report another quarter of strong trading . The trends we saw emerge post-pandemic continue to hold true – in particular , our customers continue to spend more with us than before , demonstrating the huge value which in-person events offer and proving that our strategy of focusing on only market-leading events is paying off .”
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