Trading on track at Hyve, shares spark

Shares in Hyve Group sparked on Monday after the exhibitions and conferences organiser said the industry's recovery was continuing at pace.

Hyve, which also confirmed it refinanced its debt, said at the of June that the pace of in-person event recovery had exceeded expectations, and on Monday it said the trend had continued over the final three months of the financial year.

The recovery had been seen in all markets, it noted, with China the only exception. Beijing continues to follow a policy of zero-Covid, including rolling lockdowns, and Hyve said the restrictions had led to the cancellation of all its Chinese events in August.

Elsewhere, however, two of its largest events - Autumn Fair and Groceryshop - "significantly outperformed" previous editions. In particular, Groceryshop reported revenues 40% higher the largest pre-Covid edition of the event.

Looking ahead, Hyve added: "Positive trading momentum continues as we approach the 2023 full year, with forward bookings for the next financial year currently in excess of £65m."

As at 0900 BST, shares in Hyve were ahead 6% at 53.8p.

Hyve said the new debt facilities, totalling £135m, would replace its previous facilities, with the £101m currently draw to be repaid on full later this month when the new funds are drawn. The new facilities comprise a £115m term loan and a £20m super senior revolving credit facility.