Hyve annual pre-tax profits slip despite FY revenue growth

Exhibitions and conferences organiser Hyve Group said on Tuesday that full-year headline pre-tax profits had slipped despite seeing a rise in revenues throughout the period.

Hyve said full-year revenues from continuing operations were up roughly 90% at £122.5m, while headline pre-tax profits from continuing operations slipped from £13.9m to £11.5m.

However, Hyve stated that excluding the impact of insurance proceeds of £19.3m, down from £65.0m in 2021, the group's headline profits would have increased by £43.3m.

Adjusted net debt slipped from £80.0m to £71.0m, while the firm's liquidity position at year-end was sustained at £129.6m despite current macroeconomic headwinds faced during the year.

Chief finance officer John Gulliver said: "TFY22 represented another significant step forward on the road to recovery and this continues apace as we enter FY23. Forward bookings for the year are now £98.0m, compared to £67.0m this time last year across the same portfolio of events, and customer like-for-like spend continues to increase.

"We remain conscious of challenges in the macro-economic environment globally, in particular the threat of recession in a number of our markets. We are seeing resilience in customer bookings and trading KPIs and this gives us confidence in the outlook for FY23."

As of 0925 GMT, Hyve shares were up 1.14% at 70.90p.

Reporting by Iain Gilbert at Sharecast.com