Hyve News

19/06/2022 16:44:35 Small steelmakers cheer input cost cut as big rivals fret over export duty

It’s a tale of contrasting fortunes in the Indian steel industry since last month’s revision of import and export duties on key raw materials and finished goods.
 

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16/06/2022 12:59:35 Icra revises outlook on steel sector to stable from positive

Ratings agency NSE 1.00 %  on Thursday said it has revised its outlook on the domestic steel  to stable from positive, mainly on the account mounting input cost amid low steel rates.

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15/06/2022 13:47:35 India's mineral output rises 8 per cent in April

"As per the provisional figures of the Indian Bureau of Mines (IBM), production level of important minerals in April includes coal at 665 lakh tonnes, lignite 40 lakh tonnes, natural gas (utilised) 2,748 million cubic metre, petroleum (crude) 25 lakh tonnes and bauxite 2,054 thousand tonnes.

 

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13/06/2022 09:44:35 Tata Steel unveils green investment plan for UK steel tube mill

Tata Steel NSE 2.77 %  has unveiled a 7-million pound investment  plan for its Hartlepool Tube Mill in north-east England that the Indian steel major says will cut carbon emissions, improve capacity and reduce costs to strengthen its UK business. 

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12/06/2022 05:36:35 Steel industry seeks government intervention to check coking coal price

At the current price range, the industry expert said, the cost of coking coal alone in steel making is around Rs 28,000 to Rs 30,000 per tonne, which works to about 40-45 per cent of the production cost. Besides, there are other input materials like iron ore, ferroalloys, logistics, fuel costs and other fixed costs.

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10/06/2022 06:38:06 Indian paper industry: a glossy and shiny future

With only 5 percent of the world’s production share and a massive gap in per capita paper consumption, the long-term growth looks promising.

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08/06/2022 05:30:06 Yash Pakka Demonstrates at Global Investors Summit 2022 Graced by PM Narendra Modi

The summit witnessed Yash Pakka’s cutting-edge sustainable products such as compostable carry bags, compostable flexible packaging, and compostable tableware.

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08/06/2022 04:49:06 Packaging cluster sought in Himachal

Abolition of GST on packing of fruits also raised at CII meet

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08/06/2022 04:30:06 Voith Paper Webshop enables Easy Ordering for Customers

Voith Paper Webshop enables the customers to order products and services in real-time. With the application, products like spare and wear parts, and fabrics can be ordered with just one click.

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05/06/2022 17:43:00 Steel Rates Go Down Further, Bizmen Happy

Ludhiana: With little less than two weeks of the Centre taking measures of duty imposition on export of certain steel and waiving off import duty from raw material used for steel manufacturing

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03/06/2022 11:39:35 Welspun Corp's associate firm gets Saudi Riyal 490-mn order to supply steel pipes

"WCL is on an aggressive roadmap towards strengthening its water infrastructure portfolio both in India and globally. The receipt of this new contract by our associate company, EPIC, is a testament to that, as we continue to solidify our leadership position in the Saudi market," company's MD & CEO Vipul Mathur said.

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31/05/2022 05:30:06 Lemit Papers Orders Automation Technology from Valmet

The scope of Valmet’s order includes – Valmet DNA Automation System, Valmet DNA User Interface, Blade Consistency Measurements, Optical Consistency Measurements, and Optical Low Consistency Measurements

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31/05/2022 03:01:00 Manufacturers in fix as customers demand discount

Ludhiana: Engineering products manufacturers of the city are in a soup due to the decrease in the rates of steel.

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30/05/2022 16:49:05 Another anti-trade action

Govt must avoid protectionist measures. The Union Ministry of Commerce and Industry last week issued a statement to the effect that all imports of paper products.

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30/05/2022 03:36:35 Steel export duty dilemma: Sell at a loss or lose customers, says JSW Steel's Seshagiri Rao

The Indian government levied a 15% export duty on steel 21 May in a bid to increase supply for domestic consumer industries and tame inflation. A steep export duty was also levied on iron ore while import duties were cut on inputs like coal to reduce the cost of production for steelmakers

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28/05/2022 19:15:00 Taparia Tools expanding with strong product line

The Mumbai-based company has 75% market share of the organised hand tool market in India

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26/05/2022 18:19:20 Govt brings import of paper under compulsory registration from Oct 1

Move addresses dumping concerns of domestic paper industry and also checks re-routing of goods through other countries in lieu of trade agreements, says govt

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26/05/2022 13:53:02 KPPL Starts Newsprint Paper Production

KPPL can commence the operations with the production of newsprint grades of 42 GSM & 45 GSM while the printing paper of 52 GSM-70 GSM, mainly for notebook and textbook segments, the Minister said.

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26/05/2022 11:13:00 Govt mulls scrapping requirement of forest clearance for exploration of blocks

The mines ministry has proposed to do away with the requirement of obtaining forest clearance for exploration of mineral blocks, a move that would lead to auction of more mines and augment the country's mineral output.

 

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25/05/2022 10:51:35 Ten steps the government has taken recently to cool prices

The government responded to high inflation in the economy by announcing a series of steps to cool prices and cushion the impact on the common man.

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22/05/2022 15:10:00 Excise duty reduction to help in bringing down logistics cost: Exporters

Federation of Indian Export Organisations (FIEO) President A Sakthivel said these measures will bring down the domestic prices of key inputs thereby softening inflation.

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21/05/2022 17:15:00 Centre waives import duty on some raw materials for steel industry

The government has waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry, a move which will lower the cost for the domestic industry and reduce the prices.

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20/05/2022 08:30:00 Power outage: Jalandhar MSMEs' new struggle

With the Covid-19 pandemic showing signs of ebbing and economic activity picking up, factory owners in Jalandhar had hoped that the worst was over.

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18/05/2022 04:30:00 India to make rapid investments to modernize the defence sector

The second day of CII EXCON focused on the technological superiority in the defence sector and how it is going to be the decisive factor in future battles.

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20/04/2022 11:35:53 Paper industry seeks allocation of coal

The paper industry has sought priority allocation of coal and railway rakes for captive power plants of the pulp and paper industry.

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08/04/2022 15:18:12 Purbanchal Paper Mill to Set Up a 150 TPD Plant in Assam

Assam-based Purbanchal Paper Mill would have Paper Machinery supplied by DS Engineers & Pulp Mill By Parason Machinery, Rolls, Boiler, and ETP from Ashoka Rolls, Cheema Boilers Ltd., and Chemical Kraft, respectively.

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07/04/2022 11:05:37 Ashoka Kraft Industry orders Shoe Press from Parason Machinery

The Shoe Press by Parason Machinery will provide immense advantages in terms of improving the dryness in addition to reducing the overall steam consumption up to 15-20 percent.

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05/04/2022 12:48:01 EU lifts ban on export of waste paper to India

Decision will help the paper industry tide over its raw material shortage The European Union (EU) has lifted its ban on exports of waste paper to India from April 1, providing relief to the paper industry affected by the raw material shortage.

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02/04/2022 08:30:57 Newsprint crunch: Are Indian newspapers staring at a crisis similar to Sri Lanka

Amid an economic meltdown in Sri Lanka, two prominent newspapers were recently forced to shut and several others reduced pages due to lack of paper, as costs soared and imports became difficult. The newspaper sector in India, many believe, has been staring at a somewhat similar crisis.

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15/10/2021 06:10:11 71% of India's adult population has received first Covid vaccine dose

Seventy-one per cent of the country's adult population have received at least one dose of COVID-19 vaccine and 27 per cent have got both doses, the government said on Thursday as the cumulative vaccine shots administered in the country crossed 93 crore. Addressing a press conference here, NITI Aayog member (Health) Dr V K Paul said there was no issue with vaccine availability in the country now as he urged people whose second dose were due to get fully vaccinated.

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08/10/2021 06:03:29 India to reopen for foreign tourists from 15, October, but with riders

The ministry of home affairs (MHA) on Thursday said it will begin granting fresh tourist visas to foreigners coming to India through chartered flights from October 15. The government has also said foreign tourists travelling to India by flights other than chartered aircraft would be able to do so with effect from November 15.
 

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10/08/2021 06:54:18 India crosses 500 mn-mark in total number of Covid vaccine doses given

India crossed the 500 million doses mark in total vaccine shots administered so far on Friday, health minister Mansukh Mandaviya said in a tweet. “India soars high on #COVID19 vaccination, historic record of 50 crore doses administered to date,” the minister said.
 

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06/08/2021 06:10:18 India's vaccination coverage crosses milestone of 490 mn

India on Thursday reported 42,982 new Covid-19 cases and 533 deaths from the disease, marking a slight increase in infections logged yesterday.
The health ministry said the new infections pushed the total to 318,121,14 and overall deaths due to the disease stood at 426,290.

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26/07/2021 10:24:36 India’s Covid-19 vaccine coverage at 417 million doses so far

India had administered at least 417 million Covid vaccine doses by Wednesday, July 21. Political parties were locked in a war of words over how many people died due to shortage of oxygen supplies while battling Covid during the second wave.

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20/07/2021 06:04:48 India Sees Lowest Daily Covid Cases (30,093) In Over 4 Months

India reported 30,093 new Covid cases in the past 24 hours. This is the lowest in 125 days. Overall, the country had recorded around 3.12 crore infections and over four lakh deaths since the outbreak in January last year.

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17/07/2021 09:30:18 India administers 400mn coronavirus vaccine shots

India on Saturday crossed 400-million mark in the number of coronavirus vaccine doses administered across the country so far – a key milestone in the country’s inoculation drive, making it the highest number of shots given among any nation in the world with the exception of China.
Until Saturday night, 404.5 million shots had been administered across the country to 318.4 million people, according to data released by the Union health ministry. This translates into a little over one-third of India’s eligible population (currently only people above the age of 18 years qualify for shots) having received at least one dose of the vaccine – 25.2% of India’s adults are partially vaccinated, and 8.7% have received both doses.
 

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14/07/2021 09:25:17 BMC’s 3rd Covid wave plan: Use jumbo units, don’t disrupt non-Covid ops

The third wave of coronavirus, if it arrives, will see some key changes in the way patients are hospitalised in the city. Primarily, jumbo hospitals will act as the first line of response, while the medical colleges will be mobilised once the field hospitals have saturated.

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24/06/2021 07:07:37 India administers over 63.2 lakh doses on June 23, 2021

India administered over 63.2 lakh doses of COVID-19 vaccines until 9.30 p.m. on June 23. After registering a drop on June 22, the number of doses administered improved again on the third day since the government’s revised vaccine policy came into action.
Madhya Pradesh recorded the highest number of vaccinations (11 lakh) followed by Uttar Pradesh (7.2 lakh) and Maharashtra (6 lakh).
 

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14/06/2021 07:21:02 Foreign exchange reserves cross $600 billion mark for first time

The country's foreign exchange reserves crossed the USD 600 billion mark for the first time after increasing by USD 6.842 billion in the week ended June 4, RBI data showed on Friday. 

The reserves surged to a record USD 605.008 billion in the reporting week, helped by a rise in foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI). 

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10/06/2021 10:33:05 Narendra Modi speech highlights: PM announces free vaccine for all 18+, Oppn says ‘thanks for acceding to our request’

In his address to the nation, Prime Minister Narendra Modi Monday announced a centralised Covid-19 vaccine policy. “Twenty-five per cent of the vaccination work with states will now be handled by the Centre, it will be implemented in the coming two weeks. Both State and Centre will work as per new guidelines in the coming two weeks,” Modi said.

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31/05/2021 02:50:16 Cases Down, Recoveries Up. India's Latest Covid-19 Numbers All About Good Positives: 10 Points

After months of battling a more severe, deadlier second wave of the Covid-19 pandemic that forced several states to impose lockdown-like restrictions to contain the spread, numbers have finally begun to slide. And the trend was desperately awaited.

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25/05/2021 11:09:46 Delhi sees lowest daily addition in Covid cases since March 27; positivity rate at 2.52%

Delhi recorded 1,550 new COVID-19 cases on Monday, while the positivity rate rose to 2.52% after it was 2.42% on Sunday.After recording less then 200 deaths on the trot, the number of people succumbing to the disease rose to 207 in the last 24 hours, according to the health bulletin.
Delhi had recorded 2,260 cases on Saturday, 3,009 on Friday, 3,231 on Thursday and 3,846 on Wednesday.

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24/05/2021 07:25:31 Covid situation stabilising with positivity rate, daily cases and active cases reducing: Govt

The COVID-19 positivity rate has declined from 24.83 per cent on May 10 to 12.45 per cent on May 22, the Union health ministry said on Saturday.
Addressing a press briefing, Niti Aayog member (health) VK Paul said that though there has been an overall decline in case burden but the positivity rate is still over 10 per cent in 382 districts.
The COVID-19 situation is stabilising with positivity rate, daily cases and active cases reducing, Paul said...Read More

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21/05/2021 07:22:23 Convention, exhibition centres brought under infrastructure sector

The government has expanded the definition of infrastructure to include exhibition-cum-convention centres.
A finance ministry notification said convention and exhibition centres had been included in the harmonised master list of infrastructure sub-sectors under the social and commercial infrastructure sub-sector...Read More

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20/05/2021 07:20:30 The cumulative number of COVID-19 vaccine doses administered in the country stands at 18,69,89,265

An increase by few a thousand new Covid-19 cases was seen in the country in the last 24 hours with 2,67,334 more people testing positive, said the Union health ministry on Wednesday. The number stood at 2,63,533 on Tuesday. With the addition of fresh infections, the cumulative caseload in the country has reached 2,54,96,330...Read More
 

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19/05/2021 06:49:23 With Covid cases declining, is worst of second wave over? Here’s what latest data suggests

As the overall numbers suggest, the pandemic might be slowing down in Delhi, with the capital now reporting a fifth of new cases that it used to report during the peak of the second Covid wave. Several other data points indicate the same....Read More

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17/05/2021 05:08:56 Overall Covid-19 situation stabilising, rate of decline in cases faster than in first wave: Centre

NEW DELHI: The government on Saturday said the rate of the current decline of Covid-19 cases is faster than was the case in the first wave, while the overall Covid-19 situation is stabilising, even as it cautioned against any laxity in containment measures and Covid-appropriate behavior.

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14/05/2021 05:05:20 As Indian economy in an up-cycle revival mode, Autos, BFSI, Capital Goods, Pharma, IT to do well over next 18-30 months, says Sachin Shah of Emkay

During the last year of April and May, the unemployment figures had crossed 15-18 percent across all work age groups, however, this time around, the data is far better and is reflecting just under 2 percent in most of the categories.

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14/04/2021 06:27:02 Indian economy may clock double-digit growth in 2021: Moody's

Moody's expects that given the focus on 'micro-containment zones' to deal with the current wave of infections, as opposed to a nationwide lockdown, the impact on economic activity would be less severe than that seen in 2020
 

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09/11/2020 05:50:19 Indian economy recovering, moving towards sustained growth, says top official

Finance secretary Ajay Bhushan Pandey on Sunday hinted that the Centre is working on another stimulus package to boost the economy. 

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01/10/2020 05:46:22 Unlock 5: Events industry allowed to organise B2B exhibitions

State/ UTs have been given the flexibility to permit such gatherings beyond the limit of 100 persons, outside Containment Zones, after 15th October 2020.

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23/08/2017 09:46:34 The Increasing demand of packaging boxes

Packaging paper and board helps companies safely deliver goods to end users

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18/08/2017 06:19:53 Min 15% value addition must for procurement of imported steel

Imported steel must undergo a minimum prescribed value addition of 15 per cent in order to be eligible for procurement by government departments, the steel ministry said today

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16/08/2017 12:31:07 World Demand for Corrugated Boxes to Grow 3.7%

Low-cost, retail-ready and e-commerce packaging to drive demand to nearly 260 billion square meters in 2019.

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08/08/2017 08:16:29 Machine tool sector plans capacity expansion

Indian machine tool companies to increase capacity and to usher in innovation is likely to spend around Rs. 5,000 crore-6,000 crore in the next five years

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04/08/2017 07:52:07 Paper industry seeks safeguard duty

Faced with rising cheaper imports, especially from the Asean nations due to nil duty regime

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01/08/2017 06:16:00 GST to make steel sector more organized

Steel industry on Saturday said with goods and services tax (GST) rollout unorganized players in the sector will have to move to organized form of doing business.

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16/10/2015 00:00:00 Manufacturing And Travel Are The Sectors To Watch Out For In India : Udo Schwuertzmann

International Trade and Exhibition India Pvt Ltd has big plans for India in the next 3 years. Managing Director of ITEI, Udo Schwuertzmann talks to BW|Businessworld

International Trade and Exhibition India Pvt Ltd has big plans for India in the next 3 years. Managing Director of ITEI, Udo Schwuertzmann talks to BW|Businessworld - See more at: http://www.businessworld.in/video-interviews/manufacturing-and-travel-are-sectors-watch-out-india-udo-schwuertzmann#sthash.J3CScneH.dpuf

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28/05/2015 05:54:32 Concurrent Conference Theme with MMMM 2016 announced by The Indian Institute of Metals – Delhi Chapter

The Indian Institute of Metals – Delhi Chapter announced theme of the concurrent conference programme with MMMM 2016

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29/04/2015 07:39:11 Associate Partner at Paperex 2015

CRI Pumps Limited Confirms as Associate Partner in Paperex 2015

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29/04/2015 07:36:49 Silver Partner at Paperex 2015

Deepak Nitrite Limited Confirms as Silver Partner in Paperex 2015
 

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30/03/2015 07:30:21 Concurrent Conference Programme theme for Paperex 2015

IARPMA to organise Concurrent Technical Conference on "Pulp & Paper Industry : Innovations - Need of the Hour"

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02/03/2015 08:42:00 Paperex South India

Dates Announced for Paperex South India

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13/02/2015 10:38:48 Industry Support for Hand Tools and Fasteners Expo

Support for Hand Tools and Fasteners Expo

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13/02/2015 10:31:06 Industry Support for Paperex

Support for Paperex

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03/02/2015 15:10:30 ITE Acquires Entertainment Technology Events

ITE has acquired Mumbai-based PALM Expo, Music Expo and two publications from Diversified Communications.

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08/06/2023 12:00:00 Hyve marks an exciting new chapter with acquisition by Providence and Searchlight

Hyve is delighted to announce its acquisition by funds advised by Providence Equity Partners L.L.C. (“Providence”) and Searchlight Capital Partners ("Searchlight"). This marks a significant milestone for Hyve, providing strategic support and positioning the company for accelerated growth.

Providence is a premier private equity firm specialising in growth-oriented investments in media, communications, education and technology. Searchlight is a leading global private investment firm known for its flexible approach to value creation and its deep industry knowledge, specifically in the communications, media and financial and business services sectors. With their combined expertise and resources, Providence and Searchlight will provide strong support to Hyve, as it pursues its ongoing strategy to redefine events for future generations.   
 
Mark Shashoua, CEO of Hyve, expressed his optimism for the new ownership, stating, "We are delighted to embark on this new and exciting chapter in Hyve’s journey with two investors who support our vision and strategy. The acquisition provides Hyve with increased opportunities for growth and evolution and will allow us to deliver ever-more game changing impact for our customers, exhibitors, and partners."
 
“We believe Hyve is an outstanding business with a strong platform underpinned by high-quality brands and events,” said Andrew Tisdale, Senior Managing Director of Providence Equity Partners. “We look forward to leveraging Providence’s knowledge and experience investing in the events industry, as well as our capital resources and partnership with Searchlight, to support Mark and his team in pursuing Hyve’s full growth potential, including by enhancing its market-leading events portfolio, accelerating its digital initiatives and omnichannel investment strategy, and through value-enhancing acquisitions.”
 
James Redmayne, Partner at Searchlight, added: “We are looking forward to partnering with Mark and his hugely talented team, alongside Providence, as we embark on the exciting next chapter of Hyve’s journey. The company’s incredible transformation in recent years has established it as an industry leader, with a well-balanced portfolio of leading global events, which provide Hyve’s customer communities with the highest quality opportunities to network and trade. We look forward to fulfilling our promise of being a supportive shareholder and helping the team deliver on its wide range of compelling organic and acquisitive growth plans.”
 
In light of this acquisition, the existing Board of Hyve has stepped down. Mark extended his gratitude to the Board, saying, "On behalf of Hyve, I would like to express my sincere appreciation to our outgoing Board members for their valuable contributions and dedication to the company's success. Their support has been instrumental in the transformation of Hyve into the thriving organisation it is today."
 

The acquisition comes at a time when Hyve has recently concluded a company-wide transformation, leaving it unrecognisable from its past. Its five-year Transformation and Growth programme saw the company completely change shape, refocusing away from emerging markets and onto advanced economies. Leveraging Providence and Searchlight’s financial strength, Hyve aims to further enhance its event portfolio, and deliver new and innovative ways to enhance in-person business connections.

 
About Providence Equity Partners
Providence Equity Partners is a specialist private equity investment firm focused on growth‑oriented media, communications, education and technology companies across North America and Europe. Providence combines its partnership approach to investing with deep industry expertise to help management teams build exceptional businesses and generate attractive returns. Since its founding in 1989, Providence has invested over $35 billion across more than 170 private equity portfolio companies. With its headquarters in Providence, RI, the firm also has offices in New York, London, Boston and Atlanta. For more information, please visit www.provequity.com
 
About Searchlight Capital Partners
Searchlight is a global private investment firm with approximately $12 billion in assets under management and offices in New York, London, Miami and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com
 
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03/05/2023 12:18:16 Shareholders vote in favour of acquisition of Hyve

At a General Meeting, held on 3rd May 2023, all resolutions relating to an offer to acquire Hyve by Heron Bidco Limited (a company controlled by funds advised by Providence Equity Partners L.L.C. and its affiliates), were passed. 

Hyve Group plc ("Hyve") is pleased to announce that, at the Court Meeting and General Meeting held earlier today in connection with the recommended cash offer for the entire issued and to be issued ordinary share capital of Hyve by Bidco (the "Acquisition"), all of the resolutions proposed were duly passed.

Full details of the resolutions passed are set out in the notices of the Court Meeting and the General Meeting contained in the scheme document dated 5 April 2023 (the "Scheme Document"), which, except in relation to access from certain Restricted Jurisdictions, is available on Hyve's website at https://hyve.group/Investors and on Bidco's website at https://www.provequity.com/hyvegroupplc.

Capitalised terms used but not defined in this announcement have the meanings given to them in the Scheme Document.

Read the full announcement to the London Stock Exchange here

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01/02/2023 10:08:28 Appointment of Non-Executive Director

We are delighted to welcome Julie Harris to our Board of Directors. Julie will also become Chair of our ESG Committee. 

Julie-Harris.png

Julie has a leadership and management background in the media and information technology sectors and is currently Chief Executive Officer of Comparison Technologies, a position she has held since November 2019. Julie has over 25 years' experience of working in B2B and B2C media and events businesses delivering on digital transformation and has been a NED of Which? Ltd for the last five years.

Julie has been in executive leadership roles for over 10 years and has led teams in the UK and internationally, launching, acquiring and growing businesses, developing tech products and driving significant value. Julie has created diverse, inclusive and high-performance environments in the organisations she has been a part of. At Hyve, Julie will take on the role of ESG Committee Chair, providing Board-level oversight of the delivery of the Group's ESG strategy.

Richard Last, Chairman of Hyve plc, commented:

I am delighted to welcome Julie to the Board of Hyve. Julie will be an asset to the Group, bringing over 25 years of industry experience leading strategic and digital transformations. I look forward to working with Julie and benefitting from her expertise, as Hyve continues to grow and diversify its products and portfolio.

Julie Harris said:

I am delighted to be joining the board of Hyve Group plc at such an exciting time in the evolution of the business. Out of the impressive transformation programme that Mark and his team have successfully delivered over the last five years, has emerged a portfolio of market-leading events, in advanced economies, with a smart digital diversification strategy and I look forward to being part of the next phase of evolution and growth.

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13/12/2022 07:07:04 Our preliminary results for FY22

Our results for the year ending 30 September 2022 highlight out fast pace of recovery which has delivered strong performance, and detail our now-concluded transformation, which has established a platform for growth. 

  • Hyve is now unrecognisable from its form in 2017, with a streamlined and de-risked portfolio of global, market-leading events and almost 95% of revenue now in advanced economies
  • Full schedule of FY22 events ran outside China delivering revenue of £122.5m (2021: £21.8m1) with a number events outperforming pre-COVID-19 levels 
  • 110%2 revenue recovery compared to pre-COVID-19 levels in the second half and 90%2 revenue recovery for FY22, on a pro forma basis after excluding China3
  • Headline profit before tax of £11.5m (2021: £13.9m1)
  • Headline EBITDA of £23.7m (2021: £28.0m). Excluding the impact of insurance proceeds of £19.3m (2021: £65.0m), headline EBITDA has increased by £41.4m to £4.4m (2021: loss of £37.0m1)
  • Headline diluted earnings per share of 4.2p (2021: 4.9p1)
  • Positive cash generation resulted in adjusted net debt of £71.0m (2021: £79.9m) at the lower end of the £70-90m guidance range from the beginning of FY22
  • As a result of the £135 million refinancing completed in October 2022, the Group has a strengthened balance sheet with facilities committed to Autumn 2026 and the financial security to drive further organic growth
  • Entering 2023 with momentum and good visibility of earnings through strong forward bookings of £98m (FY22: £67m1)

Mark Shashoua, CEO of Hyve Group plc, commented:

2022 has been a year of significant achievements for Hyve as we drew a line in the sand on the past. The business is unrecognisable from its form in 2017. We have successfully delivered on our ambitious structural transformation and today's results show the significant progress we have made delivering an industry leading recovery and performance. This is a testament to the hard work of everyone at Hyve and I want to express my sincere thanks to our whole team.

"Our portfolio of market-leading events is now de-risked, with almost 95% focused on advanced economies with an emphasis on digital-ready growth sectors. The most significant change to our portfolio during the year was the sale of the Russian business following Russia's invasion of Ukraine. I am pleased that we were able to find an outcome which answered our compliance with sanctions and moral obligations, while also offering stability to our 200+ former Russian colleagues and providing the best opportunity to realise value for the business.

"We continue to invest in our digital diversification and product extensions to deliver the highest quality customer experience and unbeatable return on investment. Hyve now has a strong platform from which to deliver growth and sustainable long-term value.

"While we are mindful of the global economic headwinds, we are reassured by the strong visibility of future earnings, cash generative business model and forward bookings of £98m. We continue to see customers choosing market leading events even in times of economic downturn, as evidenced by double-digit growth in like-for-like customer spend for the third consecutive year going into 2023.


Strategic and operational highlights

  • Successfully completed portfolio transformation with full return of events outside China and strong performance across all KPIs
  • Streamlined and de-risked portfolio, focused on advanced economies following disposals of Russia, Ukraine, Turkey, Indonesia and ABEC
  • Growing omnichannel portfolio strengthened by acquisitions and successful integration of 121 Group and Fintech Meetup
  • NPS scores well above industry average and pre-COVID-19 levels
  • Organic growth being driven through product extensions such as Ahead by Bett, Shoptalk Europe and Green Energy Africa and the launch of full-scale meeting programmes following successful trials in FY22
  • Meaningful progress in embedding ESG strategy across the business

Outlook

  • Strong forward bookings and customer like-for-like spend with FY23 on track to be the third consecutive year of double-digit growth, providing good visibility and confidence in the year ahead
  • Clear demand for Hyve events with further new launches planned in 2023
  • Proportion of tech-enabled revenues expected to grow as multiple full-scale tech-enabled meetings programmes are rolled out
  • Planned investments into growth initiatives to scale up tech-enabled meeting programmes will have a positive impact on revenue and profitability
  • Well positioned to deliver operating profit margin growth to ahead of pre-COVID-19 levels over the medium term

Read the full report here


1 Results for the year ended 30 September 2021 have been restated for the treatment of the Russian, Ukrainian and Turkish businesses as discontinued operations as disclosed in note 12 to the consolidated accounts.
2 As no events were able to run in China in the year, FY22 China revenues were £nil. The FY19 revenues for China have been removed to show the recovery level of events that were able to run during the year.
3 Recovery is assessed with reference to pro forma FY19 revenues. The FY19 revenues have been adjusted to include the FY19 results of acquisitions made since September 2019 and to exclude the FY19 results of businesses that have since been disposed of. The FY22 revenues are after excluding discontinued operations in respect of Russia, Ukraine and Turkey.
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05/10/2022 06:48:05 Our FY22 pre-close trading update

Our latest trading update shows a full revenue recovery during the second half of the year and strong trading trajectory going into FY23. We also announce our agreement to sell our Turkish business. 

Hyve Group plc, the next-generation global events business, today announces a trading update for the year ended 30 September 2022, prior to entering its close period ahead of its preliminary results announcement.

The Group has delivered revenue for FY22 of approximately £122m (2021: £22m), after excluding revenues from discontinued operations in respect of Russia, Ukraine and Turkey, having successfully run a full schedule of events outside China in FY22. This represents more than 85% recovery on a pro-forma basis[1] when compared to FY19, or more than 90% excluding China where there remains considerable disruption to event schedules.

The speed of recovery has surpassed expectations and combined with strong like-for-like customer spend demonstrates that the demand for high-quality market leading events continues to grow. This has resulted in another year of headline profitability with less reliance on insurance proceeds, which have reduced to £19m (2021: £65m), and a return to positive headline EBITDA without insurance proceeds.


Many in-person events already outperforming their pre-COVID editions

The pace of in-person event recovery accelerated throughout FY22. Despite disruption caused by the Omicron variant in the first half of the year, revenue recovery compared to FY19 pro-forma revenues1 was still approximately 75% in H1. This increased in the second half to approximately 100%, even without the Group's events in China in the final quarter of the financial year which did not take place due to COVID related restrictions.

In September, two of the Group's largest events, Autumn Fair (UK) and Groceryshop (USA), took place and both significantly outperformed their previous editions. Groceryshop performed especially well, reporting revenues more than 40% higher than its largest pre-COVID edition and attracting more than 3,000 attendees.


Expansion of omnichannel portfolio

During the financial year the Group made significant progress in the continued development of its omnichannel strategy, including the rollout of further tech-enabled meetings programmes at in-person events, as well as the delivery of several successful fully online programmes.

In addition, the strategic acquisitions of 121 Group and Fintech Meetup expanded the size and diversity of Hyve's omnichannel products.

The Group ran 14 tech-enabled programmes in FY22, compared with four in FY21. These include a combination of digitally powered meeting programmes at in-person events and fully online experiences.


£135m debt refinancing and year-end net debt at lower end of guidance

As announced on 3 October 2022, the Group has signed new debt facilities totalling £135m, comprising a £115m term loan and a £20m super senior revolving credit facility ('SSRCF'). The new debt facilities will replace the Group's previous debt facilities, with the £101m debt at 30 September 2022 to be repaid in full on 20 October 2022 when the new funds are to be drawn.

As of 30 September 2022, the Group's adjusted net debt[2] was approximately £72m, which is at the lower end of the previously stated FY22 year-end guidance of £70m-£90m following strong trading performance and cash generation.


Disposal of Turkish Business in line with the Group's strategy

The Group has continued to streamline its portfolio, in line with its strategy to focus on market leading events in advanced economies, and has entered into an agreement to sell Hyve Fuarcılık Anonim Şirketi and its subsidiaries (the "Turkish Business") for consideration of up to £8m to ICA (JV) Limited.

The Group will receive consideration of £2m on completion, less customary working capital adjustments, and between £4m and £6m of deferred consideration, payable over the six year period until December 2028 based on the profitability of the Turkish Business.

The Turkish Business operates five events in Turkey and for the year ended 30 September 2021 reported a loss before tax of £0.7m. As of 30 September 2021, the Turkish Business had gross assets of £1.9m.

The Directors intend to use the proceeds to reduce the Group's net debt. Completion of the disposal is conditional on completion of the Group's refinancing announced on 3 October 2022.

The disposal of the Turkish Business, following the management buyout of Ukraine announced on 17 July 2022, completes the disposal in full of the Group's Eastern & Southern Europe division. Added to the exits from Russia and Indonesia earlier in the year, the Group has significantly reduced its exposure to more volatile countries and FX rate fluctuations.

The Group's operations are now more concentrated in advanced economies and its US presence has significantly increased compared to previous years. Approximately 30% of the Group's revenues are now generated in the US and therefore the recent strengthening of the dollar against sterling is expected to have a positive impact on the Group's results in FY23.

Strong forward bookings and growth in customer spend give confidence in the outlook for FY23

Positive trading momentum continues as the Group starts FY23, with forward bookings of approximately £68m giving confidence in the year ahead. This compares to £50m this time last year going into FY22[3], which included significant rollovers from events cancelled in FY21. The continuous improvement in trading performance is a testament to the Group's high-quality market leading events enhanced by the successful roll-out of the omnichannel strategy across the portfolio, despite challenges across the wider economic and geopolitical environment.

Uncertainty around running events in China remains, but the Group notes relaxation of the COVID-19 related rules on a region-by-region basis and currently plans to run a full schedule of events in China in FY23. China represents less than 10% of Group revenues.

Mark Shashoua, CEO of Hyve Group plc said:

It is clear that our business has now almost fully recovered from the turbulence of the last two years, and in many cases, we are pleased to have delivered significant growth compared to pre-COVID performance.

"The continued growth of customer like-for-like spend reinforces our strategy of focusing on only market leading events as customers are clearly directing marketing budgets towards key events in their sectors.

"In terms of our geographical focus, we continued to concentrate our capital on high growth industries in advanced economies. The sale of the Turkish Business announced today is another milestone in this direction. We are pleased to have found the right buyer who can offer the necessary investment and support to the team, along with regional expertise. I would like to thank all of the people in the Turkish Business and wish them the best in all of their future success.

"Looking ahead, we must of course remain vigilant/mindful of macroeconomic challenges, however we are optimistic about the next 12 months and this optimism is underpinned by strong forward bookings and an increase in like-for-like customer spend. We enter FY23 with a de-risked and concentrated portfolio of market leading events, clear opportunities for continued growth - both through analogue and digital - and our ever-present commitment and energy to make those a reality.




The Group will be publishing its preliminary results for FY22 on 13th December 2022.

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03/10/2022 11:27:53 Refinancing of debt facilities

Having refinanced the Group's debt, Hyve has new debt facilities totalling £135m 

New £135m debt facilities

Hyve Group plc, the next-generation global events business, today announces the refinancing of the Group's debt. New debt facilities totalling £135m have been signed, comprising a £115m term loan and a £20m super senior revolving credit facility ('SSRCF').

The new debt facilities will replace the Group's previous debt facilities, with the £101m currently drawn to be repaid in full on 20 October 2022 when the new funds are to be drawn.

The £115m term loan is provided by certain funds and/or accounts of HPS Investment Partners, LLC or subsidiaries or affiliates thereof and is repayable over the next four years. Interest is initially payable at a rate of 7.75% over SONIA1. A minimum liquidity covenant of £21m is in place up to and including August 2023. Thereafter a net debt to adjusted EBITDA ratio applies, flatlining at 3x.

The £20m SSRCF is provided by HSBC UK Bank PLC and is available over the next three years and nine months. Interest is initially payable on drawn amounts at 3.5% over SONIA2 with a commitment fee of 35% (i.e. 1.225%) payable on undrawn amounts.

Current trading

As announced in the Group's trading update on 27 June 2022, the pace of in-person event recovery in FY22 has exceeded anticipated levels. This trend has continued over the final three months of the financial year in all markets with the exception of China where restrictions continue to disrupt our event schedule and resulted in the cancellation of the August Chinese events.

In September two of the Group's largest events, Autumn Fair and Groceryshop, took place and both significantly outperformed their previous editions. Groceryshop in particular outperformed expectations, reporting revenues more than 40% higher than the largest pre-COVID edition of the event.

Positive trading momentum continues as we approach FY23, with forward bookings for the next financial year currently in excess of £65m. This gives confidence in the FY23 outlook such that that the incremental debt service cost attributable to the increased margin over SONIA is expected to be offset by improved trading performance.

As of 31 August 2022, the Group's cash position was £34.7m and adjusted net debt3 £66.4m, on track to be towards the lower end of the previously stated FY22 year end guidance of £70m-£90m.

Mark Shashoua, CEO of Hyve Group plc said:

I am pleased that we have secured new debt facilities with two partners that share our vision and are aligned with our ambitions. With the continued accelerated pace of recovery, we now have the long-term financial footing to further advance our organic growth and omnichannel strategy.

 

1 Subject to a margin ratchet, with a margin range of 7.5% to 8.0% over SONIA

2 Subject to a margin ratchet, with a margin range of 2.5% to 3.5% over SONIA

3 Adjusted net debt is defined as cash and cash equivalents after deducting bank loans. This is therefore prior to any lease liabilities recognised on the balance sheet and it is excluding cash presented as held for sale.

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05/09/2022 09:27:00 Resignation of Non-Executive Director

Anna Bateson, Non-Executive Director, steps down from Hyve Group plc Board following appointment as CEO of Guardian Media Group. 

Hyve Group plc, the next-generation global events business, today announces that, following her appointment as the CEO of the Guardian Media Group, Anna Bateson, Non-Executive Director, has tendered her resignation from the Board of Hyve Group plc ("the Board), effective on 16 September 2022.

Anna joined the Board on 1 March 2022. She is Chair of Hyve's ESG Committee and a member of the Remuneration and Audit Committees. Jo Rabbett, the Group's Chief of Staff, will act as an interim Chair of the ESG Committee.

Richard Last, Chairman of Hyve Group plc, commented:

"On behalf of the Board, I would like to extend my gratitude to Anna for her contribution to Hyve since her appointment earlier this year. While we are disappointed not to have benefited from her valuable experience and insights for longer, we are extremely supportive of her new appointment and look forward to witnessing her success at GMG."

The process is now underway to appoint a new Non-Executive Director and a further announcement will be made in due course.

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