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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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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27/06/2022 08:02:25 Our latest trading update

This trading update, covering the period between 1 April to 24 June 2022, shows the continuation of a faster than anticipated recovery and an improved net debt position 

Hyve Group plc, the next-generation global events business, today announces a trading update for the period from 1 April to 24 June 2022.

Pace of in-person event recovery considerably ahead of anticipated levels

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. This included some of our major brands, such as Mining Indaba, CWIEME Berlin and Breakbulk Europe, which all delivered increases in like-for-like customer spend compared with their previous editions. In addition, following the highly successful US edition of Shoptalk in March, which became Hyve’s largest event by revenue in history, the Group launched the geo-cloned Europe edition – Shoptalk Europe – in June. This inaugural event almost doubled expectations, attracting over 3,000 attendees from more than 50 countries.

Continued omnichannel evolution

Five tech-enabled meeting programmes also took place during the quarter, including the inaugural Shoptalk Europe, facilitating over 4,700 one-on-one, pre-matched, algorithmically scheduled meetings.
CWIEME Berlin also trialled ‘Meet the Engineer’ and, based on this successful pilot, a full facilitated meetings programme will be rolled out in 2023.

In addition, a number of 121 Mining Investment programmes took place during the quarter, including the first co-located event with Mining Indaba since Hyve’s acquisition of 121 Group in November. This delivered over 1,800 meetings making it the largest programme delivered by 121 Group.

This brings the total number of events for the year to date to 30, which includes 13 tech-enabled programmes.

Strong forward bookings momentum

Forward bookings1 for the full year are currently £122.3m, which excludes £6.5m of bookings for the August Chinese events. This also excludes revenue for events in Ukraine which continue to be postponed until further notice. This performance has been underpinned by the ongoing demand for market-leading in-person events, enhanced by the continued execution of the Group’s omnichannel strategy, and despite COVID-19 disruption in some geographies and challenges across the wider geopolitical environment.

While there continues to be uncertainty around running events in China in the near term, the Group notes the beginning of a relaxation of COVID-19-related restrictions in certain regions, however this situation remains fluid.

Bookings for Groceryshop, due to be held in September, are tracking in line with expectations and are expected to exceed the pre-COVID-19 edition.

Disposal

The Group continues to streamline its portfolio focusing on events which are, or have the potential to be, market-leading. In June the Group completed the disposal of its loss-making 50% interest in Debindo Unggul Buana Makmur in Indonesia, for a total consideration of £0.5m.

This five-year drive for quality has fundamentally changed the makeup of the Group’s in-person event portfolio, which has gone from 269 events, with a c. 90% weighting towards emerging markets, to a de-risked portfolio of 50 market-leading events, 88% of which are rooted in advanced economies.

Improved net debt position

Net debt at 31 May 2022 reduced to approximately £53m (31 March 2022: £64m) which includes the receipt of insurance proceeds of £8.7m in May and bookings for upcoming events. The Group maintains its strong liquidity position, with net debt tracking at the lower end of previously stated year end net debt guidance of £70m-£90m. The refinancing process is in progress, with the Group in discussions with existing and prospective lenders.


Mark Shashoua, CEO of Hyve Group plc 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.

The launch of Shoptalk Europe delivered exceptional results and was a prime example of how best to capitalise on organic growth and demand. With our in-person event portfolio now streamlined, our strategy going forward is to shift our focus from geographies to sectors, and Shoptalk Europe perfectly demonstrates the opportunities presented by industries which are experiencing growth themselves, as well as tech-led disruption.

Our success this quarter has been strengthened by the continued delivery of our omnichannel strategy, which introduces additional opportunities for our customers to connect, network and trade.

Once again, I would like to thank our global teams who, despite the significant disruption they have faced in recent years, remain committed to constantly innovating and delivering exceptional quality for our customers.


The person responsible for arranging for the release of this announcement on behalf of Hyve Group plc is Jared Cranney, Company Secretary.

Enquiries:
Mark Shashoua, John Gulliver, Marina Calero | Hyve Group plc | +44 (0)20 3545 9400
Charles Palmer, Dwight Burden, Jamille Smith | FTI Consulting | +44 (0)20 3727 1000

About Hyve Group plc
Hyve Group plc is a next-generation global events business whose purpose is to bring together and connect entire sector ecosystems from all corners of the globe. We meet our customer needs to learn, network and trade via both market-leading in-person and online events. Hyve Group plc is all about globally consistent best practice and unrivalled quality. 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. Hyve's market-leading portfolio of global brands includes: Shoptalk, Spring Fair, Bett, Mining Indaba and the recently acquired Fintech Meetup, which is defining the future of events for the fintech ecosystem and uses state-of-the-art technology to power its world renowned meetings programme.

Where business is personal, where meetings move markets and where today's leaders inspire tomorrow's.
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24/05/2022 06:36:10 Announcement of our half year financial results for 2022

These results demonstrate strong trading and a faster pace of recovery than anticipated, despite macro challenges

  • Continued recovery of in-person events at a rate faster than anticipated, with some surpassing pre-pandemic levels

  • Events in China disrupted by reinstatement of COVID-19 restrictions, which also impact Chinese international travel  

  • Market leading high-quality events driving customer spend and strong forward bookings

  • De-risked portfolio following Russian exit and strategic acquisitions enhancing omnichannel strategy

  • Entering the second half of FY22 with momentum and a streamlined portfolio of market-leading, omnichannel products, focused on high growth industries

 
Mark Shashoua, CEO of Hyve Group plc, commented:
‘Over the last six months we have, once again, had to respond to challenges outside of our control. Thanks to the hard work of our people around the world, not only did we successfully navigate these challenges, but we are now seeing a strong recovery and have moved significantly closer to our long-term vision, more quickly than expected.
 
Hyve is almost unrecognisable compared with just five years ago. Having evolved from a predominantly emerging markets business, today we have a de-risked portfolio of market leading events, mostly focused on the UK, US and European markets. As such, going forward our focus will be on sectors, rather than geographies. This is a significant shift for Hyve, but absolutely the right one for creating sustainable value for stakeholders.
 
We continue to expand our brands by launching new products, such as Shoptalk Europe, Ahead by Bett, Green Energy Africa and the first in-person Fintech Meetup event, and applying new propositions, such as our facilitated meetings programmes. This innovation is crucial to our success, and we continue to invest in our future growth.
 
We expect the strong momentum we have seen in the first half of the year to continue. Our in-person events are recovering faster than anticipated, with many having already fully recovered. Whilst there are clearly global economic and geopolitical headwinds, the Group is in a strong position with renewed confidence. This will serve Hyve well when navigating through any potential challenges.

 

Financial headlines
Results from continuing operations1

Six months to
31 March 2022

Six months to
31 March 2021

 

 

 

Volume sales

104,600 m2

24,800 m2

Revenue

£58.6m

£5.0m

Headline profit before tax2

£9.5m

£29.4m

(Loss) / profit before tax

(£11.5m)

£20.5m

Insurance proceeds3

£10.6m

£49.0m

Adjusted net debt4

£64.4m

£92.4m

Headline diluted earnings per share5

2.1p

9.1p

  1. Results from continuing operations only. Results for the six months to 31 March 2021 and year ended 30 September 2021 have been restated throughout the Interim Results to exclude the results from the Russian business which are presented as discontinued operations.
  2. Headline profit before tax is defined as profit from continuing operations before tax and adjusting items, which include amortisation of acquired intangibles, impairment of assets, profits or losses arising on disposal of Group undertakings, transaction costs on completed and pending acquisitions and disposals, tax on income from joint ventures, gains or losses on the revaluation of deferred/contingent consideration and on equity option liabilities over non-controlling interests, and imputed interest charges/credits on discounted deferred/contingent consideration – see note 3 to the condensed consolidated interim financial statements for details.
  3. The gross proceeds from insurance claims under the Group’s cancellation insurance policies are recognised in the income statement when the receipt of the proceeds is virtually certain. Of the £10.6m (2021: £49.0m) recognised in the period, £nil (2021: £34.2m) is in respect of FY20 events cancelled in FY20 and £10.6m (2021: £14.8m) is in respect of FY21 events cancelled in the prior year.
  4. 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.
  5. Headline diluted earnings per share is calculated using profit attributable to shareholders from continuing operations before adjusting items – see notes 3 and 6 to the condensed consolidated financial statements for details. The headline and statutory results have been restated as a result of a prior period adjustment and for discontinued operations in order to provide a comparative measure – see note 1 and note 7 to the condensed consolidated interim financial statements for details. As a result, basic and diluted and headline basic and diluted earnings per share for March 2021 have also been restated.

Financial performance ahead of expectations as events recover faster than expected

  • £58.6m revenue (2021: £5.0m), ahead of full year revenues for FY21 and reflecting the return to pre-pandemic schedule of events with the exception of China

  • Headline profit before tax of £9.5m (2021: £29.4m). Excluding the impact of insurance proceeds received of £10.6m (2021: £49.0m), the Group’s headline profits would have increased by £18.5m, which reflects the strong recovery of the Group’s events

  • Adjusted net debt improved to £64.4m (2021: £92.4m) as a result of a return to positive operating cashflow and insurance proceeds

  • Liquidity position of £140.5m (2021: £122.6m) has been maintained despite macroeconomic headwinds faced

  • Covenant waivers secured up to and including March 2023 and, following the sale of the Russian business, a refinancing process has commenced

Strategic highlights

  • 21 (2021: seven) in-person events ran with a faster pace of recovery than expected, and some having surpassed pre-pandemic levels:

    • Domestic events attendance substantially recovered

    • International business travel resuming faster than previously anticipated, except to and from China

    • Continued investment in in-person events with the rollout of facilitated meetings on Spring Fair and Bett

    • Launch of new in-person events in response to customer demand: Ahead by Bett in the first half of the financial year; Shoptalk Europe in the second half and Fintech Meetup and Green Energy Africa Summit in 2023

  • Almost full return to pre-pandemic event schedule, with the exception of China

  • Exceptional performance from the first Shoptalk to run under Hyve ownership outperforming all expectations by delivering a double-digit increase in like-for-like revenue compared to its 2019 edition

  • Continued expansion of omnichannel portfolio in key digital transformation ready sectors, with eight (2021: one) tech-enabled programmes successfully delivered in the reporting period

  • Strategic acquisitions of 121 Group and Fintech Meetup accelerate the rollout of the Group’s omnichannel strategy

  • Diversifying the Board with two new Non-Executive Directors, Anna Bateson and Rachel Addison, who joined Hyve on 1 March 2022, following the departures of Stephen Puckett and Sharon Baylay

Continued support of Ukrainian colleagues

  • The Group continues to be in regular communication with those usually based in Ukraine. Salaries have been paid early and support offered to all staff, including relocation assistance

  • Events in Ukraine postponed until further notice

Exit of Russian market

  • In response to the ongoing conflict in Ukraine, the Group announced its intention to exit the Russian market on 15 March 2022; on 13 May 2022 the Group completed the disposal of the Russian business for a maximum cash consideration of up to £72 million, wholly structured as earn out consideration payable over a ten-year period; the group retained c. £10m from the Russian business prior to closing the sale (see note 7)

  • This solution provided stability for the local team, while crystalising some value for shareholders

  • The sale of the Russian business accelerated the Group’s portfolio refocus towards advanced economies and omnichannel-ready sectors

Outlook

  • Momentum continuing into the second half, with forward bookings of £118m (2021: £28m) for FY22

  • COVID-19 related restrictions continue to have an impact, concentrated in China, affecting domestic events and Chinese participation in the Group’s other events

  • Clear omnichannel growth opportunities lie ahead through the roll out of further facilitated meetings programmes

  • Net debt for the year ending 30 September 2022 expected to be in the range of £70m - £90m

  • Over the medium term, we expect to return to the level of operating profit margins achieved prior to the COVID-19 pandemic

  • Following a successful first half, Hyve enters the second half of FY22 with a de-risked and streamlined portfolio of market-leading, omnichannel products, concentrated in growing industries.

Analyst and investor conference call and webcast

There will be an analyst and investor presentation hosted by Mark Shashoua, Chief Executive and John Gulliver, Chief Finance and Operations Officer at 9.30 a.m. today. To join presentation please use the following link:
https://kvgo.com/IJLO/Hyve_HY22_Interim_Results
There is also a facility to join the presentation and Q&As via a conference call. Participants should dial:
 
UK Toll Free: 0808 109 0700
UK-Wide: +44 (0) 33 0551 0200
New York New York: +1 212 999 6659
USA Toll Free: 1 866 966 5335
 
and quote Hyve HY22 Results when prompted by the operator.
 
A playback facility will be available shortly after the presentation had finished

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12/04/2022 14:21:57 Further omnichannel evolution through the acquisition of Fintech Meetup

Fintech Meetup is the leading US financial technology event and this multi-year partnership forms part of a plan to create the biggest and best in-person and virtual fintech events.

"The addition of Fintech Meetup to our group delivers on Hyve’s goal to acquire market-leading events in large industries that are undergoing dramatic, decades-long, technology-driven changes," said Mark Shashoua, Chief Executive Officer of Hyve.

Fintech Meetup is the world’s largest fintech meetings event and was founded by event industry disrupters and fintech industry insiders Anil Aggarwal and Simran Rekhi Aggarwal - the same creators of online networking platform Retail Meetup, which Hyve acquired in December 2020.

“We're thrilled to become part of Hyve to accelerate the growth and transformation of all areas of fintech, banking and financial services through our ground-breaking events which focus on delivering significant value across the whole sector. Hyve's solid track record of investing in and growing its acquisitions, including Shoptalk, gives us every confidence in the success of Fintech Meetup's future.” said Jonathan Lear, President of Fintech Meetup.

Fintech Meetup announces in-person event for 2023

“Having facilitated over 250,000 requests to meet and 50,000 virtual meetings since we started Fintech Meetup last year, we're now excited to launch in-person events. Our March 2023 Las Vegas event is designed to be the key kickoff event for the entire fintech industry at the beginning of every year, and will enable us to quickly build the biggest and best U.S. fintech events,” said Jonathan Lear. The event, which is set to become the big annual Q1 kickoff event for the fintech industry, will bring a fresh approach to Fintech Meetup and will enable attendees to unlock new opportunities to connect and collaborate, offer co-located events, experiences, and activations through industry partnerships, while ensuring unmatched value for money and measurable return on investment.

Hundreds of organizations from across the fintech ecosystem are supporting the launch of Fintech Meetup, including Visa, Bank of America and Microsoft. 

"In a short space of time, Fintech Meetup has delivered significant value to thousands of individuals and organizations across the industry and established itself as a leading hub of the sector,” said Mark Shashoua. “It holds tremendous potential for short- and long-term growth, especially with its first in-person event scheduled to take place in just 12 months.” 

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30/03/2022 11:28:28 "Inclusion is an action"

Our Chief of Staff, Jo Rabbett, talks about how we're empowering women at Hyve 

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Recognising Women’s History Month in the workplace offers us an opportunity to take a moment and reflect. We often get caught up in the time constraints of deadlines and work, and I believe that taking the opportunity to celebrate women’s achievements internally and externally should be an essential priority for us all. For Hyve, creating an environment where women – and all of our employees – thrive, allows the business to make a positive difference to our culture and to make an impact in our wider industry.  

We want to create an environment where individuals feel empowered to reach their true potential. This is crucial as we seek to create a talent pipeline for the future. I am particularly proud of the efforts made by some of our colleagues on the AEO Women in Exhibition Committee as it is essential to us to not only be the best we can be internally, but also to push boundaries in the event space on equity and inclusion. 

As a part of our ESG strategy, we aim to have a minimum of 33% female leaders across our senior teams, and as we stand today, we have exceeded that with 45% of Hyve Leadership Team roles now held by women.  However, we recognise that there are areas in which we need to do more. Speaking directly about the results of our 2020 Gender Pay Gap Report, we have set specific KPIs to reduce the pay gap and dedicate our efforts to creating a more equitable environment. The results of our 2020 report were directly impacted by the effects of the pandemic, as many of those placed on furlough were women. But, with our renewed commitment to progressing the trajectory of women into senior roles, we expect that the next time we report we will see a difference for the better – our commitment is there.  

Hybrid working has provided balance and flexibility that didn’t exist before COVID and this benefits women. The reason behind this evolution was negative, but I see some of the changes we're experiencing as positive, and they have allowed us to see that hybrid working can work.

As I continue to reflect on the meaning of Women’s History Month, it is essential to me that our ESG and inclusion efforts are an executive-level priority and that starts with increasing our understanding of the many issues women face. As a leadership team, we have recently undergone very impactful unconscious bias training which is now being rolled out to the wider business. We are in a privileged position, and we are responsible for ensuring that inclusion barriers are removed. Considering things such as language in our job descriptions can make a huge impact on the confidence level of women as they apply for roles at Hyve – our choices can make unintentional dissuasions for applicants, with a higher impact on women.  

Our HR team is developing a global inclusivity calendar to raise awareness and celebrate individuality across all teams, and we know that our approach to people can’t be a one size fits all. Above all, I am committed alongside our leadership team to creating a supportive environment where our people can thrive.  

I speak frequently about Hyve being an employer of choice, and that is the ambition that we are working towards making a reality. We are not making these efforts just to tick a box, we really want to make positive change.  

As we close out Women’s History Month, I believe it is important to acknowledge that inclusion is an action, and is an open-ended journey. ESG is becoming embedded into every aspect of our business, and it is my goal to make sure that we are laser-focused on empowering every single one of our people, and opening our doors to people from all backgrounds. 

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