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Hyve Group starts 2020 with “stronger portfolio of events than ever before”

In the year to 30 September, Hyve swung to a pre-tax profit of £8.7mln from the £3.7mln loss recorded in 2018

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Hyve organises events across the world

Hyve Group PLC (LON:HYVE) said it is entering the new financial year with a “stronger portfolio of events than ever before”.

The company underwent a series of changes over the past three years, including a rebranding from its former name ITE Group, to create a more balanced international presence operating from offices around the world.

Hyve slashed the number of events it hosts to 130 from the 269 recorded in 2017, but revenue still increased over the year.

The transformation programme is set to close in 2020, on its fourth year, when the focus will shift externally to improving customer relations.

In the year to 30 September, Hyve swung to a pre-tax profit of £8.7mln from the £3.7mln loss recorded in 2018, while like-for-like revenue was up 7% to £220mln.

Cash at the end of the period was £33mln and earnings per share were 0.4p against a loss per share of 1.6p.

In a note to clients, City broker Peel Hunt reiterated an 'add' rating and 90p target price on Hyve shares. Its analysts said: “We are pleased to see profit growth outstripping good top-line growth. We look for this trend to continue and to extend to the EPS level."

In early morning trade, Hyve shares were 0.1% higher at 82.80p.

Quick facts: Hyve Group PLC

Price: 84 GBX

LSE:HYVE
Market: LSE
Market Cap: £222.71 m
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