Hyve Group PLC (LSE:HYVE) said trading was strong in the six months to end-March 2022 as its events schedule largely returned to pre-pandemic levels and announced the sale of its Russian business following client pressure.
The global events company put the Russian business up for sale last month due to the conflict between Russia and Ukraine and following feedback from its shareholders and from several customers who had threatened to boycott the company's Western events if Hyve continued to operate in Russia.
Hyve reported first-half revenue of about £58mln, excluding Russian revenues of about £17mln, up from £5mln in the year-earlier period as western markets reopened following the COVID-19 pandemic, the company said in a trading update.
With the exception of China, a full schedule of events is expected to run in the financial year, it said.
Forward bookings for the full year are currently £103mln, excluding bookings for Russian and Ukrainian events, helped by pent-up demand for in-person events.
Hyve conditionally agreed to sell its Russian business for a maximum £72mln in cash to newly formed company Rise Expo Ltd, which it said will be majority owned by a German national.
Hyve said it expects to report a loss on disposal of its Russian business and added that it will carry out a review of its group costs to ensure that they are aligned with the reduced size of the company.
The group has operated in Russia since 1991.
-- Adds details on Russian disposal --