Hyve Group PLC (LSE:HYVE) shares leapt 17% on Wednesday morning after the events group revealed its recovery in the past year has been speedier than expected.
Revenue for the year to 30 September 2022 will be roughly £122mln (2021: £22m), excluding revenues from discontinued operations in Russia, Ukraine and Turkey.
The group, which used to be called ITE Group, said it ran a full schedule of events if does not include China, where it said there remains “considerable disruption to event schedules”.
This represents more than 85% recovery on a pro-forma basis when compared to the pre-pandemic financial year to September 2019, or if excluding China this would rise above 90%.
Demand for high-quality events is continuing to grow despite the macro environment, Hyve said, with its increased emphasis on its ‘omnichannel’ strategy since the pandemic, with 14 tech-enabled programmes run during the year, compared with four in the previous year.
The shares jumped to 58.5p in early trading, still some way from the 115p seen in February.
Earlier in the week, the group announced it has successfully refinanced its debt with a new £115mln term loan and a £20mln senior revolving credit facility.