(Alliance News) - Hyve Group PLC on Tuesday said it swung to an annual loss on a drop in revenue as Covid-19 caused face-to-face events to be cancelled around the world, but it expects trade to increase in 2021, particularly in the second half.
Hyve shares were up 17% at 96.80 pence each in London on Tuesday morning.
The London-based exhibitions and conferences organiser posted a pretax loss for the financial year ended September 30 of GBP312.9 million, swinging from a profit of GBP8.7 million the year prior.
Revenue halved to GBP105.1 million from GBP220.7 million.
Chief Executive Mark Shashoua said: "While our financial results today reflect the impact of this unprecedented pandemic, we have stayed close to our customers and offered online content, which has been well received. Our customers want the safe return of our events which will act as a key trading platform to get industries back to business."
Hyve did not declare a final dividend, compared to 1.6 pence per share a year prior, nor had it paid an interim dividend. This means not payout at all, compared to the prior year's 2.5 pence per share.
"We will continue to review this position and reinstate dividends to shareholders when business performance has significantly improved and is considered sustainable for the future," Hyve said.
Going forward, Chair Richard Last said: "With the increasing expectation of a successful immunisation programme commencing early in 2021, we look forward, with some optimism, to an improving economy. We expect to see a steady increase in the number of in-person events being held, particularly in the second half of 2021. The size of the events will initially be smaller and more domestic when compared to the same events held prior to the pandemic.
"We continue to monitor the global situation closely, particularly with regards to restarting our events. We will maintain tight control over our costs, look to achieve further efficiencies and conserve cash, whilst maintaining the ability to respond to the expected improving situation surrounding Covid-19."
By Greg Roxburgh; gregroxburgh@alliancenews.com
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