Events recovery picks up pace as Hyve secures new financing
Hyve Group is returning to pre-pandemic normality with the international exhibitions organiser saying the pace of in-person event recovery in FY22 has “exceeded anticipated levels”. Meanwhile, the group also announced it has refinanced its debt to the tune of £135 million.
The Pure London, Scoop and Moda organiser said event recovery 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, both “significantly outperformed” their previous editions.
“Positive trading momentum continues as we approach FY23, with forward bookings for the next financial year currently in excess of £65 million. This gives confidence in the FY23 outlook such that that the incremental debt service cost… is expected to be offset by improved trading performance”.
Meanwhile its debt pile, which had built up during the Covid-19 years, has been refinanced, comprising a £115 million term loan and a £20 million super senior revolving credit facility. The new facilities will replace the group's previous agreements, with the £101 million currently drawn to be repaid on 20 October.
As of 31 August, the group's cash position was £34.7 million and adjusted net debt of £66.4 million was “on track to be towards the lower end of the previously stated FY22 year-end guidance of £70 million-£90 million, it noted.
Hyve Group CEO Mark Shashoua added: “With the continued accelerated pace of recovery, we now have the long-term financial footing to further advance our organic growth and omnichannel strategy.”
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