StockMarketWire.com - Events business Hyve estimated revenue this year would fall by more half from a year earlier, owing Covid-led disruptions to events.

The company also said that Andrew Beach, chief financial officer, had decided to step down and would leave the group at the end of September.

Beach would remain available over the next few months to ensure a smooth and orderly handover to his internal successor, John Gulliver, currently chief operating officer.

Revenues for fiscal 2020 were now expected to be £105m, down from £221m, reflecting a 'very strong start to the financial year but a significantly reduced event programme since March as a result of Covid-19' the company said.

Since the last trading update in late July, the group received a further £9.1m from claims after its events were cancelled or delayed, taking total recoveries secured to date to £22.0m.

'Next year's policy, already in place, covers certain events in the year to 31 October 2021 and has an overall aggregate cap of £50m,' the company said.

With travel restrictions expected to remain in place for some time and further spikes in infections and government lockdowns a real possibility, Hyve said it remained 'mindful that any events that do take place are likely to be smaller than previous editions and it may take some time for customer confidence to return as markets reopen.'

At 8:51am: [LON:HYVE] Hyve Group PLC share price was +0.58p at 67.83p



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