StockMarketWire.com - Global events business Hyve said it expected revenue for the first half to be approximately £10 million boosted by the better-than-expected of Retail Meetup, which was acquired in December 2020.

Revenue from Groceryshop Spring Meetup is expected at more than 10% ahead of expectations.

In March, £15.9 million of further insurance claims have been approved, £5.0 million in respect of FY20 events and £10.9 million in respect of FY21 events, the company said.

To date insurance proceeds totaled £71.0 million, £22.0 million of which was received in FY20 and £49.0 million of which has been received or confirmed in FY21.

H1 2021 net debt is expected to be approximately £92m.

'Hyve maintains its strong liquidity position and has visibility of significant cash headroom throughout FY21 and FY22,' the company siad.

'While the outlook remains fluid, the pace of vaccine roll outs in the United Kingdom and United States provides optimism that events in Western economies will run in the second half and with growing confidence from calendar year 2022 in line with our recovery scenario,' it added.

The company also said it had sold ITECA LLP, the operating company for 25 of the group's non-core, regionally focused events in Kazakhstan, to ICA (JV), completing its planned exit of its business in Central Asia.

The results for the six months ended 31 March 2021, which will be announced on 18 May 2021.




At 9:59am: [LON:HYVE] Hyve Group PLC share price was 0p at 85.05p



Story provided by StockMarketWire.com