Conference firm Hyve has £11.5m pre-tax loss as exit from Russia and insurance proceeds dent recovery
Conference-organising firm Hyve had a pre-tax loss off £11.5m due to the impact of the ongoing war in Russia and declining insurance proceeds.
The exhibition company brought in £58.6m in six months to the end of March this year, more than ten times the previous 12 month’s intake.
It did however complete its exit from Russia in wake of the war in Ukraine, for a maximum hit of more than £70m, retaining £10m of the business.
A big decline in its insurance proceeds, from $49m in 2021 to $10.6m in the up until March, also created a dent in its profits.
Hyve did however hold 21 in-person events, compared to just seven in 2021, as the pace of recovery improved in wake of the end of restrictions. It also has forward bookings o £118m for the second half of the year, up from £28m in the same period in 2022.
’Over the last six months we have, once again, had to respond to challenges outside of our control”, said chief executive of Hyve, Mark Shashoua.
“Going forward our focus will be on sectors, rather than geographies. This is a significant shift for Hyve, but absolutely the right one for creating sustainable value for stakeholders.
We continue to expand our brands by launching new products”, he added, including “the first in-person Fintech Meetup event.”