Hyve Group, the owner of Pure London, has announced its final results for the year and has revealed that it does not expect a return to a normal schedule of events until 2022. Despite this setback, the company remains positive as it has taken measures to ensure its survival during the COVID-19 pandemic. Through cost savings that exceeded expectations, substantial insurance payments, a rights issue that raised £126.6 million, and cash conservation efforts, Hyve Group has been able to weather the storm. CEO Mark Shashoua emphasized the company’s commitment to protecting its employees, customers, and the future of the business.

The impact of the pandemic on Hyve Group’s trading year is evident in its financial results. Revenue has declined by 51%, reaching £105 million compared to the previous year’s figure of £220.7 million. Headline pre-tax losses stood at £18.7 million, even with insurance proceeds of £22 million. Statutory pre-tax losses amounted to £312.9 million, which included non-cash impairment charges of £623 million. Nevertheless, despite these losses, the company has managed to maintain a strong balance sheet and reduce its net debt.

Looking ahead, CEO Mark Shashoua expects disruptions to the events schedule in 2021 due to the ongoing pandemic. However, he firmly believes that as in-person events gradually resume, Hyve Group’s market-leading events will be well-positioned to meet the pent-up demand for learning, networking, and trading, thereby playing a role in stimulating the global economy. Shashoua highlights the company’s strategy, strong financial position, and focus on developing an omnichannel business as key factors that will contribute to a successful recovery.

Chairman Richard Last also shares Shashoua’s optimism, expressing the expectation of an improving economy and a gradual increase in the number of in-person events, particularly in the second half of 2021. These events may initially be smaller and more domestically-focused compared to pre-pandemic times. Overall, Hyve Group remains confident about the future and remains dedicated to its mission of delivering high-quality events once the industry normalizes.

Useful links:
1. Official Hyve Group Website
2. Pure London Official Website