Hyve Group, the international exhibitions organizer, is surpassing initial expectations as it experiences a strong recovery in in-person events. The company has successfully refinanced its debt, totaling £135 million, further bolstering its financial position. While China continues to face disruptions due to restrictions, September saw Hyve Group’s two largest events, Autumn Fair and Groceryshop, achieve significant growth compared to previous editions.

Looking forward to FY23, Hyve Group has already secured forward bookings worth over £65 million, providing confidence in its outlook. This positive trajectory is expected to offset the incremental debt service cost, leading to improved trading performance.

To address the debt accumulated during the Covid-19 pandemic, the company has refinanced through a £115 million term loan and a £20 million super senior revolving credit facility. These new facilities will replace previous agreements, with the £101 million currently drawn set to be repaid on October 20th. As of August 31st, Hyve Group held a cash position of £34.7 million, and the adjusted net debt of £66.4 million is expected to be at the lower end of the previously stated FY22 year-end guidance of £70 million-£90 million.

Mark Shashoua, CEO of Hyve Group, expressed his optimism about the company’s recovery, emphasizing that the improved financial footing enables them to further advance their organic growth and omnichannel strategy.

Hyve Group’s successful event recovery and debt refinancing indicate a positive outlook for the company as it navigates the post-pandemic landscape. The strong performance of its events and the confidence in future bookings underscore the continued demand for in-person experiences. With its renewed financial stability, Hyve Group can now strategically focus on expanding its organic growth and omnichannel approach, solidifying its position as a leader in the exhibitions industry.

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