Hyve, the events business behind Pure London and Moda, has successfully weathered the storm of the pandemic by relying on insurance claims and careful cost management. In its interim results report, the company emphasized its determination to emerge from the pandemic as a stronger business with an omnichannel strategy. Hyve’s confidence is bolstered by the £84.9 million it received from insurance claims, providing a solid foundation for taking advantage of the reopening markets.

The interim results report also shed light on the significant impact the pandemic had on Hyve’s revenue. Revenues plummeted from £90.6 million to a mere £10.4 million in the six months leading up to March 31, 2021. However, the company managed to offset this loss through the insurance-backed gains, resulting in a rise in headline profits before tax from £19.4 million to £27.6 million. Additionally, profit before tax from continuing operations showed a remarkable improvement, reaching £18.7 million compared to the previous year’s pre-tax loss of £168.7 million in the same period.

Despite the numerous challenges faced, Hyve successfully organized 12 live events across countries such as Russia, Ukraine, China, Turkey, and India in the first half of the year. The company expressed optimism that events in Western economies would resume in the second half. Hyve’s confidence in the pent-up demand for market-leading in-person events stems from the rollover of customers from previous events.

The pandemic also presented Hyve with an opportune moment to recalibrate, revitalize, and evolve its offerings. In the fiscal year 2022, the company plans to improve its events by expanding its capability to provide tailored facilitated meetings programs. Furthermore, Hyve is strategically focusing on developing an omnichannel strategy to strengthen its existing brands, monetize online events, and offer customers multiple opportunities to learn, network, and trade throughout the year.

Despite the progress made in navigating the challenges posed by the pandemic, Hyve is expected to have a net debt ranging between £100 million and £120 million by the end of the year. However, with its liquidity and optimistic outlook, the company remains confident in its ability to rebound and thrive as markets gradually reopen. By adapting to the evolving landscape and embracing an omnichannel approach, Hyve aims to solidify its position as a reliable strategic partner for various industries.

Useful Links:
1. Hyve Official Website
2. Pure London Official Website