London, 2nd October: Earlier this week, London-listed Hyve Group plc (formerly known as ITE Group plc), published its trading update for the year ended 30th September 2019. Revenues for the financial year are expected to be £219 million (US$269 million), an increase of 7% on a like-for-like basis.
The company attributed the increase in revenues to the impact of its recent acquisitions and strong underlying trading growth, particularly from the company’s top 10 events, which collectively delivered double-digit revenue growth. Management also pointed to its Transformation and Growth programme (TAG) which it claims has resulted in substantial growth.
According to the Hyve Group, net debt is expected to increase to £112 million (US$138 million) as of 30th September 2019 after the TAG-related investments throughout the year as well as the Mining Indaba acquisition and the Ascential Events integration costs.
Source: Hyve Group announcement