Hyve Group in ‘strong’ position to weather Covid-19 crisis
Jan. 21, 2021
Hyve Group, the company behind UK trade shows Pure London, Moda, Jacket Required and Scoop, said in a Q1 update Thursday that it has a “strong platform to weather the Covid-19 crisis”.
In the first quarter of the year, the group ran eight events - including ones in Turkey, Russia, Ukraine and China - bringing the total number of events it has run since the onset of the pandemic to 20.
Hyve said that while the near term outlook for in-person events remains “highly fluid”, the group “is encouraged that vaccinations have started in earnest across the major markets in which Hyve operates”.
The group also said it successfully secured 22 million pounds of income from insurance claims during the quarter, while it also has insurance cover is in place for the cancellation of FY21 events, with potential claims capped at 50 million pounds.
Mark Shashoua, CEO of Hyve Group, said in a statement: “Hyve enters 2021 with a strong platform to weather the Covid-19 crisis due to the decisive action taken in 2020 to strengthen our financial position, conserve cash, secure substantial insurance payments and, most recently, by accelerating our omnichannel strategy having completed the acquisition of Retail Meetup.”
Shashoua continued: “We have done everything in our control to position Hyve at the forefront of the recovery. As in-person events continue to return, Hyve's market-leading events are optimally placed to service the pent-up demand for learning, networking and trading whilst stimulating the global economy.”
Photo: Moda February edition, courtesy of Hyve Group