Hyve Group (HYVE)

Sector:

Media

Index:

FTSE 250

89.70p
   
  • Change Today:
    -1.30p
  • 52 Week High: 109.20
  • 52 Week Low: 66.30
  • Currency: UK Pounds
  • Shares Issued: 815.78m
  • Volume: 424,344
  • Market Cap: £731.75m

ITE Group's strong growth powered by turnaround programme

By Duncan Ferris

Date: Tuesday 14 May 2019

LONDON (ShareCast) - (Sharecast News) - ITE Group on Tuesday reported strong interim profit and revenue growth as its turnaround programme and acquisitions spurred improvements.
The exhibition and conference organiser achieved a profit before tax of £1.9m for the six-month period ended 31 March, up 44% compared to the same period the year before, as revenue increased by 43% to £107.8m thanks to transformation and growth (TAG) initiatives and a focus on core events.

Recurring events that received TAG investment during the period collectively achieved 14% like-for-like revenue growth.

ITE organised 61 events in the first six months of the year, down from 99 events during the same period the year before, though the company said this reflects a normal biennial pattern, while volume sales in the period were up marginally to 354,300 square metres from 353,300 square metres.

Mark Shashoua, chief executive of ITE, said: "2019 is all about execution and embedding the people and processes that we have put into place since the inception of our transformation and growth programme. The benefits of the programme are clear, with like-for-like revenue growth of 6% (8% excluding Acetech Delhi), and overall revenues including acquisitions up 43%."

The period included the acquisition of Ascential Events and Mining Indaba, with integration of both businesses on track and leaving the company with a "significantly stronger and more diversified portfolio of events".

The AIM traded company maintained its interim dividend at 0.9 pence per share and had cash and cash equivalents of £32.9m at the end of the period, up from £26.2m at the same point last year.

"The outlook for the remainder of the year is strong, owing to our continued focus on forward bookings. Contracted revenues already stand at 94% of full year consensus and are 6% ahead of this time last year on a like-for-like basis. We have also contracted £58m of revenues for FY20, representing a like-for-like increase of 11% giving us good visibility into next year," said Shashoua.

The chief executive added that, looking further ahead, the company expect to see the full benefits of the investments made into events from FY20 onwards, with a "much-improved portfolio of events" leaving ITE well positioned to deliver further sustainable growth in the years to come.

ITE Group's shares were up 2.74% at 75.00p at 1310 BST.

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Hyve Group Market Data

Currency UK Pounds
Share Price 89.70p
Change Today -1.30p
% Change -1.43 %
52 Week High 109.20
52 Week Low 66.30
Volume 424,344
Shares Issued 815.78m
Market Cap £731.75m

Hyve Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
14.75% below the market average14.75% below the market average14.75% below the market average14.75% below the market average14.75% below the market average
3.45% below the sector average3.45% below the sector average3.45% below the sector average3.45% below the sector average3.45% below the sector average
Price Trend
46.60% above the market average46.60% above the market average46.60% above the market average46.60% above the market average46.60% above the market average
58.82% above the sector average58.82% above the sector average58.82% above the sector average58.82% above the sector average58.82% above the sector average
Income
0.91% below the market average0.91% below the market average0.91% below the market average0.91% below the market average0.91% below the market average
43.75% below the sector average43.75% below the sector average43.75% below the sector average43.75% below the sector average43.75% below the sector average
Growth
34.38% above the market average34.38% above the market average34.38% above the market average34.38% above the market average34.38% above the market average
35.48% above the sector average35.48% above the sector average35.48% above the sector average35.48% above the sector average35.48% above the sector average

What The Brokers Say

Strong Buy 3
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Hyve Group Dividends

  Latest Previous
  Final Interim
Ex-Div 02-Jan-20 20-Jun-19
Paid 03-Feb-20 01-Aug-19
Amount 1.60p 0.90p

Trades for 21-Feb-2020

Time Volume / Share Price
16:35 192,154 @ 89.70p
16:29 943 @ 89.60p
16:29 708 @ 89.40p
16:29 2,093 @ 89.40p
16:29 512 @ 89.60p

Hyve Group Key Personnel

CEO Mark Shashoua
CFO Andrew Beach

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