Hyve Group’s share price down 80% YTD

London, 7th May: Earlier this week, Hyve Group (formerly ITE Group) released its financial results for the six months ended 31st March 2020. Revenues in the period were £96.3 million (US$119 million), an increase of 1% on a like-for-like basis.

Management reports that profits before tax were £19.8 million (US$24 million), down from £24.5 million (US$30 million) in the same period last year. The company attributed the decrease to event postponements and cancellations due to global COVID-19 pandemic.