London, 23rd September: Earlier this week, London-listed Hyve Group, released its trading update for the year ending 30th September 2020. The company expects revenues for the financial 2019-2020 to be £105 million (US$134 million), compared with revenues of £221 million (US$282 million) in the previous year. That represents a 52% drop in revenues.

Hyve organised 12 face-to-face events in the fourth quarter of its financial year and generated estimated revenues of £9 million (US$11 million) in the quarter. According to the company, it remains in a “resilient financial position.” In June, the company completed a £126 million (US$161 million) rights issue, and Hyve reports that it has also been successful in collecting insurance claim settlements. Finally, the company has also implemented significant cost saving measures. Net debt is expected to be less than £80 million (US$102 million) as of 30th September.