London, 1st December: Earlier this week, London-listed Hyve Group (formerly ITE Group), released its preliminary results for the year ended 30th September 2020. Revenues for the year were £105.1 million (US$141.5 million). That represents a 52% drop year-on-year. This was, of course, due to the impact of the COVID-19 pandemic.

During the financial year, Hyve sold a total of 364,000 m2 at its events, compared with the figure of 783,000 m2 in the previous year. The company posted a loss before tax of £18.7 million (US$25.2 million), compared with a profit of £50.4 million (US$67.9 million) in the previous year. Adjusted net debt was £67.7 million (US$91.2 million), as of 30th September 2020.

In Asia, the company performed comparatively stronger as it generated revenues of £17.1 million (US$23 million), compared with £23.2 million (US$31.2 million) last year. Profits before tax during the year was £7.3 million (US$9.8 million), down from the £9.4 million (US$12.7 million) last year.