Hyve interim results: US$67m from insurance

London, 18th May: Last week, Hyve Group plc (formerly ITE Group) released its financial results for the six months ended 31st March 2021. Revenues in the period were £10.4 million (US$14 million), compared with £90.6 million (US$125 million) in the same period last year, reflecting multiple lockdowns across the company’s key markets.

Management reports that profits before tax were £27.6 million (US$38 million), up from £18.9 million (US$26 million) in the same period last year. Profits were higher than revenues because the reporting includes a £49 million (US$67 million) insurance payment for cancelled events which Hyve does not include in its revenues.