Hyve’s revenues down 44% in FY2021

London, 16th December: Last week, London-listed Hyve Group (formerly ITE Group), released its preliminary results for the year ended 30th September 2021. Revenues for the year were £55.2 million (US$74 million). That represents a 44% drop year-on-year.

During the financial year, Hyve sold a total of 211,000 m2 at its events, compared with the figure of 344,000 m2 in the previous year. The company posted a profit before tax of £20.8 million (US$28 million), compared with a loss of £18.1 million (US$24 million) in the previous year. Adjusted net debt was £79.9 million (US$107 million) as of 30th September 2021.

In Asia, the company generated revenues of just £4.1 million (US$5.5 million) in the financial year, down from 76% in the year before. Hyve’s loss before tax in the year was £7.5 million (US$10 million), compared with a profit of £6.4 million (US$8.6 million) in the year before.