By Kyle Morris
Hyve Group PLC said Tuesday that it swung to a pretax loss for the first half of fiscal 2022 after it exited Russia and its insurance proceeds relating to canceled events declined.
The U.K. events business said pretax loss for the first half ended March 31 was 11.5 million pounds ($14.5 million), compared with a pretax profit of GBP20.5 million a year earlier.
Revenue for the period was GBP58.6 million, compared with GBP5.0 million, it said
The company said insurance proceeds relating to events canceled in previous periods were GBP10.6 million, compared with GBP49.0 million a year earlier.
“We expect the strong momentum we have seen in the first half of the year to continue. Our in-person events are recovering faster than anticipated, with many having already fully recovered. Whilst there are clearly global economic and geopolitical headwinds, the group is in a strong position with renewed confidence,” Chief Executive Mark Shashoua said.
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