Hyve Group PLC Further Coronavirus update (1189H)

TIDMHYVE

RNS Number : 1189H

Hyve Group PLC

23 March 2020

 
23 March 2020 
 
 
 
                                              Hyve Group plc 
                                          ("Hyve" or the "Group") 
                                        Further Coronavirus update 
        Following the announcement on 5 March 2020, Hyve provides a further update on our response 
                                       to the coronavirus situation. 
       Hyve continues to take decisive and rapid management actions to mitigate the potential impact 
        to our business due to the current coronavirus outbreak. The Group is closely following and 
      regularly monitoring the advice from the World Health Organization ("WHO") as well as regional 
        and local government advice and continues to assess the situation carefully. The health and 
        safety of our employees, customers and exhibitors continues to be of the utmost importance, 
      as does the ability to continue to run events that deliver an outstanding return on investment 
                                            for our customers. 
     Due to the various restrictions that have been, or are likely to be, put in place by governments 
     in many of our respective markets, we are activating a large-scale postponement plan per region. 
      This is larger than had been anticipated at the time of our 5 March coronavirus update. Should 
      the situation deteriorate, further events will need to be moved. The Group has been in regular 
       contact with venue providers and key customers and will continue to postpone to another date 
                               in the current financial year where possible. 
       We have been undertaking a number of proactive cost-cutting and cash flow management measures 
        to ensure that cash outflows are minimised and working capital is managed as effectively as 
        possible through this period of disruption and uncertainty. We are in constructive dialogue 
        with our lenders in relation to covenant headroom and facility flexibility. We have access 
       to total committed debt facilities of GBP250m which we have fully drawn in order to maximise 
     flexibility in terms of short-term liquidity, providing the Group with significant cash resources 
                                                 at hand. 
 
       The Board believes that the measures being put in place will enable the Group to protect its 
       core shows, customers, colleagues and communities for the long term. We strongly believe that 
        our strategy of focusing on market-leading events will stand the test of time, once we come 
                                            through this issue. 
 
     In line with other event organisers, and given the speed with which the situation is developing, 
                               the Group will no longer be giving guidance. 
 
                       For further information please contact:       Hyve Group plc 
                                      Mark Shashoua / Andrew Beach / Melissa 
                       McVeigh                                           [phone] 
                                                  FTI Consulting 
                       Charles Palmer / Emma Hall / Chris Birt           [phone] 
 
                                           About Hyve Group plc 
     Hyve Group plc is a next generation global events business whose purpose is to create unmissable 
        events, where customers from all corners of the globe share extraordinary moments and shape 
        industry innovation. Hyve Group plc was announced as the new brand name of ITE Group plc in 
       September 2019, following its significant transformation under the Transformation and Growth 
         (TAG) programme. Our vision is to create the world's leading portfolio of content-driven, 
            must-attend events delivering an outstanding experience and ROI for our customers. 
         Where business is personal, where meetings move markets and where today's leaders inspire 
                                                tomorrow's. 
 
 

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March 23, 2020 03:00 ET (07:00 GMT)