Hyve Group PLC on Wednesday said revenue surged in its first half due to a greater number of in-person events as virus curbs eased.

In addition, it said it has struck a deal to dispose of its Russian business.

The London-based events organiser said it generated revenue of £58 million in the six months to March 31, multiplied from £5 million the year prior.

Hyve noted that this excluded revenue of £17 million from its Russian business.

Hyve attributed this revenue growth to the reopening of western markets and a strong performance across all its key performance indicators. These include like-for-like customer spend, visitor density and net promoter scores.

Forward bookings for the year ending September 30 currently stand at £103 million, excluding Russian and Ukrainian events. This reflects the continued realisation of pent-up demand for in-person events as key shows return, it said.

Adjusted net debt was £62 million as at March 31, down 32% from £92 million, year-on-year.

Hyve’s total available liquidity on the same date was roughly £143 million, reflecting a 16% increase from £123 million.

Hyve said in a separate statement that it plans to dispose of its Russian subsidiaries, and international sales operations relevant to its Russian business.

It explained that one of its subsidiaries entered a conditional agreement with Rise Expo Ltd for the sale for a maximum cash consideration £72 million.

The disposal is dependent on the approval of Hyve shareholders, consent from its existing lenders and regulatory approval, among other things.

Hyve anticipates that net cash for financial 2022 will be in the region of £80 million to £100 million, adjusted for the disposal of its Russian business. This compares to previous guidance of £70 million to £90 million, which included the Russian business.

Shares were flat at 73.30 pence each on Wednesday morning in London.

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