×
59
Fashion Jobs
I.T.
Senior Buyer - Bape
Permanent · Hong Kong
CONNECTEDGROUP LTD
qa Director (Textile, us Market Focused)
Permanent · LAI CHI KOK
CONNECTEDGROUP LTD
qa Director (Textile, us Market Focused)
Permanent · LAI CHI KOK
ESTÉE LAUDER COMPANIES
Field Visual Merchandizing Manager, tr hk/mc/tw
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Regional Digital Marketing Manager, Luxury Brand
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Accounting Manager - Luxury Brand
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Senior Administration Manager, Retail
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Regional Assistant HR Manager, c&b
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Assistant / Marketing Manager - Mnc
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Regional Planner - Global Mnc Brand
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Assistant Buying Manager
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Senior Finance Manager - Global Brand
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Regional Marketing Manager - Base China
Permanent · Hong Kong
ESTÉE LAUDER COMPANIES
Corporate Account Manager, Travel Retail
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Assistant Accounting Manager - Global Brand
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Regional Merchandising Manager - Luxury Menswear
Permanent · Hong Kong
ESTÉE LAUDER COMPANIES
Corporate Account Executive, tr hk/mc/tw
Permanent · Hong Kong
ESTÉE LAUDER
Vice President, Marketing, Estee Lauder, Asia Pacific
Permanent · Hong Kong
EASTWOOD CONSULTANTS LIMITED
Finance Manager - Retail Group
Permanent · Hong Kong
CONNECTEDGROUP LTD
Head of 3d Development (Garment)
Permanent · SAUGUS
CONNECTEDGROUP LTD
Sourcing Specialist (Trims &Amp; Packaging) (eu Buying Office)
Permanent · SAUGUS
ELEGANCE MODEL AGENCY
Agency Assistant
Internship · SHEUNG WAN

Pure organiser Hyve raises cash, reports lower sales

Published
May 7, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Hyve, the organiser of trade shows including Pure London, Jacket Required and Moda, is hoping to raise approximately £126.6 million to reduce its debt and protect its future.



In an announcement released on Thursday, the company said the raising will be done through a rights issue, fully underwritten by corporate broker Numis, Barclays and HSBC.

It comes as a result of the Covid-19 outbreak, which forced the group to postpone 48 events and cancel a further 13 since the start of the epidemic.

Revenue for the year to September is expected to take an £80 million hit, down 20% on last year.

The listed company is proposing the issue of nine new ordinary shares at 69p each for every 40 existing ordinary shares. This is a 68% discount to Wednesday’s closing price. It will also turn ten existing ordinary shares in one consolidated share, conditional to the issue. After the announcement, shares in the company fell by 5.6% on Thursday morning.

Investors were reacting to the news of the rights issue, as well as the release of the company’s interim results for the six months to 31 March.

During the first half of the year, revenue fell from £107.8 million in 2019 to £96.3 million, hurt by international government restrictions to control the coronavirus. On a like-for-like basis, revenue was up 1%. Hyve also reported a statutory loss before tax of £168.3 million, compared to profit of £1.9 million a year earlier. 

And the £110.1 million acquisition of US-based events Shoptalk and Groceryshop in December sent adjusted net debt up from £108.9 million to £157.2 million.

Despite everything, CEO Mark Shashoua remained confident in the group’s ability to bounce back once the lockdown is lifted. He said: “Market-leading events act as a key trading platform for many industries and will play a vital role in reigniting economies, and we are working closely with customers, government and industry bodies to make this happen. 

“We have also accelerated our focus on building our omni-channel capabilities driven by the Shoptalk and Groceryshop acquisition. Digital will not replace face-to-face events, but it complements them with online activity that supports our customers year-round and maximises the profile of our brands.  

“Whilst the immediate impact of temporary government restrictions has been severe, we believe these are short-term challenges. Our strategy of building a portfolio of market-leading events and the investment made over the last three years puts us in a strong position when we exit this crisis.”

Copyright © 2020 FashionNetwork.com All rights reserved.