Hyve profits a non-event

Hyve profits a non-event

Hyve (HYVE) has launched an emergency rights issue in order to raise £127m, after the mass disruption of public gatherings plunged the events company into a deep full-year loss. The group, which designs and hosts events across the world, has postponed 48 and cancelled a further 13. Under its scenario planning, it does not expect any events to take place until next year apart from a handful in China. That translates to an anticipated 80 per cent hit to FY2020 revenues. Hyve’s slump into a pre-tax loss was driven by £167m in impairment charges, as the outbreak drives up discount rates and slashes profit forecasts.

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