Event schedule and insurance update

RNS Number : 4370Q

Hyve Group PLC

19 June 2020

 

19 June 2020

Hyve Group plc

("Hyve" or the "Group")

Event schedule and insurance update

Hyve Group plc announces an update on the Group's events schedule for FY20, along with an update on insurance claims. The Group will provide further detail on current trading in July 2020.

Event schedule

The Group notes positive commentary on governments' easing of lockdown restrictions in a number of markets in which we operate around the world. In China, all our events, scheduled to take place in Shanghai from the end of July 2020, are currently set to run as planned. Other markets are re-opening at varying paces, but there remains a lack of clarity in some of our core markets.

Given the lead time required to prepare a successful event, the continued uncertainty and restrictions on organised gatherings, combined with multiple travel bans - both government- and corporate-imposed - the Group has cancelled a number of FY20 events over and above those reported in our last update. We are committed to ensuring that all events run by the Group maintain the high standards expected from our market-leading shows.

The Group's largest event, Shoptalk, previously postponed from March 2020 to September 2020, has now been cancelled and will return to its original timeframe of March in 2021. Groceryshop, previously postponed from September 2020 to March 2021 to accommodate the revised date for Shoptalk, will also now return to its original timeframe of September in 2021.

Shoptalk's Retail Meetup - a flagship omnichannel event

Following the decision to cancel the Shoptalk 2020 in-person event in Las Vegas, we are pleased to announce the launch of a new and ground-breaking virtual event which will be held online in Q1 of FY21.

Shoptalk's Retail Meetup is a new form of virtual event that will focus on connecting customers with both existing and new contacts. The Group expects to facilitate tens of thousands of meetings for more than 2,000 participants.

The event, which will be a proof-of-concept opportunity for the Group, builds upon Shoptalk's highly successful Hosted Retailers & Brands Program in a virtual format, bringing together established retailers and brands, direct-to-consumer and tech start-ups, large tech companies, venture capital investors, real estate developers, equity analysts, media and others for a broad range of interactions and meetings.

Insurance claims

The Group is engaged in positive and constructive dialogue with its insurers regarding event cancellation and postponement insurance, and to date we have submitted claims in relation to 17 of our FY20 events. The Group is pleased to announce that it has received a first interim payment of £7.35m covering a number of these claims. The insurance cover is subject to the application of policy excesses and to a per event limit which varies for each event, with an overall aggregate cap in respect of all insured events to 31 October 2020 of £62m. We continue to pursue claims under the insurance policies as the event schedule undergoes further changes brought on by COVID-19.

Mark Shashoua, CEO of Hyve commented:

"Whilst the uncertainty surrounding the easing of lockdown restrictions has led to further near-term cancellations of in-person events, we are pleased to be announcing the launch of Shoptalk's Retail Meetup, which is a landmark moment for Hyve. Where in prior years content has been king, Shoptalk's Retail Meetup focusses on the hundreds of thousands of interactions that make face-to-face global events a uniquely human and engaging experience. Building on Shoptalk's highly successful Hosted Retailers & Brands Program in a virtual format, this event marks a bold step towards an omnichannel strategy for the Group."

For further information please contact:

Hyve Group plc Mark Shashoua / Andrew Beach	[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.

 

END

 

 

UPDEANKPFDPEEFA