Hyve Says China Schedule On Track, Gets Payout From Cancelled Events

(Alliance News) - Hyve Group PLC on Friday said it plans to run all its events scheduled in ...

Alliance News 19 June, 2020 | 8:31AM
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(Alliance News) - Hyve Group PLC on Friday said it plans to run all its events scheduled in Shanghai from the end of July, as it also received its first insurance payment for cancelled events.

The events organiser said that while events in Shanghai are currently set to run as planned, a lack of clarity in other markets outside China regarding restrictions on large gatherings has resulted in it cancelling of events previously just postponed.

Hyve's largest event, Shoptalk - previously postponed from March to September - has now been cancelled but is expected to return in March 2021. Groceryshop which was previously postponed from September to March 2021 to accommodate the new date for Shoptalk also will now return to its original time frame of September in 2021.

Hyve Group said that to date, it has submitted insurance claims for 17 events that have been cancelled, saying that it has now received a GBP7.4 million payment to cover some of the claims. It noted that the insurance cover for all events to the end of October is capped at GBP62 million.

Hyve's financial year ends on September 30.

Separately, the London-based company, formerly known as ITE, said that following the cancellation of the Shoptalk 2020 event in Las Vegas, it has launched a virtual event to be held online in the first quarter of financial 2021. Shoptalk's Retail Meetup will focus on connecting customers with both existing and new contacts and is expected to facilitate tens of thousands of meetings for more than 2,000 participants.

"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. 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," said Hyve Chief Executive Mark Shashoua.

The FTSE 250 stock was trading 1.4% higher at 118.59 pence each on Friday morning in London, but is down 96% from the start of the year.

By Ife Taiwo; ifetaiwo@alliancenews.com.

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Hyve Group PLC 63.35 GBX 1.36 -

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