The UK-based, listed trade show organiser Hyve Group Plc (formerly ITE) has sold ITECA LLP, the operating company for 25 of the Group’s non-core, regionally focused oil, gas and engineering events in Kazakhstan, to ICA (JV) Ltd, a company owned and operated by a former consultant to Hyve in the region for an expected eventual price of aboout £5m.
In the financial year ended 30 September 2020, the Kazakhstan portfolio generated revenues of approximately £2.1m and reported an operating loss of approximately £0.6m. Hyve expects the consideration to be £4.8-5.8m over 5-7 years, depending on performance. The deal completes the company’s planned exit from Central Asia.
Hyve also reported this week that it has organised 12 in-person events in Turkey, Russia, Ukraine, China and India, during the first half of its 2021 financial year. This brings to 24 the total number of events organised since the start of the pandemic. It admitted that, while domestic attendance remains high, exhibitions are running at a significantly reduced scale due to the international travel restrictions.