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Hyve Group promoted to the FTSE 250

Hyve Group plc has been inducted into the FTSE 250, an index which measures the largest companies on the London Stock Exchange.

The FTSE 250 Index is a capitalisation-weighted index, and lists the 101st to the 350th largest companies listed on the LSE.

The announcement comes as Hyve, formerly ITE, releases its financial results from the most recent quarter.

The results show revenues up 7% on a like-for-like basis for the quarter ended 31 December 2019. This was due to strong trading on events such as Africa Oil Week and Yugagro.

Hyve acquired two US e-commerce events in December – Shoptalk and Groceryshop. The company says these acquisitions are part of a trend towards “a portfolio of fewer, bigger and better events.”

It adds that: “The benefits of strengthening and diversifying our portfolio can also be seen from the continued growth in our forward bookings, which are £187m, up 3% on a like-for-like basis.

“Despite uncertainty both economically and geopolitically across many of our markets, we remain confident in achieving our full year expectations.”