Hyve Group plc Interim Results - Six months to 31 March 2021
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Hyve Group plc
Interim Results
Six months to 31 March 2021
18 May 2021
Mark Shashoua CEO
Interim results: six months ended 31 March 2021 / 2
Agenda
› HY21 Headlines Mark Shashoua
› Interim Results John Gulliver
› Conclusion Mark Shashoua
› Q&A Mark Shashoua & John Gulliver
Interim results: six months ended 31 March 2021 / 3
HY21 Headlines
› Well-positioned to emerge successfully from the pandemic
› Liquidity has strengthened enabling us to trade through market uncertainty
› Retail Meetup acquisition provides key product for evolution to omnichannel
› Successful Groceryshop Meetup run in March generating revenue ahead of
expectations
› Completed exit of Central Asia with disposal of Kazakhstan portfolio
› 12 in-person events ran in Russia, Ukraine, China, Turkey and India
› Reporting revenue of c.£10.4m and headline profit of £27.6m supported
by insurance proceeds and good cost control
Interim results: six months ended 31 March 2021 / 4
Currently trading in between East/West and Recovery scenarios
No. of events Key events
2
Held1 in H1 FY21 12
Cancelled in H1 FY21 29
3
Postponed to H2 FY21 5
1 In-person events
2 Shanghai International Auto Air-conditioning & Transport Refrigeration Exhibition Interim results: six months ended 31 March 2021 / 5
3 Shanghai International Hosiery Purchasing Expo
Positioning the business for success post
pandemic
Three key requirements:
› Strong balance sheet to trade through until markets reopen
› Portfolio of market-leading events capable of delivering maximum
return on investment
› Clear vision for the future – evolution to omnichannel
Interim results: six months ended 31 March 2021 / 6
Strong balance sheet to trade through
until markets reopen
› Robust liquidity as result of actions taken to control costs and manage cash
› On track to achieve annualised savings in FY21 of £44m
› Covenant waivers until March 2022
› Confirmation of £85m of successful insurance claims
› Liquidity position has strengthened as a result of insurance proceeds,
cost control and rollovers of postponed events
Interim results: six months ended 31 March 2021 / 7
Portfolio of market-leading events delivering maximum ROI
Manage the portfolio
May 2017 FY19 Pro forma
No. of in-person events 269 71 74%
100
104 Revenue £134m2 £201m3 50%
Revenue per event £0.5m £2.8m 460%
269 FY17 Revenue FY19 Pro forma Revenue3
events Global
86 Global
Communities
111 Communities
Product-led 12%
acquisitions Russia
4 27%
Russia 16% Asia
17 47%
58%
71 75 (incl. 15% US)
events 14% 8%
events ESE
Central 7%
11% Asia
1 Asia
May 2017 Closed Divested Acquired May 2021 Retail Meetup May 2021
ESE
in-person in-person &
events virtual events
1 Launch of TAG, May 2017
2 FY16 reported revenue Interim results: six months ended 31 March 2021 / 8
3 FY19 pro forma revenue based on the current portfolio of events, the Shoptalk and Groceryshop acquisition and Central
Asia disposals
Portfolio of market-leading events delivering maximum ROI
MosBuild benefits from market-
leading position
› One of the largest shows to run outside China
› 720 exhibitors with 66,500 unique visitors
› 7 content zones, approximately 200 speakers and
launch of new flagship project, Space 2.0, devoted
to the living space of the future
› Customer feedback:
o “We are very happy we are taking part in MosBuild 2021
because the show is a great success.”
o “MosBuild 2021 is a key event for marketing, increasing
customer loyalty and showcasing new products. We are
happy there are lots of people and it is hard to find a spare
seat at our stand.”
o “Every year we take part in MosBuild to showcase our new
products. There are lots of visitors this year, the exhibition
is a great success.”
Interim results: six months ended 31 March 2021 / 9
Clear vision of the future – developing an omnichannel business,
in-person and online
Fundamental Trade Network Learn
customer needs
Omnichannel strategy
Continue providing access to
Introduce facilitated meetings to enable trade on site
In-person market-leading content and
Customer ROI and ROT materially improved thought leadership
Retail Meetup
Deliver market-leading content
Facilitate year-round online meetings for entire online through webinars and
Online industry ecosystems virtual conferences
Monetisation and engagement Engagement
Interim results: six months ended 31 March 2021 / 10Clear vision of the future - developing an omnichannel business, in person and online
Evolving in-person events – facilitated
meetings
› Shoptalk has developed an industry-leading facilitated meetings
offering, underpinned by highly automated technology
› Sophisticated algorithm-led matching creates high barriers to entry
› Enables us to increase return on investment and grow customer
market share
› Preparing to use technology across Bett, Spring Fair, Autumn Fair
and Mining Indaba in FY22
Interim results: six months ended 31 March 2021 / 11Clear vision of the future - developing an omnichannel business, in-person and online
Evolving online events – Retail Meetup
› Retail Meetup’s digital meeting programmes enable large-scale online networking and collaboration for the
What is it? retail ecosystem
› Shoptalk Meetup October 2020: 2,000 participants in 18,000 meetings; revenue £1.8m and EBITDA £1.4m
Format and Up to 24 x 15-minute meetings and up to 3 x 55-minute Tabletalks (peer group conversations on specific
timings topics with 5-8 people) per participant held over 3 half-days
Retailers & Brands, Solution Providers, Tech Companies, Investors, Media and Sell-side Analysts, Real Estate
Who joins?
Developers, Agencies, Consulting and Analyst Firms, Employees-in-Transition
Why do Primarily to trade and network, grow their business, make announcements, seek investment / investment
they join? opportunities, touch base with existing clients, discuss key issues in peer groups, access to industry experts
Interim results: six months ended 31 March 2021 / 12Clear vision of the future - developing an omnichannel business, in person and online
Evolving online events – digital Meetups in 2021
Online
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
In-person
(Cancelled for 2021)
› Launched and performing well: Groceryshop Spring Meetup (March), Shoptalk Meetup for Women (May) and Shoptalk
Fall Meetup (October) have already been launched and are demonstrating strong sales performance
› Complementary timing: All Meetups are timed so that they fit with the in-person events (when these return) – giving
Shoptalk and Groceryshop the opportunity to meet customer needs at multiple points through the year
Interim results: six months ended 31 March 2021 / 13Clear vision of the future - developing an omnichannel business, in person and online
Evolving online events – Groceryshop Spring Meetup
“Format worked well - I'd say virtual was actually better than in person for 15
738 minute meetings.”
1,288
bookings for
participants “Loved the speed date like format as I really think it made best use of
139 Tabletalks
everyone's time. We also loved all the Groceryshop info leading up to the
event. You were spot on and kept us on point. Also really enjoyed the
Tabletalks and the way the groups were formulated. We would absolutely
participate again!”
8,884
meetups 1,462 email “The meetings were highly productive. I got 5 new CPG leads for our sites,
one job candidate, and had a great round table discussion on the future of
held over introductions
retail.”
6 hours
“A very good selection of people to speak with - good clients for me to get in
front of.”
89% “Really smooth execution from a technology perspective. Refreshing to have
6% short 1:1 conversations after a year of full digital events.”
of meetups
no-show rate satisfied the “This6%
was probably the best virtual conference I have attended in the last few
customers months. Very
no-show ratewell done. Small group table talks were extremely productive
and informative. I cannot wait to attend this in-person in 2022.”
Interim results: six months ended 31 March 2021 / 15Clear vision of the future - developing an omnichannel business, in person and online
Evolving online events – Shoptalk Meetup for Women
"I just wanted to say thank you for including me in such a fantastic event.
These meetups have left me feeling energized, I learned a lot and met a lot
664
962 of great contacts."
bookings for
participants
118 Tabletalks
“Congratulations on staging such a magnificent and impactful platform
against the backdrop of such global disruption."
7,138
“I had an absolute blast. It’s so refreshing to have short and concise
meetups 1,076 email
sessions with #femaleleaders from all around the globe. Just focussed on
held over introductions how businesses could collaborate and creating win-wins.”
6 hours
“This is an incredible event you and such a great opportunity to network
during this challenging time.”
499
6%
people meeting
no-show rate
in one slot
Thank you! Super impressed with your program!"
Interim results: six months ended 31 March 2021 / 16Clear vision of the future - developing an omnichannel business, in person and online
Evolving online events
› Delivered over 80 webinars in H1 attracting more
than 22,000 attendees
› Wide range of formats including presentations,
round tables, product showcases and multi-day
conferences
› Important means of keeping customers engaged
and connected with their communities
› Strong customer feedback:
o “The virtual event was the next best thing to actually
being in Cape Town.” (Mining Indaba)
o “It was inspirational and has given me so much food
for thought plus I could experience the whole show
when I usually only have one day in real time.” (Spring
Fair @ Home)
o “Really enjoying the insightful line-up at Bettfest
though we couldn’t help feeling nostalgic - we can’t
wait for a return to face to face reunions.” (Bettfest)
Interim results: six months ended 31 March 2021 / 17Key priorities for 2021
Building
customer market
share on our Trialling
market-leading facilitated meetings Launching 4
events for roll-out in FY22 Meetups to
monetise online
Interim results: six months ended 31 March 2021 / 18Interim results
John Gulliver CFOO
Interim results: six months ended 31 March 2021 / 19Interim results
HY21 financial headlines
HY211 HY201
Reflects COVID-19 restrictions in place in H1. Events have run in Russia,
Revenue £10.4m £90.6m Ukraine, China, Turkey and India, but none in Western markets.
Profit reported despite continued disruption due to cost savings and
Headline PBT £27.6m £19.4m timing of insurance proceeds.
Operating cost2 £31.1m £77.9m Material cost savings achieved since the start of the pandemic.
Total cancellation insurance proceeds to date now total £85m, out of a
Insurance proceeds £49.0m - maximum of £112m that we continue to pursue.
FY20 adjusted net debt: £67.7m. Cost savings and insurance proceeds
enabled the Retail Meetup acquisition in December 2020. Net debt of
Adjusted net debt £92.4m £157.2m £92.4m is before the receipt of £15.9m of insurance proceeds received
in April 2021 and £13.9m confirmed in May 2021.
Headline diluted EPS 8.5p 10.9p3 Restated following FY20 share issues and share consolidation.
Dividend - - Temporary suspension of dividends.
1 Results from continuing operations, i.e. excludes the results of the disposed Central Asia business reported as discontinued operations
2 Before translational FX gains/losses and exceptional items in respect of impairments, intangible asset amortisation, M&A, TAG and other
Interim results: six months ended 31 March 2021 / 20
restructuring costs
3 Restated for June 2020 rights issueInterim results
FY21 event schedule significantly impacted by COVID-19
H1 Revenue 1 No Top 10 events held in H1 due to COVID-19
Event Division Previous schedule
HY19
HY20 £101m £91m
HY21 £10m Global Communities Mar 21
No. of events1
Global Communities Feb 21
HY19
HY20 43
31
HY21 132 Global Communities Jan 21
Top 10 events 3
Global Communities Feb 21
HY19
HY20
HY21 5 4 0
Russia Nov 20
1 Excludes Central Asia
2 Includesthe virtual event, Groceryshop Spring Meetup Interim results: six months ended 31 March 2021 / 21
3 Top 10 events as shown on p43Interim results
Modelled scenarios still appropriate as we enter H2
Recovery scenario1 East/West scenario1
H1 H2 Total H1 H2 Total
Total Total
17 34 51 15 24 39
events events
Top 10 Top 10
- 5 5 - 2 2
events events
Recovery East/West
scenario scenario
Events run all year in Events run all year in
China, Russia, Ukraine China, Russia, Ukraine
Current event schedule
and Turkey and Turkey
H1 H2 Total
Events in the west No events run in the
to run from H2 Total 2 west for the entire
13 34 47
events year
Top 10
- 4 4
events
1 Excludes 14 events now disposed of in Central Asia
2 Includes Interim results: six months ended 31 March 2021 / 22
the virtual event, Groceryshop Spring MeetupInterim results
Revenue bridge
COVID-19 impact
£m
RUB (0.5)
Other (0.1)
0
Interim results: six months ended 31 March 2021 / 23Interim results
Headline PBT bridge £m
Revenue
(0.6)
Translational
Cost
2.0
Translational
Translational 1.4
Transactional
(4.1)
(B/S)
0
Interim results: six months ended 31 March 2021 / 24Interim results
Confirmed claims under insurance proceeds now £85m
£6m £4m
Potential
receipts Received in
H1 FY21
£5m
Received in
April 2021
£22m £11m
Received Received in
in FY20 £21m April 2021
Potential
receipts
£29m £14m
Potential receipts
Received
in H1 FY21 Confirmed in
May 2021
FY20 policy: £62m1 FY21 policy: £50m
1 Consists of two policies for £25m (fully paid out) and £37m (partially paid out to date) Interim results: six months ended 31 March 2021 / 25Interim results
Adjusted net debt bridge
0
Insurance proceeds largely offset
the operational cash flows
1
1 Before receipt of the £15.9m of insurance proceeds confirmed in March but not received until April Interim results: six months ended 31 March 2021 / 26Interim results
Improved liquidity versus modelled scenarios
Operational
Cash and undrawn debt facility Cash Cost2
£250m
Recovery scenario £11m
Recovery
£200m
East/West scenario £10m
scenario
Revised scenario £9m Modelled FY21
net debt
Liquidity covenant1
c.£100m
£150m
Retail Meetup
acquisition and
£100m early payment of
Nov 21 £17.5m
Headroom
East/West
term loan
Original £17.5m
repayment c.£80m - £100m
term loan
repayment
£50m
scenario
Modelled FY21
net debt
-
Sep 2020 Mar 2021 Today Sep 2021 Mar 2022 c.£120m
£35m debt repayment £0m debt repayment
(was £17.5m) (was £17.5m)
1 Liquidity covenant £30m-£40m until Mar 2022
2 Interim results: six months ended 31 March 2021 / 27
The monthly average cash cost of all cost of sales, overheads and capital expenditureInterim results
Tracking between Recovery and East/West scenarios
Well-controlled
costs, robust
balance sheet and Successful
comfortable monetisation of Cautiously
liquidity digital offerings optimistic about
events in the
second half
Interim results: six months ended 31 March 2021 / 28Conclusion
› Positioning the business for success once markets fully reopen
› Continue to see strong demand for in-person events
› Market-leading events will have a competitive advantage when markets
reopen
› Strategy and transformation programme position us well for a post
COVID-19 environment
› Now actively developing our vision for a next-generation
omnichannel events business
Interim results: six months ended 31 March 2021 / 29Q&A
Mark Shashoua
& John Gulliver
Interim results: six months ended 31 March 2021 / 30Disclaimer
This presentation is only being shared with investment professionals (as that term is defined in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005) or to persons to whom it would otherwise be lawful to distribute it. Accordingly, persons who do not have professional experience in matters relating to investments
should not rely on this presentation.
This presentation is being issued by Hyve Group plc (“Hyve”) to a limited number of recipients in connection with its Interim Results to 30 March 2021. If you have not received this
document directly from Hyve or its nominated advisor / broker, your receipt is unauthorised. Please return this document to Hyve immediately.
While the presentation has been prepared in good faith, no representation, warranty, assurance or undertaking (express or implied) is or will be made, and no responsibility or liability is
or will be accepted by Hyve or by its officers, employees or agents in relation to the adequacy, accuracy, completeness or reasonableness of this presentation.
Any recipient of this presentation in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements. This presentation does not constitute
an offer to sell or an invitation to purchase securities in Hyve in any jurisdiction.
All enquiries relating to this presentation should be directed to:
Name: FTI Consulting / Address: 200 Aldersgate, Aldersgate Street, London, EC1A 4HD / Tel: +44 (0) 20 3727 1000 / Email: SChyve@fticonsulting.com
Interim results: six months ended 31 March 2021 / 31Appendices
Interim results: six months ended 31 March 2021 / 32Appendices
Leading the way on health and safety
for in-person events
› COVID-19 safety standards are part of licence to operate
› New COVID-19 safety standards adhere to government, venue
and industry specific requirements
› Our Safe & Secure measures cover four areas:
o Regular and enhanced cleaning and hygiene
o Frequent communication with customers and colleagues
o Social distancing measures – crowd density tailored to venue
and location
o Strong protection – onsite temperature testing, provision of
protective equipment, etc.
› Looking at possibility of rapid testing
Interim results: six months ended 31 March 2021 / 33Appendices
Life cycle of a Hyve event during COVID-19
Boris Johnson announces
further restrictions for 6 months
COVID-19 hits Team start
global economy selling on 2021 Bett 21 cancelled
Jan 2020 Oct 2020 Jan 2021 Jan 2022
Bett runs in Jan 2020; Costs reduced Sales for the 2022 2022 safe and secure
team rebook for Bett 2021 by 10% edition commence event expected to run
Team works with customers to
roll over their deposits to 2022;
further cost reductions of 25%
Interim results: six months ended 31 March 2021 / 34Appendices
Consolidated income statement
1
Headline Results HY21 HY20
£m £m
Revenue 10.4 90.6
Gross Profit (3.2) 31.3
Gross Profit Margin - 35%
Admin Expenses/Operating Income (16.7) (18.6)
Insurance Proceeds 49.0 -
FX 0.1 4.2
Profit from Associates 2.1 6.5
Operating (Loss)/Profit 31.3 23.4
Operating Profit Margin 301% 25%
Net Finance Costs (3.7) (4.0)
PBT 27.6 19.4
2
EPS 8.5p 10.9p
Statutory Reconciliation HY21 HY20
£m £m
Headline PBT 27.6 19.4
Adjusting Items (8.9) (188.1)
Statutory PBT 18.7 (168.7)
1 Results from continuing operations
2 Interim results: six months ended 31 March 2021 / 35
Restated following FY20 share issues and share consolidationAppendices
Divisional analysis
HY21 HY20
Revenue HPBT Revenue HPBT
£m £m £m £m
Global Communities 2.1 (9.0) 55.6 14.2 › Only Groceryshop Spring Meetup and virtual events held in H1
Asia 2.1 0.2 12.0 8.8 › Impact of event cancellations in India and COVID-19 on China events including Sinostar JV
E/S Europe 0.8 (1.7) 2.9 (1.2) › Turkey event cancellations and COVID-19 impact on Ukraine events in October and November
Russia 5.4 (2.4) 20.1 4.6 › COVID-19 impacted events and cancellations
Other Income 0.7 0.1 › Management fee income from associates
Central Costs (5.6) (7.3) › HQ cost savings achieved since the start of the pandemic
Insurance Proceeds 49.0 - › Insurance proceeds in respect of event postponements and cancellations
FX gain/(loss) 0.1 4.2 › Balance sheet retranslation of monetary assets and liabilities
Net Finance Costs (3.7) (4.0) › Lower gross debt after £35m repayments
1
Total 10.4 27.6 90.6 19.4
1 Results from continuing operations Interim results: six months ended 31 March 2021 / 36Appendices
Performance analysis
Headline Profit
Metres Revenue
Before Tax
000s £m £m
Results from events 308 96.3 19.8
Discontinued operations (19) (5.7) (0.4)
Continuing operations 289 90.6 19.4
Biennial (29) (5.8) (2.2)
HY20
Timing - 0.2 (0.5)
COVID-19 postponements and cancellations1 (191) (67.7) (25.6)
Non-recurring (2) (0.4) 0.5
Recurring events 67 16.9 (8.4)
Acquisitions - 1.3 0.6
Launches - 0.7 0.6
HY21
FX translation - (0.6) (2.7)
LFL change (41) (11.1) (6.8)
Recurring events 26 7.2 (16.7)
COVID-19 postponements and cancellations2 13 3.2 (0.1)
COVID-19 cancellation costs3 - - (5.4)
HY21
Timing - - 0.8
Insurance proceeds - - 49.0
Results from events 39 10.4 27.6
1 Represents the prior period performance of events that were postponed or cancelled in the current period as a result of COVID-19
2 Represents the current period performance of events that were postponed or cancelled in the prior period as a result of COVID-19 Interim results: six months ended 31 March 2021 / 37
3 Represents costs incurred in the current period in respect of the cancellation of events as result of COVID-19Appendices
Adjusting items
HY21 HY20
£m £m
Amortisation of acquired intangible assets Non-cash (13.8) (14.0)
Impairment of assets Non-cash - (166.9)
Gain/(loss) on disposal Non-cash - (5.6)
Operating items Transaction costs Cash (0.6) (2.6)
Integration costs and costs of realising synergies Cash - (0.7)
Restructuring costs Cash - (0.9)
Tax on income from associates and joint ventures Non-cash (0.5) (1.5)
Revaluation of assets and liabilities on completed acquisitions and disposals Non-cash 6.0 5.4
Financing items
Write-off of previously capitalised debt issue costs on refinancing Non-cash - (1.4)
Total (8.9) (188.2)
Interim results: six months ended 31 March 2021 / 38Appendices
Consolidated balance sheet
HY21 HY20
£m £m
Goodwill and intangible assets 306.0 428.6
Non-current assets Other non-current assets 62.0 67.4
368.0 496.0
Trade debtors 14.4 36.4
Prepayments 11.4 13.4
Current assets
Other current assets 26.4 13.3
(93.6) 52.2 63.1 (113.5)
Net debt (92.4) (157.2)
Deferred revenue (57.6) (103.4)
Trade and other payables (61.8) (59.9)
Creditors Deferred consideration and equity option liabilities (4.8) (9.4)
Net deferred tax liabilities (17.0) (28.8)
Provisions (1.5) (1.8)
(235.1) (360.5)
Net assets 185.1 198.6
Interim results: six months ended 31 March 2021 / 39Appendices
Cash generated from operations
HY21 HY20
£m £m
Statutory operating (loss)/profit 15.7 (168.4)
Adjustments 15.6 185.3
Operating cash flows before movements in working capital 31.3 16.9
Working capital movements (31.7) 8.2
Cash generated from operations (0.4) 25.1
HY21 HY20
£m £m
Cash generated from operations (0.4) 25.1
Interest received 0.1 0.4
Interest paid (3.5) (4.0)
Tax paid (0.7) (2.2)
Free cash flow from the business (4.5) 19.3
Interim results: six months ended 31 March 2021 / 40Appendices
Current debt profile
Facility Original Current Financial Covenants Financial Covenants
Drawn Repayments Interest
£m Commitment Commitment until March 2022 from June 2022
£17.5 November 2020
£17.5 December 2020
£3.0 March 2022 › Leverage Ratio of net
£5.0 June 2022 debt to adjusted EBITDA
Term Loan 100 65 65 £6.0 September 2022 ≤3x
Minimum Liquidity of £30m
£6.0 November 2022 LIBOR + Margin (1.90-3.40%) › Interest Cover Ratio of
until October 2021 and of
£22.5 November 2023 determined by the Leverage EBITDA to net finance
£40m from November 2021
£22.5 December 2023 / Termination Ratio charges ≥4x
until March 2022
date › Tested every quarter from
30 June 2022
Revolving Amounts can be repaid, redrawn or
Credit 150 150 92 rolled for periods of 1, 3, or 6 months up
Facility to maturity
Total 250 215 157 Maturity : December 2023
Interim results: six months ended 31 March 2021 / 41Appendices
Shareholder structure as at 30 April 2021
Country of Shareholder % of Total Shares No. of Shares (millions)
Helikon1 15.1 40.0
RWC Partners UK 12.2 32.3
Jupiter Asset Management UK 7.5 19.9
Amiral Gestion France 5.4 14.4
Bestinver Asset Management Spain 4.4 11.7
BlackRock UK 4.2 11.1
JO Hambro Capital Management UK 4.1 10.9
Aberforth Partners UK 4.0 10.5
Fidelity Management & Research USA 3.5 9.2
Hargreaves Lansdown, stockbrokers (EO) UK 3.1 8.1
Wellington Management US 3.1 8.1
Janus Henderson Investors UK 3.0 8.0
Directors 0.4 0.9
Other institutions and individuals 30.0 80.0
Total Shares in Issue 100 265.1
1 As at 21 April 2021, Helikon Investments Limited had an interest in 15.1% of the ISC by way of cash settled equity swaps.
Interim results: six months ended 31 March 2021 / 42
Trading and collateral accounts have been excluded for illustrative purposes.Appendices
Top 10 events
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Interim results: six months ended 31 March 2021 / 43Appendices
Monthly average cash cost substantially reduced
Original modelled scenarios
FY21
FY19 Revised FY21 FY21
pro forma1 FY20 scenario Recovery East/West
Operational £9m
cash cost2 £12m
£16m H1: £8m £11m £10m
H2: £10m
Total
£15m
cash cost3
£18m £13m H1: £17m £13m £12m
H2: £15m
Includes £1.5m impact of early term
loan repayment and £2m impact of
Retail Meetup acquisition not included
in original modelled scenarios
Net £7m
cash burn4 H1: £10m £4m £5m
H2: £2m
1 After adjusting for acquisitions and disposals, principally the Shoptalk acquisition and the Central Asia disposals
2 The monthly average cash cost of all cost of sales, overheads and capital expenditure
3 The monthly average operational cash cost after including tax, interest, term loan amortisation/repayments and acquisition costs Interim results: six months ended 31 March 2021 / 44
4 The monthly average total cash cost net of customer receipts, refunds and insurance proceedsYou can also read
