Return to industry form ahead of IMEX Frankfurt comeback

Hyve's recovery 'stronger than expected'

Hyve's first half results have shown recovery of in-person events at a rate faster than anticipated - with some surpassing pre-pandemic levels.

The group reported revenue of £58.6 million pounds in the six months to March 31, up from £5m during the same period in 2021.

Steps taken by the organiser in the first six months of 2022 include de-risking its portfolio with its Russian exit and strategic acquisitions enhancing omnichannel strategy.

Mark Shashoua, CEO of Hyve Group , said: "Over the last six months we have, once again, had to respond to challenges outside of our control.

"Thanks to the hard work of our people around the world, not only did we successfully navigate these challenges, but we are now seeing a strong recovery and have moved significantly closer to our long-term vision, more quickly than expected."

The group has been hit by some remaining lockdown restrictions, including the reintroduction border controls in China impacting their events.

However, Hyve said it is now entering the second half with momentum and a streamlined portfolio of omnichannel products, focused on "high-growth" industries.

It comes after the group recorded a “better-than-expected” final quarter for 2021, with success across the west driven by significant pent-up demand for in-person shows.

US exhibition cancellations below 10% for first time since 2019

US B2B exhibition cancel rates have fallen below 10% for the first time in more than two years, according to new figures.

Cancellations were found to be at 9.2% in the first three months of this year, compared with 91.3% during the same period in 2021 and 21.9% in 2020.

The Center for Exhibition Industry Research (CEIR) released the findings in its 2022 First Quarter Index.

Allen Shaw, CEIR economist, said: "B2B exhibitions offer opportunities for buyers to find alternative reasonable-price supplies under the current elevated inflation environment and persistence of global supply chain challenges.

“The B2B exhibition cancellation rate should decline further and the performance of completed events will continue to improve.”

EIC gets on board with data standards scheme

The Events Industry Council has given its backing to a data standardisation scheme aimed at helping our industry with its digital transformation.

VSef has received support from the organisation marking a "hugely significant" moment for support for its mission to set professional standards across the industry.

It was launched in 2021 with the aim of creating a global data format which can be used to simplify the process of moving information between platforms, sales and marketing systems as well as business intelligence tools. 

Amy Calvert, CEO of the EIC, said: “The global VSef initiative, founded by Explori, has focused on the area of digital event data standards, and developed a comprehensive solution on a not-for-profit basis.

"We are delighted to bring our APEX Commission and VSef together to further develop and establish these essential data standards.”

 VSef has received backing from many world-leading organisers and platforms including Informa Markets, RX, Tarsus Group, Emerald Expositions, Clarion Events, ExpoPlatform and many more. 

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