BRITISH exhibitions group Hyve yesterday said it had proposed to sell its Russian business to Rise Expo for a maximum price of £72m.

On the decision, Mark Shashoua, chief executive of Hyve Group, said: "While we have not taken the decision to exit the Russian market lightly, the sale of the Russian business does accelerate our strategy to focus on omnichannel products in developed geographies".

Russia has been a legacy of the firm since 1991 and Hyve said the exit "creates value for shareholders and some security for the teams who have served the company so well for over 30 years".

The company also posted that it had delivered revenue of approximately £58m in the first half of the year, excluding Russian revenues of around £17m, underpinned by the reopening of western markets.

The group ran a total of 21 in-person events, excluding seven Russian events, in the first half of the year. This compares to only seven in 2021.

Forward bookings for the full year currently sit at £103m, excluding bookings for Russian and Ukrainian events, reflecting the continued realisation of pent-up demand for inperson events as key shows return.

With the exception of China, a full schedule of events is expected to run in the financial year, thanks to the continued relaxation of Covid-19 related restrictions.

The company also snapped up 121 Group and Fintech Meetup, which boosted its presence in the US and Western Europe.

(c) 2022 City A.M., source Newspaper