LONDON (dpa-AFX) - Hyve Group plc (ITE.L) expects to exceed the fiscal 2020 savings target by delivering net additional savings of about £25 million, largely due to venue negotiations, the acceleration of redundancy plans and the utilisation of the UK furlough scheme.
Further, the company said it has 'good visibility over a significant portion of the FY21 savings target and expects to be in line with forecast.'
The Group noted that it is in a strong financial position to navigate through continued COVID-19 disruption and uncertainty as a result of the successful £126.6 million rights issue announced on 7 May, the material FY20 cost savings which were above management expectations, and the receipt of insurance proceeds.
Copyright RTT News/dpa-AFX