LONDON: Maxima Grupė, the retail giant in the Baltic States, has announced its consolidated financial results for 2023, showcasing significant growth despite the economic headwinds affecting its markets. The Group, which operates well-known retail chains across Lithuania, Latvia, Estonia, Poland, and Bulgaria, and the e-commerce platform Barbora in the Baltic States, has reported a consolidated…
M&C Saatchi Plc reports 8% decline in operating profit
LONDON, UK: M&C Saatchi Plc has reported a challenging fiscal year 2023. The company saw a slight decrease in revenue, down by 2% from the previous year, standing at £453.9 million compared to £462.5 million in FY22. This dip was mirrored in the net revenue, which also fell by 7% to £252.8 million. The company’s…
THG Plc reports 8.4% decline in total group revenue
LONDON, UK: THG Plc has reported a decline in total group revenue by 8.4% year-over-year (YoY), a move attributed to the company’s decisive action to phase out unprofitable categories. Despite these challenges, the group’s continuing revenue stood at £1.983 billion, a modest decrease of 2.8%, as the focus shifted towards sales and territories with higher…
Tesco Plc reports 100% growth in operating profit to £2.821 billion in FY 23/24
LONDON: Tesco Plc has announced its financial results for the fiscal year 23/24, showcasing significant gains across various financial metrics. The retail giant reported group sales of £61.477 billion, marking a 7.4% increase at actual rates compared to the previous year’s £57.216 billion. This growth remained consistent at constant rates with a 7.2% rise, reflecting…
Azelis acquires distribution business of DBH Osthandelsgesellschaft mbH
ANTWERP: Azelis (AZE), a leading global innovation service provider in the specialty chemicals and food ingredients industry, has signed an agreement to acquire the distribution business of DBH Osthandelsgesellschaft mbH (DBH), a specialty chemicals distributor focused on AM&A (Advanced Materials & Additives) in Germany and Central & Eastern Europe (CEE). The transaction is expected to…
GIP Australia Fund II raises A$4.0 billion for Australasian Ventures
Global Infrastructure Partners (GIP) has successfully closed its fundraising efforts for the GIP Australia Fund II (GIPA II), amassing A$4.0 billion in committed capital. This impressive figure sits at the zenith of their initial target range of A$3.0 to A$4.0 billion. The fund has garnered robust support from institutional investors spread across the continents—from Australia…
Rio Tinto partners Founders Factory to invest in the technology startups
SYDNEY: Rio Tinto has announced a strategic partnership with Founders Factory, a leading global venture studio. This collaboration is set to fuel the development and commercialization of pioneering technologies, marking a significant commitment by Rio Tinto to enhance the mining industry’s efficiency and sustainability. Over the next three years, Rio Tinto will channel A$14.4 million…
Entrust has completed the acquisition of Onfido
LONDON: Entrust has completed the acquisition of Onfido, a portfolio investment of the Augmentum Fintech plc (LSE: AUGM). Augmentum’s understanding of the terms of the transaction implies a valuation of the Company’s investment in Onfido at £10.1 million (30 September 2023: £9.7 million representing 3.6% of the value of the portfolio). Augmentum Fintech initially invested in…
Procurement Sciences AI raises $10 million in series A funding
Procurement Sciences AI (PSci.AI), a veteran-founded company specializing in generative AI tools for government contracting, announced a successful $10M Series A funding round today. The investment was spearheaded by Battery Ventures, with additional contributions from Tower Research Capital, K Street Capital, and Blu Ventures. The funding will enhance PSci.AI’s platform, which promises to revolutionize the…
AMD launches adaptive SOCs Versal AI Edge Series Gen 2 and Versal Prime Series Gen 2
NUREMBERG, GERMANY: AMD (NASDAQ: AMD) announced the expansion of the AMD Versal adaptive system on chip (SoC) portfolio with the new Versal AI Edge Series Gen 2 and Versal Prime Series Gen 2 adaptive SoCs, which bring preprocessing, AI inference, and postprocessing together in a single device for end-to-end acceleration of AI-driven embedded systems. These…
Back-Track acquires Upstrem Holding
Back-Track, a subsidiary of BUYBOX, LLC, has acquired Upstrem Holding Co., LLC, a leader in Return and Resell technology solutions. This acquisition merges Upstrem’s innovative technology with Back-Track’s operational prowess in recommerce, promising to deliver optimal recovery for eCommerce customer returns. The union is set to create a powerhouse in the recommerce industry, with a…
Unipart posts 14.2% increase in revenues surpassing £1bn for the first time
OXFORD, ENGLAND: Unipart, the supply chain solutions and performance improvement technologies partner, delivered a strong year of growth and expansion in 2023. Group turnover increased to £1,047.9m (2022: £917.3m), delivering underlying Group profit before interest and tax to £21.7m (2022: £12.2m). Unipart’s international regions delivered strong profit growth, with the UK business showing solid progress…