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…
IDI acquires a majority stake in the capital of EXSTO
PARIS: A leading player in private equity in France, IDI announced the acquisition of a majority stake in the capital of EXSTO, a French group that is a leader in the high-performance elastomer sector. Founded in 1976 and based in Romans-sur-Isère, EXSTO specializes in molded and/or machined high-performance elastomer solutions for critical domains. The group…
JTC Plc (LON:JTC)
JTC Plc is a global professional services business that specializes in funds, corporate, and private client services. It’s known for its expertise in administering both closed and open-ended funds across various jurisdictions, including Jersey, the US, the UK, and others. The company is publicly listed and operates with a strong emphasis on shared ownership, investing…