LONDON: Debra Crew has stepped down as chief executive officer of Diageo PLC after nearly two years in the role, the spirits giant said Wednesday, with Chief Financial Officer Nik Jhangiani appointed as interim CEO. The departure comes as the maker of Johnnie Walker whisky and Guinness beer pushes ahead with a cost-cutting and turnaround…
Malaga Financial reports lower earnings on ERC impact, maintains strong credit metrics
Malaga Financial Corp (OTCIQ: MLGF), the parent of Malaga Bank FSB, on Wednesday posted a 7% drop in first-half earnings, citing the prior year’s Employment Retention Credit (ERC) and lower net interest income. Net income fell to $10.95 million, or $1.16 per share, for the six months ended June 30, from $11.79 million, or $1.25…
Audioboom to acquire UK podcast network Adelicious in £10 million deal
LONDON: Audioboom Group PLC (AIM: BOOM), a global podcast leader, announced Wednesday it will acquire British podcast network Adelicious Ltd for up to £10.0 million ($12.9 million), aiming to create the UK’s second-largest podcast network. The all-share transaction includes £4.5 million in initial consideration (60% cash, 40% shares), up to £3.0 million in deferred payments…
Coats Group to acquire premium insole leader OrthoLite for $770 million
LONDON: Coats Group plc said Wednesday it will acquire OrthoLite Holdings LLC, the global leader in premium insoles, for $770 million, as part of its strategy to expand in the high-growth footwear component sector. The deal, expected to close in the fourth quarter of 2025, will be funded through a mix of new debt facilities…
ASML posts strong Q2 results; Sees full-year sales rising 15%
VELDHOVEN: ASML Holding NV (ASML) reported second-quarter net sales of €7.7 billion and a net income of €2.3 billion, meeting the upper range of its guidance, the chip equipment maker said Wednesday. Gross margin for the quarter was 53.7%, slightly down from 54.0% in Q1 but above the company’s forecast. Net bookings rose to €5.5…
Stellantis halts hydrogen fuel cell program amid market challenges
PARIS: Stellantis said Wednesday it will discontinue its hydrogen fuel cell technology development program, citing infrastructure limitations, high capital costs and weak consumer incentives. The automaker no longer anticipates widespread adoption of hydrogen-powered light commercial vehicles before the decade’s end. The decision halts the planned launch of the Pro One hydrogen-powered van series, with production…
Honye Financial Services to acquire Zoyo Capital Limited for £26 million
LONDON: Honye Financial Services Ltd (LSE: HOYE) announced Wednesday it has agreed to acquire London-based FinTech firm Zoyo Capital Limited in a share-based deal valued at £26 million. Under conditional agreements, Honye will acquire the entire issued share capital of Zoyo. The consideration will be satisfied entirely through the issuance of 113,043,478 new Honye ordinary…
Cohort plc reports record annual results, boosts growth outlook after EM Solutions deal
READING: UK defence technology group Cohort plc (AIM: CHRT) posted record revenue and adjusted operating profit for the year ended April 30, 2025, driven by strong demand and a robust order book extending into the 2030s. The Group reported revenue of £270.0 million, up 33% from the previous year, with adjusted operating profit rising to…
Creightons FY25 profit surges as cost controls and private label sales drive growth
LONDON: UK-based beauty and wellbeing brand Creightons plc reported a sharp increase in profits and margins for the year ended March 31, 2025, as strong private label sales offset declines in its branded and contract manufacturing segments. Revenue rose 1.6% to £54.1 million, bolstered by a £5.4 million surge in private label sales. Gross profit…
Apax Global Alpha to indirectly invest €4.5 million in Foods Connected via Impact Fund
LONDON: Apax Global Alpha Limited (AGA) said on Wednesday it expects to invest approximately €4.5 million indirectly in Northern Ireland-based food tech firm Foods Connected, through its limited partnership in the Apax Global Impact Fund (AGI). AGI has reached an agreement to acquire Foods Connected from Hilton Food Group Plc, with the transaction expected to…
Richemont delivers solid start to fiscal year, driven by jewellery sales and regional expansion
LUXEMBOURG: Compagnie Financière Richemont SA reported a solid start to its fiscal year, with group sales rising 6% at constant exchange rates to €5.4 billion for the first quarter ended June 30, 2025, despite persistent macroeconomic and geopolitical volatility. The increase was fueled by sustained growth across key markets and distribution channels, with standout performances…
Kayne Anderson BDC invests $126 million in SG Credit Partners to expand lower middle market lending
NEWPORT BEACH: Kayne Anderson BDC, Inc. (NYSE: KBDC) has announced a strategic investment in SG Credit Partners, Inc., a national credit platform serving the lower middle market, to enhance its private credit investment capabilities and diversify its portfolio. The investment comprises an $80 million term loan facility, a $34 million delayed draw term loan, and…