Fintech PR
Soldo Data Reveals CFOs Caution Cashflow And Overspending Will Challenge Economic Recovery
CFOs across the UK warn that cashflow and overspending are the main barriers to their organisation’s financial recovery. The research, commissioned by Soldo, a European pay and spend automation platform, found that 60% of CFOs are forecasting that their business will not recover to pre-pandemic levels until October 2022. 3% of CFOs that say their business has already recovered, while 2% forecast recovery is still over five years away.
Investment Spending Reduced in The Early Stages Of The Pandemic
60% of UK businesses cut their spending in response to the pandemic, with the average business reducing expenditure by 14% in the last financial year. Economists have modelled this data, suggesting that across the UK, business spending was reduced by £153 billion in 2020/2021.
Soldo’s research found that the average reduction in business spending in the last financial year (20/21) was as follows;
- Small firms (up to 50 employees) – £417,553
- Medium sized firms (51 – 500 employees) – £4,011,651
- Corporates (501+ employees) – £17,251,279
Reductions in inventory and staffing costs (including contractors, reduction of permanent headcount and a freeze in the recruitment of new talent) were the main areas where business reduced their expenditure. Nevertheless, the majority of CFOs (60%) acknowledge that now is the time to re-start business spending to drive recovery as quickly as possible. Finance professionals acknowledge that there are numerous challenges associated with ramping up investment. The following were cited as the top 5 difficulties:
- Cashflow issues (54%)
- Managing overspending (51%)
- Supplier relationships (44%)
- Inability to forecast (37%)
- Lack of insight around spending (26%)
Said Paraag Amin, CFO of dotdigital, said:
“The pandemic has focused businesses more than ever on continuing to grow through uncertain times, and digital transformation, including the shift to cloud, is one of the key enablers of this. Having access to real-time information, wherever you are, is of paramount importance. Add to this the scaling of processes, to drive cost efficiency, means that it is very important for CFOs/businesses to continue to reinvest, not just to survive the pandemic, but to thrive.”
Mariano Dima, President of Soldo, said:
“Business leaders are taking a deeper look at spending control and payment models, whether through the pandemic or the new norm. With spend management technology, the average UK business can save 2% of annual revenues and reinvest in market expansion.
“Many CFOs have doubled down on digital transformation and cash displacement. It is crucial to have the ability to forensically examine business spend, whether SaaS, retail or advertising.”
What do CFOs cite as the top challenges threatening recovery and growth?
Managing overspending – CFOs told us that overspending is the number one challenge when it comes to making investments. 50% of CFOs recognise that a digital approach to managing spend can solve overspending. Soldo gives business leaders the ability to set tight budgets and gives real time updates, helping to prevent overspending.
Cashflow issues – Poor visibility of cashflow and working capital acts as a drag on investment. Our research found that 63% of finance teams want better oversight of their working capital. Soldo enables finance teams to track spending against budgets in real time.
Lack of insight around business spending – The inability to analyse investment spending in real-time is a challenge for a significant number of finance leaders. Over a quarter of the CFOs Soldo spoke to said that they wanted more accurate and timely insights around spending. Founders and finance teams want to see spending in real time and see where and how money is being spent.
Soldo’s research found that an incredible amount was wasted across Europe due to ineffective spending controls:
€347 billion across Europe
€62 billion in Germany
€42 billion in France
€43 billion in UK (£37 billion)
€30 billion in Italy
Cloud Benefits – Making the shift to cloud accounting enables CFOs to manage and monitor investment spending more efficiently. Soldo’s research showed that an average sized company could save more than £2.3m annually. In short, tech-enabled businesses are much more confident in their ability to invest for future growth.
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
The following files are available for download:
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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EQT AB Group |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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