Latest News
Steady Development Driven by Innovation, JCET Revenue of Q4 2023 Hits a Record High
Q4 2023 Financial Highlights:
- Revenue was RMB 9.23 billion, an increase of 11.8% quarter-on-quarter, and an increase of about 3% year-on-year, a record high single quarter in the company’s history.
- Net profit was RMB 0.5 billion, an increase of 3.9% quarter-on-quarter.
- Generated RMB 1.4 billion cash from operations. With net capex investments of RMB 0.76 billion, free cash flow for the quarter was RMB 0.64 billion.
- Earnings per share was RMB 0.28.
Full Year 2023 Financial Highlights:
- Revenue was RMB 29.66 billion.
- Net profit was RMB 1.47 billion.
- Generated RMB 4.44 billion cash from operations. With net capex investments of RMB 3.07 billion, free cash flow was RMB 1.37 billion.
- Earnings per share was RMB 0.82.
SHANGHAI, April 18, 2024 /PRNewswire/ — JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, today announced its full year financial results for the year ended December 31, 2023. According to the financial report, in 2023 JCET achieved revenue of RMB 29.66 billion, and net profit of RMB 1.47 billion. In Q4 2023 JCET achieved revenue of RMB 9.23 billion, an increase of 11.8% quarter-on-quarter and an increase of about 3% year-on-year, a record high single quarter in the company’s history; and net profit of RMB 0.5 billion, an increase of 3.9% quarter-on-quarter.
In 2023, JCET effectively responded to market changes, focusing on high-performance advanced packaging, strengthening innovation and upgrading to achieve stable business development, the company’s operations have continued to improve since Q2 2023, and performance rebounded quarter by quarter. JCET has continuously optimized asset structures, improved cash flow capability, and achieved positive free cash flow for 5 consecutive years from 2019 to 2023.
JCET has achieved continuous breakthroughs in the field of advanced packaging technologies such as high-density system level packaging, large size flip chip packaging and wafer level packaging, and the proportion of advanced packaging revenue exceeded two-thirds of company’s revenue. JCET continues to enhance its technological innovation, with R&D investment of RMB 1.44 billion in 2023, a year-on-year increase of 9.7%.
The company has enhanced its overall solution and production capabilities towards application scenarios. In the fields of high-end communications, industrial electronics and wide bandgap semiconductors, JCET with its global customers have developed diversified innovative applications, with continuous increase of mass production introduction. JCET’s automotive electronics business has maintained continuous expansion in technological achievements and number of customers in 2023, with revenue in this segment increasing by 68% year-on-year. At the same time, JCET accelerates the construction of its first automotive chip advanced packaging flagship factory in Shanghai.
Mr. Li Zheng, CEO of JCET, said, “JCET continues to develop its core competitiveness, characterized by global customer diversification, professional management, and innovative internationalized operations. Strategic initiatives executed in 2023 have laid a solid foundation for steady growth in 2024 and the near future.”
For more information, please refer to the JCET FY2023 Report.
About JCET Group
JCET Group is the world’s leading integrated-circuit manufacturing and technology services provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world.
Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive and industry etc., through advanced wafer level packaging, 2.5D/3D, System-in-Packaging, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, six manufacturing locations in China, Korea and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to customers in China and around the world.
CONSOLIDATED BALANCE SHEET (Audited) |
RMB in millions |
||||||||
Dec 31, 2023 |
Dec 31, 2022 |
||||||||
ASSETS |
|||||||||
Current assets |
|||||||||
Currency funds |
7,325 |
2,459 |
|||||||
Trading financial assets |
2,306 |
4,316 |
|||||||
Derivative financial assets |
4 |
18 |
|||||||
Accounts receivable |
4,185 |
3,689 |
|||||||
Receivables financing |
38 |
59 |
|||||||
Prepayments |
104 |
110 |
|||||||
Other receivables |
87 |
61 |
|||||||
Inventories |
3,195 |
3,152 |
|||||||
Other current assets |
375 |
279 |
|||||||
Total current assets |
17,619 |
14,143 |
|||||||
Non-current assets |
|||||||||
Long-term receivables |
33 |
40 |
|||||||
Long-term equity investments |
695 |
765 |
|||||||
Other equity investments |
447 |
440 |
|||||||
Investment properties |
86 |
89 |
|||||||
Fixed assets |
18,744 |
19,517 |
|||||||
Construction in progress |
1,053 |
807 |
|||||||
Right-of-use assets |
563 |
578 |
|||||||
Intangible assets |
662 |
483 |
|||||||
Goodwill |
2,248 |
2,210 |
|||||||
Long-term prepaid expenses |
17 |
28 |
|||||||
Deferred tax assets |
364 |
247 |
|||||||
Other non-current assets |
48 |
61 |
|||||||
Total non-current assets |
24,960 |
25,265 |
|||||||
Total assets |
42,579 |
39,408 |
|||||||
LIABILITIES AND EQUITY |
Dec 31, 2023 |
Dec 31, 2022 |
|||||||
Current liabilities |
|||||||||
Short-term borrowings |
1,696 |
1,174 |
|||||||
Notes payable |
223 |
339 |
|||||||
Accounts payable |
4,782 |
4,634 |
|||||||
Contract liabilities |
185 |
214 |
|||||||
Employee benefits payable |
781 |
984 |
|||||||
Taxes and surcharges payable |
167 |
210 |
|||||||
Other payables |
354 |
378 |
|||||||
Current portion of long-term liabilities |
1,491 |
3,096 |
|||||||
Other current liabilities |
3 |
4 |
|||||||
Total current liabilities |
9,682 |
11,033 |
|||||||
Non-current liabilities |
|||||||||
Long-term borrowings |
5,777 |
2,721 |
|||||||
Lease liabilities |
530 |
562 |
|||||||
Long-term employee benefits payable |
14 |
14 |
|||||||
Deferred income |
384 |
340 |
|||||||
Deferred tax liabilities |
0 |
40 |
|||||||
Other non-current liabilities |
41 |
55 |
|||||||
Total non-current liabilities |
6,746 |
3,732 |
|||||||
Total liabilities |
16,428 |
14,765 |
|||||||
Equity |
|||||||||
Paid-in capital |
1,789 |
1,780 |
|||||||
Capital reserves |
15,237 |
15,080 |
|||||||
Accumulated other comprehensive income |
543 |
400 |
|||||||
Surplus reserves |
257 |
229 |
|||||||
Unappropriated profit |
8,239 |
7,154 |
|||||||
Total equity attributable to owners of the parent |
26,065 |
24,643 |
|||||||
Minority shareholders |
86 |
0 |
|||||||
Total equity |
26,151 |
24,643 |
|||||||
Total liabilities and equity |
42,579 |
39,408 |
|||||||
CONSOLIDATED INCOME STATEMENT (Audited) |
RMB in millions, except share data |
||||||||
Three months ended |
Year ended |
||||||||
Dec 31, 2023 |
Dec 31, 2022 |
Dec 31, 2023 |
Dec 31, 2022 |
||||||
Revenue |
9,231 |
8,984 |
29,661 |
33,762 |
|||||
Less: Cost of sales |
8,016 |
7,688 |
25,612 |
28,010 |
|||||
Taxes and surcharges |
24 |
20 |
106 |
90 |
|||||
Selling expenses |
51 |
42 |
206 |
184 |
|||||
Administrative expenses |
215 |
95 |
751 |
900 |
|||||
Research and development expenses |
358 |
333 |
1,440 |
1,313 |
|||||
Finance expenses |
114 |
137 |
191 |
126 |
|||||
Including: Interest expenses |
99 |
64 |
314 |
207 |
|||||
Interest income |
42 |
10 |
112 |
31 |
|||||
Add: Other income |
38 |
53 |
214 |
191 |
|||||
Investment income / (loss) |
36 |
63 |
2 |
128 |
|||||
Including: Income / (loss) from investments in associates and joint ventures |
(36) |
1 |
(70) |
(5) |
|||||
Gain / (loss) on changes in fair value of financial assets/liabilities |
(44) |
3 |
18 |
(37) |
|||||
Credit impairment (loss is expressed by “-“) |
(2) |
17 |
(5) |
34 |
|||||
Asset impairment (loss is expressed by “-“) |
(47) |
(131) |
(73) |
(257) |
|||||
Gain / (loss) on disposal of assets |
(12) |
6 |
9 |
48 |
|||||
Operating profit / (loss) |
422 |
680 |
1,520 |
3,246 |
|||||
Add: Non-operating income |
6 |
2 |
9 |
47 |
|||||
Less: Non-operating expenses |
2 |
1 |
7 |
2 |
|||||
Profit / (loss) before income taxes |
426 |
681 |
1,522 |
3,291 |
|||||
Less: Income tax expenses |
(70) |
(98) |
52 |
60 |
|||||
Net profit / (loss) |
496 |
779 |
1,470 |
3,231 |
|||||
Classified by continuity of operations |
|||||||||
Profit / (loss) from continuing operations |
496 |
779 |
1,470 |
3,231 |
|||||
Classified by ownership |
|||||||||
Net profit / (loss) attributable to owners of the parent |
497 |
779 |
1,471 |
3,231 |
|||||
Net profit / (loss) attributable to minority shareholders |
(1) |
0 |
(1) |
0 |
|||||
Add: Unappropriated profit at beginning of period |
7,771 |
6,430 |
7,154 |
4,334 |
|||||
Less: Extract statutory surplus accumulation |
29 |
55 |
29 |
55 |
|||||
Cash dividends payable |
0 |
0 |
357 |
356 |
|||||
Unappropriated profit at end of period (attributable to owners of the parent) |
8,239 |
7,154 |
8,239 |
7,154 |
|||||
Other comprehensive income, net of tax |
(137) |
(151) |
143 |
680 |
|||||
Comprehensive income attributable to owners of the parent |
(137) |
(151) |
143 |
680 |
|||||
Comprehensive income not be reclassified to profit or loss |
(3) |
7 |
7 |
(7) |
|||||
Remeasurement gains or losses of a defined benefit plan |
(1) |
1 |
0 |
1 |
|||||
Change in the fair value of other equity investments |
(2) |
6 |
7 |
(8) |
|||||
Comprehensive income to be reclassified to profit or loss |
(134) |
(158) |
136 |
687 |
|||||
Cash flow hedge reserve |
0 |
23 |
0 |
(4) |
|||||
Exchange differences of foreign currency financial statements |
(134) |
(181) |
136 |
691 |
|||||
Total comprehensive income |
359 |
628 |
1,613 |
3,911 |
|||||
Including: |
|||||||||
Total comprehensive income attributable to owners of the parent |
360 |
628 |
1,614 |
3,911 |
|||||
Total comprehensive income attributable to minority shareholders |
(1) |
0 |
(1) |
0 |
|||||
Earnings per share |
|||||||||
Basic earnings per share |
0.28 |
0.44 |
0.82 |
1.82 |
|||||
Diluted earnings per share |
0.28 |
0.43 |
0.82 |
1.81 |
|||||
CONSOLIDATED CASH FLOW STATEMENT (Audited) |
RMB in millions |
||||||||
Three months ended |
Year ended |
||||||||
Dec 31, 2023 |
Dec 31, 2022 |
Dec 31, 2023 |
Dec 31, 2022 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||||
Cash receipts from the sale of goods and the rendering of services |
9,696 |
11,033 |
30,433 |
36,233 |
|||||
Receipts of taxes and surcharges refunds |
(99) |
34 |
168 |
307 |
|||||
Other cash receipts relating to operating activities |
98 |
103 |
387 |
321 |
|||||
Total cash inflows from operating activities |
9,695 |
11,170 |
30,988 |
36,861 |
|||||
Cash payments for goods and services |
7,405 |
8,458 |
21,698 |
25,604 |
|||||
Cash payments to and on behalf of employees |
1,013 |
1,019 |
3,985 |
4,275 |
|||||
Payments of all types of taxes and surcharges |
(181) |
(152) |
465 |
543 |
|||||
Other cash payments relating to operating activities |
54 |
213 |
403 |
427 |
|||||
Total cash outflows from operating activities |
8,291 |
9,538 |
26,551 |
30,849 |
|||||
Net cash flows from operating activities |
1,404 |
1,632 |
4,437 |
6,012 |
|||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||||
Cash receipts from returns of investments |
6,200 |
4,151 |
18,081 |
12,701 |
|||||
Cash receipts from investment income |
32 |
33 |
100 |
89 |
|||||
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets |
(68) |
(3) |
63 |
107 |
|||||
Net cash receipts from disposal of subsidiaries and other business units |
0 |
0 |
0 |
30 |
|||||
Total cash inflows from investing activities |
6,164 |
4,181 |
18,244 |
12,927 |
|||||
Cash payments to acquire fixed assets, intangible assets and other long-term assets |
695 |
1,236 |
3,129 |
3,924 |
|||||
Cash payments for investments |
4,920 |
4,300 |
16,081 |
14,361 |
|||||
Other cash payments relating to investing activities |
32 |
0 |
32 |
0 |
|||||
Total cash outflows from investing activities |
5,647 |
5,536 |
19,242 |
18,285 |
|||||
Net cash flows from investing activities |
517 |
(1,355) |
(998) |
(5,358) |
|||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||||
Cash proceeds from investments by others |
4 |
0 |
266 |
0 |
|||||
Including: Cash receipts from capital contributions from minority shareholders of subsidiaries |
0 |
0 |
86 |
0 |
|||||
Cash receipts from borrowings |
2,433 |
2,255 |
8,920 |
5,216 |
|||||
Total cash inflows from financing activities |
2,437 |
2,255 |
9,186 |
5,216 |
|||||
Cash repayments for debts |
1,592 |
2,523 |
7,056 |
5,053 |
|||||
Cash payments for distribution of dividends or profit and interest expenses |
82 |
29 |
627 |
524 |
|||||
Other cash payments relating to financing activities |
23 |
(71) |
92 |
687 |
|||||
Total cash outflows from financing activities |
1,697 |
2,481 |
7,775 |
6,264 |
|||||
Net cash flows from financing activities |
740 |
(226) |
1,411 |
(1,048) |
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
(8) |
(10) |
22 |
84 |
|||||
NET INCREASE IN CASH AND CASH EQUIVALENTS |
2,653 |
41 |
4,872 |
(310) |
|||||
Add: Cash and cash equivalents at beginning of period |
4,672 |
2,412 |
2,453 |
2,763 |
|||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
7,325 |
2,453 |
7,325 |
2,453 |
Logo – https://mma.prnewswire.com/media/1711480/JCET_Logo_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/steady-development-driven-by-innovation-jcet-revenue-of-q4-2023-hits-a-record-high-302120972.html
Latest News
Brazil’s FinTech Revolution: Paving the Way for a Sustainable, Greener Future
The post Brazil’s FinTech Revolution: Paving the Way for a Sustainable, Greener Future appeared first on HIPTHER Alerts.
Latest News
Markel Group reports 2024 first quarter results
RICHMOND, Va., May 1, 2024 /PRNewswire/ — Markel Group Inc. (NYSE:MKL) today reported its financial results for the first quarter of 2024. The Company also announced today it filed its Form 10-Q for the quarter ended March 31, 2024 with the Securities and Exchange Commission. Markel Group aspires to build one of the world’s great companies and deploys three financial engines in pursuit of this goal: Insurance, Investments and Markel Ventures.
“We are pleased with the overall performance of our businesses as we start the year,” said Tom Gayner, Chief Executive Officer. “Our insurance team grew the top line year over year, and both operating income and the combined ratio improved significantly from the close of last year as we work towards our long-term profitability objectives. Net investment income increased amid higher interest rates, and our public investments were up meaningfully. Lastly, our Markel Ventures businesses had another terrific quarter, and we couldn’t be more pleased with the results of their efforts. Our promise to shareholders is to drive strong performance over the long-term, and with quarters like these, we continue to make progress towards that goal.”
The following table presents summary financial data, by engine, for the three months ended March 31, 2024 and 2023.
Three Months Ended March 31, |
|||
(dollars in thousands, except per share amounts) |
2024 |
2023 |
|
Operating revenues: |
|||
Insurance |
$ 2,185,718 |
$ 2,009,932 |
|
Investments |
1,140,331 |
528,777 |
|
Markel Ventures |
1,140,606 |
1,104,680 |
|
Total operating revenues |
$ 4,466,655 |
$ 3,643,389 |
|
Operating income: |
|||
Insurance (1) |
$ 135,825 |
$ 177,340 |
|
Investments |
1,140,331 |
528,777 |
|
Markel Ventures |
103,915 |
92,178 |
|
Consolidated segment operating income (2) |
1,380,071 |
798,295 |
|
Amortization of acquired intangible assets |
(44,285) |
(44,399) |
|
Total operating income |
$ 1,335,786 |
$ 753,896 |
|
Comprehensive income to shareholders |
$ 908,385 |
$ 646,365 |
|
Diluted net income per common share |
$ 75.43 |
$ 37.26 |
|
Combined ratio |
95.2 % |
94.0 % |
(1) |
See “Supplemental Financial Information” for the components of our Insurance engine operating income. |
(2) |
See “Non-GAAP Financial Measures” for additional information on this non-GAAP measure. |
Highlights of results from the quarter:
- Operating revenue and operating income growth of 23% and 77%, respectively, was primarily driven by our Investments engine.
- Our Investments engine benefited from the impact of more favorable market value movements within our equity portfolio in 2024 compared to 2023, as well as a 37% increase in net investment income reflecting higher interest rates in 2024 compared to 2023. Generally accepted accounting principles (GAAP) require that we include unrealized gains and losses on equity securities in net income. This may lead to short-term volatility in revenues and operating income that temporarily obscures our underlying operating performance.
- Our Markel Ventures engine grew segment operating income by 13% in 2024 as a result of revenue growth and improved operating margins across a number of our businesses.
- Growth in our Insurance engine revenues of 9% was primarily attributable to an increase in earned premiums driven by new business growth and more favorable rates on select lines of business.
- The higher combined ratio in 2024 compared to 2023 was primarily driven by a higher attritional loss ratio on our U.S. general liability and professional liability product lines.
We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and also aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance.
Three Months |
Years Ended December 31, |
||||||||
(dollars in thousands) |
2024 |
2023 |
2022 |
2021 |
2020 |
||||
Operating income: |
|||||||||
Insurance (1) |
$ 135,825 |
$ 348,145 |
$ 928,709 |
$ 718,800 |
$ 136,985 |
||||
Investments (2) |
1,140,331 |
2,241,419 |
(1,167,548) |
2,353,124 |
989,564 |
||||
Markel Ventures |
103,915 |
519,878 |
404,281 |
330,120 |
306,650 |
||||
Consolidated segment operating income (3) |
1,380,071 |
3,109,442 |
165,442 |
3,402,044 |
1,433,199 |
||||
Amortization and impairment |
(44,285) |
(180,614) |
(258,778) |
(160,539) |
(159,315) |
||||
Total operating income (loss) |
$ 1,335,786 |
$ 2,928,828 |
$ (93,336) |
$ 3,241,505 |
$ 1,273,884 |
||||
Net investment gains (losses) (2) |
$ 902,281 |
$ 1,524,054 |
$ (1,595,733) |
$ 1,978,534 |
$ 617,979 |
||||
CAGR in closing stock price per share (4) |
|||||||||
December 31, 2019 to March 31, 2024 |
7 % |
(1) |
See “Supplemental Financial Information” for the components of our Insurance engine operating income. |
(2) |
Investments engine operating income includes net investment gains (losses), which are primarily comprised of unrealized gains and losses on equity securities. |
(3) |
See “Non-GAAP Financial Measures” for additional information on this non-GAAP measure. |
(4) |
CAGR – compound annual growth rate. |
* * * * * * * *
A copy of our Form 10-Q is available on our website at mklgroup.com or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, May 2, 2024, beginning at 9:30 a.m. (Eastern Time). Investors, analysts and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group’s Investor Relations Department at [email protected].
Additionally, our shareholders meeting will be held on May 22, 2024 at the University of Richmond Robins Center at 2:00 p.m. (Eastern Time). The shareholders meeting will be part of a two-day event we are calling the 2024 Reunion, which is open to shareholders, employees, and friends of Markel Group. More information on the agenda and registration for the 2024 Reunion is available at mklreunion.com.
Supplemental Financial Information
The following table presents the components of our Insurance engine operating income.
Three Months Ended March 31, |
Years Ended December 31, |
||||||||||
(dollars in thousands) |
2024 |
2023 |
2023 |
2022 |
2021 |
2020 |
|||||
Insurance operating income (loss): |
|||||||||||
Insurance segment |
$ 107,310 |
$ 96,504 |
$ 162,176 |
$ 549,871 |
$ 696,413 |
$ 169,001 |
|||||
Reinsurance segment |
12,010 |
24,234 |
(19,265) |
83,859 |
(55,129) |
(75,470) |
|||||
Other insurance operations |
16,505 |
56,602 |
205,234 |
294,979 |
77,516 |
43,454 |
|||||
Insurance |
$ 135,825 |
$ 177,340 |
$ 348,145 |
$ 928,709 |
$ 718,800 |
$ 136,985 |
Non-GAAP Financial Measures
Consolidated segment operating income is a non-GAAP financial measure as it represents the total of the segment operating income from each of our operating segments and excludes items included in operating income. Consolidated segment operating income excludes amortization of acquired intangible assets and goodwill impairments arising from purchase accounting as they do not represent costs of operating the underlying businesses. The following table reconciles operating income to consolidated segment operating income.
Three Months Ended March 31, |
Years Ended December 31, |
||||||||||
(dollars in thousands) |
2024 |
2023 |
2023 |
2022 |
2021 |
2020 |
|||||
Operating income (loss) |
$ 1,335,786 |
$ 753,896 |
$ 2,928,828 |
$ (93,336) |
$ 3,241,505 |
$ 1,273,884 |
|||||
Amortization of acquired intangible assets |
44,285 |
44,399 |
180,614 |
178,778 |
160,539 |
159,315 |
|||||
Impairment of goodwill |
— |
— |
— |
80,000 |
— |
— |
|||||
Consolidated segment operating income |
$ 1,380,071 |
$ 798,295 |
$ 3,109,442 |
$ 165,442 |
$ 3,402,044 |
$ 1,433,199 |
About Markel Group
Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group’s durability and adaptability. It’s a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.
Cautionary Statement
Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2023, including under “Business Overview,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Safe Harbor and Cautionary Statement,” and “Quantitative and Qualitative Disclosures About Market Risk,” and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, including under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Safe Harbor and Cautionary Statement,” and “Quantitative and Qualitative Disclosures About Market Risk”. We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.
Logo – https://mma.prnewswire.com/media/2077105/Markel_Group_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/markel-group-reports-2024-first-quarter-results-302133710.html
Latest News
Ageras Secures €82M Funding to Drive Fintech Acquisitions
Ageras, a Danish-founded fintech company, has announced a successful fundraising round, raising €82 million in an oversubscribed private placement. This funding round brings the company’s total funding to nearly €200 million, signaling a significant milestone in its growth journey.
Established in 2012 by serial entrepreneurs Rico Andersen and Martin Hegelund, Ageras initially began as an online marketplace connecting small businesses with accountants and bookkeepers. Over time, it has evolved into a comprehensive fintech enterprise with approximately 250 employees and a robust cloud-based software product.
Ageras serves over 300,000 SMEs across Europe with its cloud-based accounting software. By integrating its solutions into a unified platform for invoicing, accounting, payroll, banking, and finance, Ageras empowers business owners to streamline their operations and focus on core activities.
The newly raised capital will enable Ageras to pursue new acquisitions. CEO Rico Andersen emphasizes the company’s commitment to simplifying small business operations amidst a challenging regulatory landscape. Andersen highlights the importance of mergers and acquisitions (M&A) in accelerating the realization of this vision, enabling Ageras to enhance its product offerings and expand its market presence.
Ageras achieved positive EBITDA for the first time in 2023, closing the fiscal year with a record-high Annual Recurring Revenue (ARR) of €41 million, compared to €27 million in 2022.
Investcorp led the funding round, with investments from Folketrygdfondet and Lazard. Gilbert Kamieniecky, Head of Private Equity Europe at Investcorp, expresses confidence in Ageras’ growth trajectory and strategic development since their initial investment in 2017. Kamieniecky underscores the significance of this funding round in enabling Ageras to pursue accretive M&A activities, expand its product portfolio, and capture a larger market share in the fintech industry.
Source: tech.eu
The post Ageras Secures €82M Funding to Drive Fintech Acquisitions appeared first on HIPTHER Alerts.
-
Latest News7 days ago
Trakx launches a new product: Trakx USDc Earn CTI powered by OpenTrade
-
Latest News6 days ago
Money20/20 Asia 2024: Days Two Roundup
-
Latest News3 days ago
Letter from Gatemore Capital Management LLP to Elementis PLC
-
Latest News6 days ago
Stripe Unveils Unbundled Payments Strategy in Fintech Pivot
-
Latest News3 days ago
Shanghai Electric Releases ESG Report, Highlighting Sustainable Development Achievements in 2023
-
Latest News7 days ago
Sungrow Released Annual Report 2023: Operating Revenue Witnessed A Robust Growth of 79.5%
-
Latest News7 days ago
Chubb Report: Damage During Home Renovations and from Extreme Weather are Top Concerns of U.K. High Earners
-
Latest News5 days ago
Former Tesla executive Tim Newell is set to spin off Aspiration’s consumer financial services division.