Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Latest News

Lucy Group posts record results for 2023

Published

on

OXFORD, England, April 25, 2024 /PRNewswire/ — Oxford-based Lucy Group Ltd, a multinational company that makes the built environment sustainable, has posted record results for the year ending 31st December 2023. Turnover grew by 15% to £359m, while profit before tax increased by 69% to £59m.

In the Group’s electrical businesses, the improved product mix and increased proportion of smart solutions within the portfolio, coupled with the calming of raw material and logistics costs post Covid, contributed to an uplift in margins. In the Group’s real estate businesses, Lucy Properties benefited from a favourable market context for rental units, while Lucy Developments was impacted by a range of factors that affected both the affordability and delivery of new builds.

Commenting on 2023 and the year ahead, Richard Dick, Executive Chairman of Lucy Group, said:

“With a backdrop of challenging global markets and increased competition in key sectors, we have achieved a landmark performance. Our record results are a testament to our people and strategy.”

“This year saw the start of significant investment in manufacturing facilities in India, Saudi Arabia and the UAE to increase capacity and capability, as well as a new regional headquarters in Saudi Arabia. At Lucy Zodion in the UK, we have taken the decision to add production capacity in 2024 to increase output of feeder pillars and associated products for the fast-growing electric vehicle charging market.”

“Our outlook remains optimistic, despite difficult conditions in some markets and a dip in order intake towards the end of the year. We are confident in our strategy and that our focus on quality, smart products, and customer care positions us well to capitalise on the global trend toward intelligent energy infrastructure and smart city solutions. We know that competition is tough, and may increase in certain growth markets, so we must continue to adapt and remain at the forefront.”

Lucy Group’s full 2023 Annual Report & Accounts can be accessed from the Investors section of the Group website: www.lucygroup.com

Editor’s notes

Established in 1812, Lucy Group is an international group that makes the built environment sustainable. The Group has three business units: Lucy Electric, Lucy Controls and Lucy Real Estate.

Our electric businesses advance the transition to a carbon-free world with infrastructure that enables renewable energy and smart cities.

Our real estate businesses support sustainable living through responsible property development and investment.

For more information, please visit www.lucygroup.com 

 

View original content:https://www.prnewswire.co.uk/news-releases/lucy-group-posts-record-results-for-2023-302126093.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

PB Fintech slips 2% after over 8 million shares change hands via block deal

Published

on

 

PB Fintech witnessed a 2% decline in its stock price, reaching Rs 1,313.65 per share, as approximately 8.4 million shares, equivalent to 1.86% of outstanding shares, were exchanged via block deals on the exchanges. By 9:44 AM, the volume surged to 9 million shares collectively on both exchanges, while PB Fintech’s stock price dipped by 0.56% to Rs 1,333 apiece, contrasting with a 0.22% decline in the S&P BSE Sensex.

Executive Share Sales

On May 16, PB Fintech announced that its Chairman and CEO, Yashish Dahiya, alongside Vice Chairman and Whole-time Director, Alok Bansal, intended to sell partial stakes in the company. Dahiya plans to sell up to 5.4 million equity shares, while Bansal aims to divest up to 2.97 million equity shares. Proceeds from the sale will be allocated primarily towards taxes on current and future ESOP exercises.

Following the sale, Dahiya will retain a 4.83% stake, while Bansal will hold a 1.63% stake in PB Fintech on a fully diluted basis. The company clarified that no further share sales are planned by the duo for at least one year.

Company Profile and Financial Performance

PB Fintech is actively involved in providing integrated online marketing and IT consulting services, primarily for the financial services industry, including insurance. The company operates Policybazaar, India’s largest digital insurance marketplace, and Paisabazaar, which offers lending-related services.

In Q4FY24, PB Fintech reported a net profit of Rs 60.19 crore, marking a significant improvement from the Rs 9.34 crore loss in the corresponding period of the previous year. The company’s revenue from operations surged by 25.4% year-on-year to Rs 1,090 crore in Q4 FY24, compared to Rs 869 crore in Q4 FY23.

For the entire fiscal year, PB Fintech’s net profit stood at Rs 64 crore, contrasting with the Rs 488 crore loss in FY23. The company’s consolidated operating revenue rose by 34% year-on-year to Rs 3,437 crore.

Analyst Perspectives

Analysts at Nuvama Institutional Equities raised their FY25/26 Ebitda estimates significantly to accommodate higher growth and improved profitability. However, they maintained a ‘Reduce’ rating on the stock due to its rich valuation, revising their target price to Rs 1,160.

Keynote Capital downgraded PB Fintech’s stock to ‘Reduce’ from ‘Buy’, citing that most of the positives appear to be priced in. Despite acknowledging the company’s positive momentum and profitability, the brokerage believes that current market expectations may be overly optimistic.

PB Fintech continues to navigate its growth trajectory amidst strategic initiatives and evolving market dynamics, as reflected by varying analyst viewpoints.

Source: business-standard.com

The post PB Fintech slips 2% after over 8 million shares change hands via block deal appeared first on HIPTHER Alerts.

Continue Reading

Latest News

US fintech Yendo secures $165m in mix of debt financing and equity

Published

on

 

Yendo, a prominent fintech company based in the United States, has successfully secured $165 million in funding through a combination of debt financing and equity investment.

Funding Structure

The funding round comprised a mix of debt financing and equity infusion, highlighting investors’ confidence in Yendo’s growth prospects and business model. This significant financial injection underscores Yendo’s position as a key player in the fintech sector.

Investment Highlights

Yendo’s ability to attract such substantial investment underscores its appeal to investors. The company’s innovative approach and strategic positioning within the fintech landscape have positioned it for accelerated growth and market expansion.

Utilization of Funds

The newly raised capital will likely be deployed to fuel Yendo’s expansion initiatives, including product development, market expansion, and strategic acquisitions. The infusion of funds will provide Yendo with the financial resources needed to capitalize on emerging opportunities and consolidate its market position.

Market Impact

Yendo’s successful funding round is expected to have a positive impact on the broader fintech market, signaling investor confidence in the sector’s growth potential. The influx of capital into Yendo reflects the ongoing trend of significant investment activity within the fintech industry, driven by increasing demand for innovative financial solutions.

Source: fintechfutures.com

The post US fintech Yendo secures $165m in mix of debt financing and equity appeared first on HIPTHER Alerts.

Continue Reading

Latest News

Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub

Published

on

 

Commerce Bank, headquartered in Kansas City, USA, has recently activated the FedNow instant payments service as part of its ongoing modernization efforts.

Collaboration with Temenos

Commerce Bank has partnered with Temenos, a leading Swiss vendor, to enhance its real-time payment capabilities. This collaboration builds upon Commerce Bank’s previous deployment of Temenos’ core banking platform in 2022 and its adoption of the Infinity loan origination solution earlier this year.

Utilization of Temenos Payments Hub

Commerce Bank has opted for the Temenos Payments Hub to integrate the FedNow service seamlessly. According to Temenos, this choice aims to amalgamate advanced banking products with cutting-edge delivery methods.

Insight from David Roller

David Roller, CIO of Commerce Bank, views this selection as a strategic step in their modernization journey. He emphasizes the bank’s commitment to meeting the evolving expectations of its customers by leveraging the capabilities offered by the Temenos platform.

Features of the Platform

The Temenos Payments Hub, delivered via Software-as-a-Service (SaaS), offers a comprehensive suite of payment tools and frameworks. These include features like straight-through processing, automated exception handling, cloud security measures, intelligent routing, and customizable workflows.

Leveraging the US Model Bank

In addition to the Temenos Payments Hub, Commerce Bank has also leveraged Temenos’ US Model Bank. This collection of pre-configured banking processes is tailored to address the specific requirements of the US market, further enhancing Commerce Bank’s operational efficiency and customer service.

Source: fintechfutures.com

The post Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub appeared first on HIPTHER Alerts.

Continue Reading

Trending