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Lucy Group posts record results for 2023
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
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French fintech Lydia launches digital banking app Sumeria
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
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