Latest news with #DanielKřetínský
The Guardian
6 days ago
- Business
- The Guardian
Ex-UK trade minister Greg Hands to advise Czech billionaire Daniel Křetínský
The former Conservative trade minister Greg Hands has been appointed as a strategic adviser to a Czech conglomerate best known in the UK for acquiring Royal Mail. EP Group – which also has investments in the energy, media and property sectors – is run by the multibillionaire Czech tycoon Daniel Křetínský, who Hands said he has known for 'a long time'. The group received approval for its takeover of Royal Mail in December 2024, after long-running UK government efforts to assess the national security considerations of the deal. Hands will advise EP Group in the UK and in Germany, countries where Křetínský said the former minister's 'deep understanding of … business and energy landscapes, coupled with his extensive experience in government and international trade, will be invaluable'. The one-time politician is fluent in German and also speaks 'good Czech', the statement added. The Advisory Committee on Business Appointments – an independent body advising former ministers and senior civil servants on any appointments they wish to take up within two years of leaving government – said it will publish its advice on the appointment. Hands and Křetínský reportedly met in an official capacity when the tycoon, who is said to be so enigmatic he has been dubbed the 'Czech Sphinx', was considering investing in a UK battery plant in 2023. EP Group and Křetínský have also attracted their fair share of controversy since announcing the bid for the UK's postal service, including questions being raised over connections to Patrik Tkáč, a significant co-investor in many of his ventures. Other criticisms of the business have focused on the conglomerate's apparent attraction to unfashionable investments in the energy sector, where Křetínský has chased profits – rather than green credentials – by acquiring discounted fossil fuel businesses. In a rare public speech in 2015, Křetínský said: 'We want to make money in industries that are dying because we think they'll die much more slowly than the general consensus says.' His approach has prompted environmentalists to call him a 'fossil hyena'. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Separately, International Distribution Services, the company from which EP Group has acquired Royal Mail, announced the resignation of eight non-executive directors as its shares were formally delisted from the London Stock Exchange after the takeover. Dave Ward, the general secretary of the Communication Workers Union, welcomed the departures. 'The previous senior leadership team have overseen the gross mismanagement of one of the UK's most important companies,' he said.
Yahoo
23-05-2025
- Business
- Yahoo
Royal Mail faces Ofcom questions over missed delivery targets
The postal regulator has launched an investigation into Royal Mail for missing its annual delivery targets, with almost a quarter of first-class mail arriving late. The company, which has been fined more than £16m in the last two years for failing to meet the delivery targets set by Ofcom, said 23.5% of first-class mail failed to arrive on time in the year to the end of March. This is a slight improvement on the previous year, when more than a quarter of first-class mail failed to arrive within the one-working-day target set by the regulator. Under the watchdog's rules, 93% of first-class mail must be delivered within one working day of collection, excluding Christmas. The latest delivery figures published by Royal Mail on Friday showed that it managed to deliver 92.2% of second-class mail within the three-working-day limit set by Ofcom. 'We will investigate whether there are reasonable grounds for believing that Royal Mail has failed to comply with its obligations in 2024-25,' said a spokesperson for Ofcom. 'If we determine that Royal Mail has failed to comply with its obligations, we will consider whether to impose a financial penalty.' In December 2024, Ofcom fined the company £10.5m for failing to meet its delivery targets. The previous year, the postal regulator fined Royal Mail £5.6m for the same failure of its regulatory obligations. Alistair Cochrane, Royal Mail's chief operating officer, admitted that the company's quality of service was 'not where we want it to be'. 'We will continue to work hard to deliver the standards our customers expect,' he said. 'We are actively modernising Royal Mail, and while these efforts are beginning to deliver results, we know there is still more to do.' Last month, the Czech billionaire Daniel Křetínský's EP Group completed a £3.6bn takeover of International Distributions Services, the owner of Royal Mail. Cochrane said Royal Mail would cooperate with Ofcom's investigation but said the business was facing structural challenges and needed urgent reform of the universal service obligation to deliver at one-price nationwide six days a week. Earlier this year, Ofcom launched a consultation proposing that Royal Mail should be allowed to deliver second-class letters on alternate weekdays and to stop Saturday deliveries under changes to postal service rules. Ofcom said cutting the deliveries to every other weekday with a price cap on second-class stamps, while maintaining first-class letters six days a week, would still meet the public's needs. Its provisional recommendations also included cutting delivery targets for first-class mail from 93% to 90% arriving the next day, and for second-class mail from 98.5% to 95% within three days. Ofcom said it estimated the changes would enable Royal Mail to save between £250m and £425m each year. Tom MacInnes, the director of policy at Citizens Advice, said: ' Our research has shown the damaging consequences of late post, like missed health appointments, fines, bills and vital government communications. But with no alternative provider to choose from, people are forced to grapple with poor service, yearon year. 'With Ofcom considering relaxing the current delivery targets set for Royal Mail as part of the universal service obligation review, reliability remains a huge concern. The regulator must get off the sidelines and make the company do what it should have been doing all along – giving paying customers the service they deserve.'
CNBC
05-05-2025
- Business
- CNBC
17. West Ham United
Revenue and EBITDA figures are for the 2023-24 season, except for Major League Soccer teams, whose figures are for the 2024 Revenue and EBITDA figures have been converted to U.S. dollars based on the average exchange rate during the season (1 euro = $1.0816; 1 pound = $1.2608), and team values and debt figures have been converted using the exchange rate as of March 27, 2025 (1 euro = 1.0788; 1 pound = $1.2938). Total revenue: $349 millionEBITDA: $70 millionDebt as a percentage of value: 0% Match day: $56 millionCommercial: $82 millionBroadcasting: $211 million Country: EnglandLeague: Premier LeagueLeague championships: 0Owner(s): David Sullivan, Daniel Křetínský, Gold family trustStadium: London Stadium – 62,500 seating capacity
Business Mayor
04-05-2025
- Business
- Business Mayor
Reddit Increases Users and Revenue Intake in Q1
Reddit has published its latest earnings results, showing an increase in users, and a big jump in year-on-year revenue, as the platform continues to re-shape its ad business. First off, on users, Reddit is now up to 108 million daily active users, adding almost 7 million more since last report. As you can see in this graphic, Reddit's growth rate has been fairly consistent, with its U.S. numbers, in particular, regaining some momentum in Q1. Reddit says that it's seen significant growth in Brazil, with its Brazilian daily active user count reaching an all-time high, and growing by almost 80% year-over-year. It's also attributes its international user growth to its evolving machine translation tools, which are enabling more people to participate in Reddit discussions. 'Machine translation continues to be an important part of our international strategy. MT is available in 13 languages, up from 8 in Q4, including Vietnamese, Thai, Polish, Romanian, and Latin American Spanish.' In addition to its daily active user count, Reddit has also shared its weekly active user numbers, which are now above 400 million (+31% YoY). Which is something of an anomaly in social media circles. Most social platforms see around a 1.8x increase in their daily versus monthly user counts; Snapchat, for example, is now at 460 million DAU, and 900 million MAU. But Reddit is seeing a 4x increase, in weekly users. That likely points to the transactional way in which people are using the app, coming to Reddit to find specific answers, as opposed to visiting it daily. Indeed, Reddit says that it's seen a 23% increase in logged-In users, and a 38% rise in logged-out visitors. Read More Daniel Křetínský sells Le Monde stake to Xavier Niel The concern on this front is that it means a less stable audience, which is not as good for ad targeting, while it also means that Reddit's more reliant on Google referrals than other apps. And if Google decides it doesn't want to send traffic Reddit's way anymore, that 400 million per week could be cut down very quick, reducing Reddit's value for brands. It's an interesting variance either way, which also makes direct comparison of its performance on this front somewhat difficult. But more people are coming to Reddit for 'real insights', with Reddit results now also appearing in many Google searches, aligning with audience demand for actual discussion around products, packages, etc. That's also helped Reddit drive more revenue, with the company bringing in $392 million for the quarter. As you can see in these charts, despite its international growth, Reddit is still heavily reliant on the U.S. for its revenue intake. Ideally, it'll be able to address this moving forward, with a more direct plan to monetize international markets. But right now, its U.S. audience remains the key focus, which is why it's good to see it regain some growth momentum in the region. On specific ad products, Reddit says that it's made 'meaningful progress' with its Dynamic Product Ads, which are currently in beta testing. As you can see in this example, Reddit's Dynamic Products Ads enable advertisers to showcase their items within related subreddits, helping to reach consumers as they go looking for product recommendations. Reddit says that its improved machine learning models are driving better performance in its shopping promotions, helping to improve ROI for ad partners. Overall, it's a positive report from Reddit, showing steady growth, and a maturation of its business. It's not clear what its growth potential is, and whether it can significantly expand beyond its dedicated core user base, while it remains heavily reliant on Google traffic for its non-logged in visitors.
The Guardian
17-04-2025
- Business
- The Guardian
Polish parcel locker network InPost buys UK delivery firm Yodel for £106m
The UK parcel delivery company Yodel has been snapped up by the Polish parcel locker firm InPost in a £106m deal that will create the third largest independent delivery business serving online retailers in Britain. The takeover will expand InPost's footprint in the UK, taking its market share from 2% to 8%. It comes only months after the Polish operator completed a separate takeover of another UK logistics company – Menzies Distribution – in October last year. InPost, which placed its first locker in Kraków in 2009, said the takeover would combine its drop-off and collection network with Yodel's home delivery capabilities, 'seamlessly integrating out-of-home and to-door solutions' under a single brand. It estimates the takeover will result in the combined business delivering more than 300m parcels in the UK a year, serving more than 700 online retailers. The deal also means that the UK will now make up about 30% of the group's revenue. 'This acquisition marks a pivotal milestone in InPost's journey to revolutionise the UK delivery market, as well as the group pan-European presence,' Rafał Brzoska, the founder and chief executive of InPost Group, said in a statement. 'We have just fast-forwarded five years of organic expansion in the UK and it is a clear reflection of our long-term commitment to this market, a market where we see enormous opportunity for growth. Our logistics model has transformed delivery in other European markets, and with this acquisition, we are now well positioned to do the same here.' The deal will entail InPost acquiring 95.5% of Yodel's parent company, Judge Logistics Ltd, in a debt-to-equity arrangement in which a loan worth £106m will be converted into equity shares. PayPoint will retain a minority 4.5% stake in JLL. Once the deal is completed, the combined company will be the third largest independent logistics business serving the UK e-commerce industry, behind Royal Mail and Evri – but excluding Amazon – InPost said. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion It follows the £3.6bn takeover of Royal Mail's parent company International Distribution Services by the Czech billionaire Daniel Křetínský, amid an industry shake-up fuelled by a boom in online shopping and parcel deliveries.
