Latest news with #Gdansk-based
Time of India
01-07-2025
- Business
- Time of India
US startup Lyten to take over Northvolt's energy storage systems factory in Poland
Synopsis US startup Lyten will take full control of Northvolt Dwa ESS, Europe's largest energy storage systems plant, aiming to expand its product range. The Gdansk-based facility, previously shuttered after Northvolt's collapse, will restart operations with existing and new orders. The financial terms of the transaction, which is expected to be completed in the third quarter, were not disclosed.
Fibre2Fashion
20-06-2025
- Business
- Fibre2Fashion
Polish company LPP's online sales climbs by 25.1% in Q1 FY25
In the first quarter of 2025, the Gdansk-based company recorded strong double-digit sales growth in both the traditional channel by 19.9 per cent and online by 25.1 per cent respectively. The beginning of the current financial year at LPP was marked by the laying of strong foundations for the implementation of the long-term development strategy announced by the company in April. In Q1, Poland's LPP saw strong double-digit sales growthâ€'19.9 per cent in-store and 25.1 per cent onlineâ€'driven by its omni-channel strategy. The company opened 136 new stores, expanding its network to nearly 3,000 locations. LPP is expanding into Central Asia and Eastern Europe while focusing on profitability, flexible strategy execution, and optimising store formats. The plan to strengthen the physical network while leveraging the potential of e-commerce, which was launched last year, resulted in double-digit sales growth in both channels in the period from February to April. Operational efficiency and optimal use of infrastructure built with long-term business goals in mind allowed the company to return to double-digit profit growth and generate nearly PLN 1 billion (~$26.83 billion) in EBITDA in the reporting period. 'We have had an intense but successful start to the year in terms of sales. We are pleased with the positive reception of our spring collections, especially given the subdued consumer sentiment across the market. Meanwhile, the double-digit revenue growth achieved by LPP, both in the traditional and online channels, serves to prove that we not only have an excellent understanding of customer expectations, but also respond flexibly to changing market conditions. Our priority remains a broader view of the market and the intensive, yet stable and secure development of the group in the coming years,' said Marcin Bójko, vice-president of LPP for finance . The first quarter sales results and the return to double-digit growth in quarterly profits confirm that the ambitious business plans for the coming years will be implemented on a solid financial basis. The group maintains its target of doubling its omni-channel revenue and expanding its physical network by 2027, while maintaining profitability at the declared level. Consistently pursuing this goal, in the first quarter of this year, the company opened 136 new stores, including 112 Sinsay stores. As a result, the group's physical network now comprises nearly 3,000 locations, and the total sales area increased by 22 per cent year-over-year, exceeding 2.5 million square metres. The effectiveness of LPP's network development and the maintenance of strong budgetary discipline are reflected in SG&A costs, which grew more slowly than revenue in the first quarter. LPP is also continuing its expansion into new markets. Following successful debuts in Albania and Kosovo in the first quarter of this year, the company plans to open 20 more Sinsay stores in both countries. Following Central and Southern Europe, the company's next expansion direction will be Central Asia, including a return to the development of its sales network in Kazakhstan, where 60 new Sinsay stores will open by the end of the year. The brand will also debut in Uzbekistan, Azerbaijan, and Georgia, and in the first quarter of 2026 it will enter a new European market, Moldova, the company said in a press release. 'We are closing the first quarter of this year with the conviction that the development strategy based on the unique and scalable Sinsay concept remains unchanged in the long term. However, the key to achieving our goals is not the number of stores opened in the coming quarters, but what has been our advantage in recent years, namely the flexible adaptation of our assumptions to the realities we encounter at every stage of our business plans. Acting in this vein, we already know that our overriding goal will be to maintain profitability and eliminate factors that could dilute it. Hence, our current goal is to optimise the product mix in selected smaller stores and focus on the formats and locations that offer the highest quality in the long term,' explained Bójko. Fibre2Fashion News Desk (RR)
Fashion Network
12-06-2025
- Business
- Fashion Network
Reserved and Sinsay owner's Q1 profit rises 20%, beats forecast
Poland's biggest fashion retailer LPP on Thursday reported a 20% year-on-year rise in its first-quarter net profit, boosted by higher sales and favourable exchange rate movements. Net profit at the owner of Reserved and Sinsay came in at 334 million zlotys ($90.49 million), versus analyst forecasts of 246 million zlotys. Operating profit for the quarter increased by almost 13% year-on-year to 464 million zlotys, while gross margin rose to 54.0%, up 1.9 percentage points from the previous year. As of April 30, LPP had 2,959 stores, 1,611 of which are Sinsay stores, its budget brand which aims to compete with fast fashion retailers like Inditex 's Bershka. In 2025, the company plans to expand its retail space by about 25-30%, focusing mainly on the development of Sinsay brand, aiming for around 1,100 stores. The Gdansk-based retailer, whose stores are mainly located in Central Europe, now forecasts revenues of approximately 23-24 billion zlotys for the 2025 financial year, anticipating growth in traditional retail through increased store space and positive like-for-like sales, as well as continued expansion in its online channel. Under its three-year strategy announced in April, LPP aims to double its annual revenue to 40 billion zlotys by 2027, with Sinsay set to account for 75% of the group's total sales. The company also plans to expand its store network to around 7,500 outlets by the end of 2027. © Thomson Reuters 2025 All rights reserved.
Fashion Network
12-06-2025
- Business
- Fashion Network
Reserved and Sinsay owner's Q1 profit rises 20%, beats forecast
Poland's biggest fashion retailer LPP on Thursday reported a 20% year-on-year rise in its first-quarter net profit, boosted by higher sales and favourable exchange rate movements. Net profit at the owner of Reserved and Sinsay came in at 334 million zlotys ($90.49 million), versus analyst forecasts of 246 million zlotys. Operating profit for the quarter increased by almost 13% year-on-year to 464 million zlotys, while gross margin rose to 54.0%, up 1.9 percentage points from the previous year. As of April 30, LPP had 2,959 stores, 1,611 of which are Sinsay stores, its budget brand which aims to compete with fast fashion retailers like Inditex 's Bershka. In 2025, the company plans to expand its retail space by about 25-30%, focusing mainly on the development of Sinsay brand, aiming for around 1,100 stores. The Gdansk-based retailer, whose stores are mainly located in Central Europe, now forecasts revenues of approximately 23-24 billion zlotys for the 2025 financial year, anticipating growth in traditional retail through increased store space and positive like-for-like sales, as well as continued expansion in its online channel. Under its three-year strategy announced in April, LPP aims to double its annual revenue to 40 billion zlotys by 2027, with Sinsay set to account for 75% of the group's total sales. The company also plans to expand its store network to around 7,500 outlets by the end of 2027.
Yahoo
07-04-2025
- Business
- Yahoo
No 'social value' scores in CalMac ferries award
The contract award for seven new CalMac ferries won last month by a Polish firm was unable to score bids for "social value" without risk of legal challenge, according to Scotland's ferries procurement agency. The nationalised Ferguson shipyard was among the shortlisted bidders - but lost out to Gdansk-based Remontowa which was able to undercut it on price. The announcement prompted some politicians to ask whether "social value" had been considered as part of the evaluation. Ferries body CMAL said assessments were required to be fair to overseas bidders, and there was no legal obligation in Scotland to include social value in the scoring. However, it said some "community benefits" were secured during contract negotiations which will see 21 apprentices participate in sea trials in Scotland. Ferguson shipyard misses out on new CalMac ferry order Future of Ferguson shipyard 'uncertain' - watchdog BBC Scotland News understands Ferguson Marine fared well in the technical assessment of its bid but lost out on price, which made up 35% of the scoring. Remontowa offered to build the ferries for just over £21m each. Port Glasgow-based Ferguson's had vowed to bid "aggressively" for the small vessels contract which was a key part of its five-year business strategy. The electric ships are similar to ones it has built successfully in the past, and it hoped a pipeline of repeatable work would improve productivity, allowing it to move on from difficulties faced with two much larger gas-powered CalMac ferries. While the yard has no confirmed orders beyond the second ship, MV Glen Rosa, it is pursuing private sector business and subcontracting work from BAE Systems. Three years ago, a refreshed National Shipbuilding Strategy said it would seek to maximise opportunities for UK suppliers with a 10% social value component in government contracts. The UK government's Procurement Act (2023) also introduced a requirement to "maximise public benefit" when awarding contracts. But Scottish government-owned CMAL said it was not covered by the act, and it was not permitted to discriminate against overseas bidders. A spokesperson said: "While Scottish public authorities can include social value considerations in procurements, they are not permitted to set requirements which would unlawfully discriminate against foreign shipyards and must at all times treat all bidders equally." Critics of current public procurement rules claim they are too narrowly focused on headline project costs, and ignore the wider economic and social benefits. Industry body Maritime UK has called for measures such as minimum levels of UK-based content in contracts, which is increasingly a feature of wind energy licences. A 10% social value element - scoring bids on things like employment, training or environmental benefits - is required where appropriate for high value public contracts in other parts of the UK but is not mandatory in Scotland. But any social value scoring has to be used in a non-discriminatory way, so a tender involving overseas bidders must also give them a fair chance of picking up points. Procurement law expert Duncan Osler from legal firm Morton Fraser MacRoberts, says that despite Brexit, international trade agreements designed to create a level playing field still govern public procurement. He said: "Simply to target a procurement so a local contractor can effectively have an advantage and win even if they are more expensive or lower quality would open the authority to a risk of legal challenge." In other words, social value scoring could have a small impact in that it dilutes the influence of cost in the procurement exercise, but the overall effect is likely to be marginal. The contract for the seven small CalMac ferries is the biggest multi-vessel deal in Remontowa's 79-year history. The shipyard has previously built three CalMac ships between 2005 and 2011 - MV Bute, MV Argyle and MV Finlaggan. In 2015 it was runner-up to Ferguson's when the Port Glasgow firm was awarded the contract for the two dual-fuel ferries MV Glen Sannox and MV Glen Rosa. A BBC documentary later presented evidence that the contract for the complex ships may have been "rigged" in favour of Ferguson's, although a KC-led investigation commissioned by CMAL found no evidence of "criminal" corruption. While the evaluation of the bids of the small vessels contract did not include any social value element, CMAL said it did subsequently agree some community benefits with Remontowa. For each of the ferries, three apprentices will be involved in sea trials once they arrive in Scotland, beginning in 2027. Remontowa will also contribute several thousand pounds to a community fund run by CMAL which has, in the past, helped pay for IT equipment in Scotland. The value of the contract to the Polish firm is £147.5m, but a further £12.5m is being spent transporting the finished vessels, CMAL's costs overseeing the build and a 3% budget contingency. Why was Glen Sannox so hard to build? Were Scotland's new gas-powered ferries a bad choice?
