Latest news with #Longs
Forbes
a day ago
- Business
- Forbes
The Future Of Women's Pro Soccer Is Being Built In The Heart Of Kansas City
Angie and Chris Long have a luxury suite at CPKC Stadium, the new home of the National Women's Soccer League's Kansas City Current, but for the couple of hours before a game, they like to roam the grounds—walking the concourse, visiting the supporters' section or chatting up fans at a sponsored bar. 'There's a lot of gratitude involved in this, so you want to share that,' says Chris Long, who with his wife bought the franchise in 2020 and privately financed the construction of the $140 million stadium. The Longs, who in their day jobs oversee more than $34 billion in investments as cofounders of Palmer Square Capital Management at the firm's office seven miles away, recognize that CPKC Stadium is hardly just another building. When it opened in March 2024 along the banks of the Missouri River just north of downtown Kansas City, it was the first venue in the world developed primarily for a professional women's sports franchise. And while that milestone would be impressive enough on its own, the value that the 11,500-seat stadium has unlocked for the Current has been nothing short of transformative. The team, which previously played at Children's Mercy Park as a tenant under MLS's Sporting Kansas City, saw a 'more than $20 million revenue swing' in its first season at its new home, Angie Long says. By bolstering business lines such as premium seating and tapping into new streams, including concessions, naming rights and third-party events, the Current generated $36 million in revenue in 2024—the best mark in the NWSL and nearly quadruple the league's median of $9.5 million, according to Forbes estimates. The club is now worth an estimated $275 million, second only to $280 million Angel City FC despite playing in the fourth-smallest market in the 14-team league. The way the Longs see it, the growth has only just begun. The Current purposely held back in certain areas last season—limiting the number of non-NWSL events they hosted to keep the field pristine, for instance, and retaining some sponsorship assets until they had a better handle on what they were selling. With those guardrails being lifted, the franchise is projecting $45 million in revenue in 2025. The Current also believe they can reach break-even on an operating basis this year—a goal that remains far out of reach for most NWSL clubs. 'We're scratching the surface in every single way,' says Angie Long, a Kansas City native. That bright future is even more remarkable considering Kansas City's previous attempt at professional women's soccer was a resounding failure. FC Kansas City began play in 2013 as one of the NWSL's inaugural eight franchises, but despite winning back-to-back league titles in 2014 and 2015, the team soon fell into disarray under Elam Baer, CEO of Minnesota-based investment firm North Central Equity, who bought the franchise in 2017. The same year, the NWSL bought back FC Kansas City and ceased its operations, transferring the rights to the club's players to the Utah Royals, an expansion franchise. The Royals came back on the market in 2020, however, after the Athletic detailed team owner Dell Loy Hansen's history of racist comments. The Longs, keen on getting into soccer in the wake of the 2019 Women's World Cup, partnered with Brittany Mahomes and her famous husband, Kansas City Chiefs quarterback Patrick Mahomes, to secure another NWSL expansion slot along with the rights to Utah's players, for a reported $3 million fee. The group immediately moved the franchise back to Kansas City and into Legends Field, which once housed MLS's Kansas City Wizards (now known as Sporting KC) and is the regular home of an independent baseball team. Revenue was a paltry $3 million for the club's first season, in 2021—an era when NWSL franchise values were still below $5 million, before Michele Kang reset the market with her $35 million purchase of the Washington Spirit in 2022. The modest beginnings didn't stop Kansas City's ownership from looking ahead. 'The facilities were always part of the master plan,' says Chris Long, whose team left Legends Field for Children's Mercy Park for the 2022 and 2023 seasons. 'We were always looking at risk and return, and we quickly figured it out, and I don't think it's too profound that facilities are a massive piece of the puzzle when it comes to really running a world-class franchise. What club out there that's been successful doesn't own and run their own facilities?' The Current announced plans for what would become CPKC Stadium in October 2021 and broke ground in March 2022, three months before opening an $18 million training facility 10 miles away in Riverside, Missouri. Railway company Canadian Pacific Kansas City bought the naming rights to the new venue in a 10-year deal, and in front of a sellout crowd, CPKC Stadium opened in March 2024 with the Current claiming a 5-4 victory over the Portland Thorns. The move didn't mean the Current could sell more tickets: Children's Mercy Park has a listed capacity of 18,467, roughly 7,000 more seats than CPKC Stadium has. But with higher prices across both single-game offerings and a robust season-ticket base of more than 8,000, the club more than doubled its ticket revenue in 2024 and sold out every match. The new stadium also features 12 luxury suites, which are priced at $110,000 per year and quickly sold out on eight-year contracts, and roughly 1,300 total premium seats, including 'loge boxes' and communal clubs. The stadium's design would allow for future expansion, which Angie Long predicts could happen in the next five to seven years. For now, though, the Longs want to cultivate a lively atmosphere and a feeling of exclusivity, pointing as an example to 9,314-seat Cameron Indoor Stadium, the home of Duke University basketball. And at the moment, CPKC's medium size is helping it carve out a niche in attracting non-NWSL ticketed events. For instance, the stadium played host to an international rugby match in March and drew an announced crowd of 10,518, a record for a U.S. women's national team match on American soil. It was also good marketing: More than 70% of the fans in attendance were visiting the venue for the first time. The benefits of the new stadium go beyond ticketing, however. The Current have seen similar growth with their sponsorships, adding premium partnerships with brands including Yeti, and having a permanent team store on site has driven up merchandise sales. 'You have ownership of so many more revenue streams, and you have ownership of your data,' says Laura Andriani, an executive at sports marketing agency Two Circles. 'Everything from the first marketing touchpoint to the survey a ticket buyer receives the day after going to a match and everything in between is now fair play for you to connect, understand and enhance the experience of your fan, which is ultimately going to enhance your revenues. So owning that entire ecosystem is wildly valuable.' Fan Favorite: Led by star midfielder Debinha, the Current sold out every match in 2024 and have a season-ticket base of more than 8,000. Jamie Squire/NWSL/Getty Images Despite that upside, most other NWSL clubs would face plenty of hurdles trying to replicate the Current's model—among them, finding the land, adhering to city and state regulations, and securing the money to fund the project—particularly with many franchises still posting annual operating losses of $10 million or more, according to Forbes estimates. Kang, the billionaire owner of the Washington Spirit, explored the possibility of building a stadium for her club, which is currently a tenant of MLS's D.C. United at Audi Field, but with so many existing venues in the area, she had to ask herself, 'Does the city really need another stadium?' 'I'm not a real estate developer,' Kang explains. 'My focus is going to be really growing women's sports, and I'm not going to get rich by game day, selling tickets.' Even Angie Long acknowledges that a franchise can be successful without owning its stadium. In fact, Angel City, which plays at Los Angeles' BMO Stadium as a tenant of MLS's LAFC, nearly matched the Current with revenue of $35 million in 2024, thanks in large part to an impressive stable of corporate sponsors. At the same time, the Current's unique situation has the Longs projecting revenue to climb by more than 25% annually, which should widen their financial advantage on most of their NWSL competitors, and a mixed-use development sprouting up around CPKC Stadium could fuel even more growth. The privately financed $1 billion project, which started construction in March, will add bars, restaurants, hotels, offices and residential space to the surrounding 23 acres in a three-phase process, the first of which is expected to be completed next year. The increased foot traffic could drive up the price of partnering with the Current—for example, a study by Klutch Sports Group and the Royal Bank of Canada found that these types of projects raise the value of naming rights deals by 58% when the venue and accompanying district are sold together. The Current's success certainly has other NWSL ownership groups paying attention—and changing expectations for how the league does business. Denver, which in January was awarded an expansion franchise for a $110 million fee, has publicly announced plans to build a 14,500-seat stadium. Boston Legacy FC, which won its expansion bid in 2023 and will begin play alongside Denver in 2026, has committed to a $200 million renovation of the existing White Stadium, splitting the cost with taxpayers (although a lawsuit has aimed to stop the project). Commissioner Jessica Berman has said she believes the NWSL could grow as large as the 32-team NFL, and as it contemplates future expansion, the league office recognizes the value that comes with team-controlled stadiums—not only in terms of revenue but also in the better broadcast windows a team can claim for its schedule when it isn't having to negotiate with a landlord for certain dates or times. Infrastructure will be a major consideration in expansion bids going forward, along with factors like the market and the credentials of the ownership group. To be sure, the NWSL is a long way away from matching established men's pro leagues, where having a world-class stadium is often taken as a given, but the Longs already believe that what they have accomplished in Kansas City will eventually be the league's standard, rather than an exception. 'It's raised the bar,' Chris Long says. 'I think the trend is just beginning.'
Yahoo
27-05-2025
- Business
- Yahoo
KC Current owners Angie and Chris Long expand to multi-club model, purchasing Danish club HB Koge
Kansas City Current owners Angie and Chris Long are expanding their global soccer footprint, acquiring HB Køge Women, a top-flight Danish women's soccer club competing in the country's highest division. The Longs made the purchase through their investment firm, Ballard Capital. The Longs worked with the seller, George Altirs, and his team at Capelli Sport to separate the women's team from the men's side, allowing them to buy only the women's club. Washington Spirit owner Michele Kang did the same with French women's club OL Lyonnes in 2023, as did Chelsea when it sold its women's team to sister company BlueCo earlier this year. Advertisement The Longs did not set out to build a multi-club organization when they invested in Kansas City Current, but those plans have changed. 'We were looking for a place where we can integrate with the community and build this together,' Angie Long told . 'It is something that we've loved about what we've done in Kansas City, and finding a location where we felt we could attract and develop talent was really important. Denmark, and Køge especially, we think really offer that opportunity.' Founded in 2009 through the merger of KøgeBøldklub and Herfølge Bøldklub to become HB Køge Pigefodbold, the club won the championships three straight seasons from 2021 to 2023. The club also competed in the UEFA Women's Champions League during that time. HB Køge plays its home matches at the Køge Stadium, which it shares with the men's side. The stadium is currently under renovation, paid for by the previous owners. Advertisement With the investment from the Longs, the club is planning to build a women's youth soccer academy in Scandinavia. The couple is also planning to make a significant investment in the business side to build franchise value over time. 'We think there are so many opportunities to elevate the community and the team to continue to compete at a really high level on the football side,' Chris Long said. The amount of the investment was not disclosed, but a Current spokesperson told the deal represents one of the most significant women's sports transactions in Denmark history. The Longs became interested in owning a women's soccer team after the 2019 FIFA Women's World Cup. A little over a year later, they teamed up with former soccer player Brittany Mahomes and her husband, NFL quarterback Patrick Mahomes, to make their vision come true. Advertisement The group announced they had purchased the Utah Royals FC from Dell Loy Hansen and moved the NWSL club back to Kansas City. The team began play in the 2021 season and rebranded as the Kansas City Current in 2022. The following year, the Longs funded the construction of a $120 million venue, CPKC Stadium, which opened in 2024. The Current is the most financially successful team in the league with $36.3 million in revenue, according to 's latest valuations. Last month, the Longs broke ground on a $1 billion mixed-use development on land adjacent to the stadium that will include about 2 million square feet of retail, office and residential space. In addition to their recent investment in Denmark, the Longs are actively looking to expand their presence in women's soccer through the acquisition of additional clubs. 'We've been very active looking across geographies already for the better part of 15-18 months to find incredible soccer and the ability to impact the community and drive beyond business improvement,' Chris Long said. 'But it's important to us that we do it right,' Angie Long added. 'We do it with excellence. And I think this offers an opportunity to learn how to first become a multi-club model, and then to really build on it.' This article originally appeared in The Athletic. Kansas City Current, NWSL, UK Women's Football 2025 The Athletic Media Company
Yahoo
27-05-2025
- Business
- Yahoo
Principal Owners of Kansas City Current Acquire Danish Football Club HB Køge Women
Angie and Chris Long create an international multi-club model with their newest investment in global women's football KANSAS CITY, Mo., May 27, 2025 /PRNewswire/ -- Ballard Capital, an investment company controlled and owned by Angie and Chris Long, has signed an agreement to purchase HB Køge Women, a premier women's football club in Denmark. HB Køge plays in the Kvindeliga, which is the highest division of Danish women's football and has a storied history as a top club in Denmark prioritizing investment in women's football. Purchasing HB Køge Women represents another historic investment by the Longs as the Longs had to first work collaboratively with the seller to separate the men's and women's teams so the Longs could solely purchase the women's team. This deal also represents one of the most significant women's sports transactions in Denmark history. Importantly, this acquisition is a continuation of Angie and Chris Long's unwavering commitment to investing in women's soccer at the highest level while raising the bar for players, supporters, and communities both nationally and internationally. HB Køge Women will begin the next chapter focused on returning to play at the highest level in Europe, boosted further by a significant investment by the Longs into building the preeminent women's youth football academy in Scandinavia. "We are thrilled to have this opportunity to partner with HB Køge Women, the supporters, and, of course, the broader community," said co-owners Angie and Chris Long. "We are incredibly proud of everything the Kansas City Current has built, and we look forward to using that blueprint and working closely with key partners in Denmark to further elevate HB Køge Women and the region. Our goal is to win Danish League championships while competing successfully at the highest levels within the global football ecosystem." Located approximately 30 minutes south of Copenhagen in Køge, HB Køge plays in the Kvindeliga, the highest level of women's football in Denmark organized by the Danish Football Association (DBU). HB Køge was founded through the merger of historic clubs Køge Boldklub and Herfølge Boldklub in 2009. HB Køge won the Kvindeliga, the highest division of women's football in Denmark, three straight seasons in 2021, 2022, and 2023. HB Køge also competed in the UEFA Women's Champions League in 2021, 2022, and 2023. "We are incredibly appreciative to George Altirs and his team at Capelli Sport for their prior stewardship of the club, their significant investment, and the opportunity we now have to lead this premier women's club into the future," said Angie and Chris Long. "We look forward to continuing the close partnership with Capelli Sport as the preferred kit and athleticwear partner of HB Køge Women." About the Kansas City CurrentFounded in December 2020, the Kansas City Current is led by the ownership group of Angie Long, Chris Long, Brittany Mahomes and Patrick Mahomes. The team competes in the National Women's Soccer League (NWSL). The Kansas City Current plays its home matches at CPKC Stadium, the first stadium purpose-built for a professional women's sports team. Named The Most Ambitious NWSL Club for two consecutive seasons by ESPN, the Current is proud of its many precedent-setting accomplishments. To receive updates on the Current visit About HB Køge WomenHB Køge Women was founded in 2009 through the merger of historic clubs Køge Boldklub and Herfølge Boldklub. Located approximately 30 minutes south of Copenhagen in Køge, the club plays in the Kvindeliga, the highest level of women's football in Denmark organized by the Danish Football Association (DBU). HB Køge won the Kvindeliga and competed in the UEFA Women's Champions League three straight seasons in 2021, 2022, and 2023. About Ballard CapitalBallard Capital is an investment company owned by Angie and Chris Long with a primary focus on sports and entertainment. View original content: SOURCE Kansas City Current
Yahoo
10-05-2025
- Yahoo
Will Scott Spivey's death be reopened? HCPD's role as county's top law agency under fire
Alleged misconduct in the Horry County Police Department regarding the shooting death investigation of a North Carolina man has spurred conversations about the separation of the county's two law enforcement agencies. Several agencies have been involved in the investigation of the 33-year-old, who was killed nearly two years ago in a roadside shootout between the owner of a North Myrtle Beach restaurant and his friend. There has been confusion over what department is actually the lead investigating agency, which has become an issue as the Spivey family, as well as Horry County and state leaders, have requested the case be reopened as new information has surfaced showing that HCPD officers allegedly mishandled evidence and assisted the shooters. Spivey's sister, Jennifer Foley, asked Horry County Council members to 'demand' state Gov. Henry McMaster appoint a special prosecutor aside from the Attorney General's Office, and nine state legislators sent a letter to the governor's office also asking for the case to be reopened as it is believed that 'the incident was prematurely deemed self-defense.' The Attorney General's Office, as well as the South Carolina Law Enforcement Division, reviewed HCPD's original investigation of the Sept. 9, 2023, shooting on Camp Swamp Road off of Highway 9 in the Longs area. The AG's Office determined that the shooting by Weldon Boyd and Kenneth 'Bradley' Williams was self-defense. Neither man has been charged. The Horry County Sheriff's Office also has been asked to step in and reopen the death investigation. Such a decision could complicate the case further as the Sheriff's Office and HCPD operate as two independent police agencies – one that answers to the Horry County Council and the other which is an elected position. But ultimately, it would be the appointed prosecutor who would determine what agency would take over the investigation. Such a decision probably will not come until SLED finishes its criminal investigation into alleged misconduct of one of the HCPD officers involved in the shooting case. SLED has previously said that it is not reopening the death investigation and that it was never the lead law enforcement agency, adding the state police agency was only providing assistance to HCPD. A message left for the Attorney General's Office on Thursday was not returned. 'At this point, we have not been asked to assist in any capacity,' according to Horry County Sheriff's spokesperson Brennan Cavanagh by email. Cavanagh said it wouldn't be appropriate 'right now' to say whether Sheriff Phillip Thompson would take on the case if asked. At least five HCPD officers – including one who resigned and another terminated for their roles in the case – have been accused of misconduct. Three officers recently were disciplined after seven videos of officers' dash cam footage from the night of the shooting was discovered. The footage was said to be mislabeled. The involved officers were part of HCPD's internal investigation of the Spivey case. It comes after 90 audio recordings and hundreds of text messages from Boyd, who owns Buoys on the Boulevard, and officer body cam footage showed that Boyd was allegedly getting preferential treatment because of his relationship with officers on the force. Horry County is the only county out of 46 in South Carolina to have a separate county police department. It is considered the primary law enforcement agency in the county. The Horry County Police Commission was formed under the Act 21 of 1959, which allows county councils to determine law enforcement for their county. The state statue was later amended, doing away with the police commission and moving to a county administrator being in charge of the HCPD. Currently, the HCPD reports to the director of public safety, which is responsible for hiring of the police chief, according to a text from Moskov. The director of public safety reports to the county administrator, who is hired by County Council. The police chief hires his own personnel, Moskov said. The Sheriff's Office is operated by Sheriff Phillip Thompson, which is an elected position. The Sheriff's Office handles the J. Reuben Long Detention Center, court security, civil process and serving criminal warrants and tracking registered sex offenders. Sheriff's deputies will step in occasionally to assist in HCPD cases if there is a conflict of interest. Recent examples are accidents involving HCPD officers. S.C. Rep. William Bailey (R-Horry), who is a former police chief and lives in Little River, has authored a bill that would repeal the 1959 Act, eliminating the HCPD and having the Sheriff's Office go back to being the primary law enforcement agency in the county. Bailey said the bill, which would be considered during next year's legislative session, is not based on the Spivey case, but latest developments in the investigation is something to consider. He said merging the departments would be more efficient and provide additional accountability, which he believes would come from the public through the sheriff. 'I look at resources,' Bailey said, '...it's just a very complicated system in Horry County.' The bill follows the letter signed by nine Democrat and Republican representatives from Horry, Dillon and Georgetown counties asking the governor's office to become involved in reopening Spivey's case. The letter cited continued conflicts of interest within the Horry County Police Department. Bailey said conversations about the repeal would have to take place. Bailey said the question is, is it better to 'work for a singular sheriff or 12 council members?' 'In the real world, we know that the county council has the final say over that police chief,' Bailey said.
IOL News
22-04-2025
- Business
- IOL News
ArcelorMittal South Africa faces challenges until government addresses regulatory issues
Large parts of the domestic steel industry were brought to their knees in 2024 due to inertia on the part of government, and regulations should have been more responsive to realities on the ground, said ArcelorMittal South Africa's chairman Bonang Mohale. In February, the country's biggest steelmaker announced plans to close its Longs Business, a move expected to result in the loss of thousands of jobs and severely impact the manufacturing sector. However, intervention by stakeholders including the Industrial Development Corporation (IDC) meant that in March, a decision was taken to operate the Longs business for a further six months. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ In the meantime, the government had committed to addressing structural problems including the Price Preference System (PPS) and scrap export taxes, as well as tariff measures including safeguards and others. Writing in the latest annual report on Thursday, Mohale said a particular burning issue during 2024 was the lack of action on the artificially low scrap pricing. 'Such is the prevailing scrap environment that it had the effect of unfairly subsidising our Longs business's competitors by more than R1 000 per ton, an unfair advantage that is almost certainly without parallel anywhere else in the world,' he said. He said the Chinese economy affected most of the world's steel industry again in 2024 through 'an unrelenting export of primary and finished steel, impacting producers such as ourselves, particularly given our authorities' continuing reluctance to impose meaningful trade remedies.' He said it was clear in 2024 that China had prevailed in the battle for supremacy in the automotive sector, in that it could produce steel-intensive cars for a third of the price that other manufacturers were forced to charge, which had decimated the automotive industries of traditional vehicle makers such as Germany. 'It was indeed gratifying that in March 2025 we were able to announce that additional support from the IDC, coupled with specific government undertakings, allowed us to continue operating Longs for at least a further six months,' he said. He said a scaled-down, focused ArcelorMittal South Africa would be increasingly attuned to the need to deliver a rising tide of growth. 'Moving forward, we as a country need five pieces of the national puzzle to fall into place: we need transformation, ethical leadership, good governance, service delivery, and law and order,' he said, adding that he hoped the new government of national unity would see these goals achieved. CEO Kobus Verster said the manufacturing, steel fabrication, and the machinery and equipment sectors in South Africa, as well as construction, all recorded negative growth last year. In most instances, this was after several preceding years of contracting output. 'Key steel-consuming sectors, agriculture and automotive, returned double-digit negative growth. The economy limped to growth of under one percent while there was little evidence of any large-scale infrastructural investment,' he said. 'For Longs, the highest priority, we argued, should have been given to urgently and decisively reviewing the scrap export tax, the scrap pricing system and its administration (which currently is easily manipulated by unscrupulous participants). Collectively, these aspects have unfairly prejudiced us as the only local company beneficiating our country's wealth of iron ore,' said Verster. He said the surge in global steel exports saw ArcelorMittal South Africa's net realised prices fall to multi-year lows in 2024, last seen (apart from during the Covid-19 pandemic) in 2015/2016. At 1.36 million tons, imports represented 33.6% of local consumption, up 3% from 2023. While flat steel imports increased by 1.5%, long imports rose by 108% to some 193,000 tons. 'Most imports are unfairly subsidised, a reality that has prompted a raft of meaningful trade remedies around the world,' said Verster. The European Union, UK, US, Japan, and most other countries with primary steel industries expanded their tariff regimes, and in 2024 the Southern African Customs Union was left very exposed to injury/dumping. ArcelorMittal SA's management had responded by trying to raise government and market awareness of the damage posed by a surge in subsidised exports, and in response, a provisional safeguard on hot rolled products was introduced in July but lapsed in January 2025. The authorities also announced an anti-dumping duty on heavy sections. Duties on the export of scrap steel and a so-called pricing preference system (PPS) served to keep scrap prices artificially low. These mechanisms favoured electric arc furnace makers of, in particular, long steel, giving them an unfair advantage over integrated steelmakers. 'In 2024, we operated at a disadvantage relative to these producers (many of which are backed by public funding of some R8.5 billion per annum in subsidies). This reality was largely responsible for putting our Longs business at risk,' the group management said. Raw materials made up 46% of cash costs in 2024. The locally sourced negotiated iron ore prices were 11% up relative to those of the previous year, while international coal prices fell by 18.4% in 2024 compared to the previous year. Some R3.2bn was spent on buying electricity from Eskom, up 14% on 2023. Since 2007, electricity tariffs have increased by more than 800%. In 2024, poor performance by Transnet Freight Rail (TFR) resulted in 'considerable lost production and sales." Over the past three years, rail tariff increases had outstripped inflation. 'In 2024, the performance of our Longs business translated into an operational EBITDA drain of R1.67bn (2023: R655 million loss). Process and raw material cost savings, together with stringent cash management and Value Plan savings, made it possible to maintain our net borrowing position at a level similar to that of the previous year,' the group said.
