Croda reports lower profits and sales amid challenging economic conditions

April Lara
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Croda reports lower profits and sales amid challenging economic conditions

Croda International, a chemicals company based in East Yorkshire, has posted a decline in sales and profits for the year ending 31 December 2024. Group sales dropped to £1.63 billion, down from £1.69 billion in 2023, with pre-tax profits falling to £207.8 million, compared to £236.3 million the previous year.

Despite the weaker sales growth, Croda focused on cost reduction and operational efficiency, which helped meet profit expectations. The company highlighted improvements in its Consumer Care division, especially in Fragrances & Flavours, and solid growth in New & Protected Products. However, the absence of COVID-19-related demand for lipids and weak consumer health sales impacted its Life Sciences division. On a positive note, Crop Protection saw stronger performance in the year’s second half.

While the economic climate remains subdued, Croda has seen more stable customer inventories and demand across various markets. The company is ramping up innovation efforts to meet renewed customer interest, particularly after a slowdown in new product development during the pandemic.

Smith+Nephew boosts profits and revenues despite workforce reductions

April Lara
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0
Smith+Nephew boosts profits and revenues despite workforce reductions

Smith+Nephew, the Hull-based med-tech company, reported a solid financial performance for 2024. Revenues were £4.6 billion, up from £4.4 billion the previous year. Profits also significantly increased, rising to £394 million, compared to £228 million in 2023.

The growth follows the implementation of the company’s 12-Point Plan, which drives operational changes and restructuring. As part of the plan, Smith+Nephew has reduced its workforce by nearly 9%, including more than 1,000 job cuts in 2024. Most of these reductions occurred in the year’s final quarter.

Over 60% of revenue in 2024 came from products launched in the last five years. The company also focuses on improving operational efficiency, with two years of margin expansion and strong cash flow generation.

Looking ahead, Smith+Nephew is targeting continued revenue growth in 2025. To drive improved returns, the company will emphasize product development and further efficiency gains.

New rules aim got make it easier for SMEs to win Government work

Stuart Pearcey
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New rules aim got make it easier for SMEs to win Government work
A more open public procurement regime driving value for money is now in place through the Procurement Act 2023, setting rules that all public bodies must follow when they buy goods and services. The Act will boost growth by slashing red tape for SMEs applying for government contracts – combining multiple regulations into one simple set, and publishing procurement data in a standard, open format on a Central Digital Platform. The changes open up opportunities for small businesses to bid for public sector contracts, helping deliver growth and opportunity across the UK. It ends late payments that put small businesses at risk, introducing a mandate of 30-day payment terms for all public sector contracts. Costs for both business and the public sector will be reduced through simple new processes that drive innovation, offering greater flexibility for buyers to tailor procurement to their exact needs. For example, providing public bodies more opportunities to negotiate with suppliers, and using built-in stages to procurement cycles such as demonstrations and testing prototypes. Cabinet Office Minister Georgia Gould said: “Public sector procurement can now fully deliver on the Plan for Change – unleashing local growth, opening up opportunities and embedding transparency and accountability.

“The Procurement Act will tear down barriers that stop small businesses from winning government work, giving them greater opportunity to access the £400 billion spent on public procurement every year, investing in home-grown talent and driving innovation and growth.

Shirley Cooper, Crown Representative for Small Businesses, said: “This change to public procurement laws will provide enormous opportunities for small businesses to take a greater share of contracts. The Act, which goes live alongside our bold new National Procurement Policy Statement, will drive economic growth and deliver on the Government’s Missions and the Plan for Change.”

New laws create ‘bonus ban’ for bosses of firms polluting UK rivers

Stuart Pearcey
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New laws create ‘bonus ban’ for bosses of firms polluting UK rivers
Major new laws to crack down on water bosses polluting Britain’s rivers, lakes, and seas have been created in the most significant increase to enforcement powers in a decade. The Water (Special Measures) Act 2025 will give regulators new powers to increase the ability of the Environment Agency to bring criminal charges against water executives who break the law. It will create new tougher penalties, including possible imprisonment, for water executives who obstruct investigations, and give Ofwat the power to ban payment of bonuses to water bosses if they fail to meet high standards to protect the environment, their consumers, and their company’s finances. Other measures in the Act include automatic penalties to allow regulators to issue penalties more quickly, without having to direct resources to lengthy investigations. It will also introduce independent monitoring of every sewage outlet, with water companies required to publish real-time data for all emergency overflows. Discharges will have to be reported within an hour of the initial spill. Environment Secretary Steve Reed said: “Polluting water bosses will no longer be paid undeserved bonuses. And if they break the law over water pollution, they could end up in the dock and face prison time. “This is just the beginning. The Independent Water Commission will report back later this year to shape new laws that will transform our water system so we can clean up our rivers, lakes, and seas for good.”

AspinallVerdi moves to new premises at The Calls after strong growth

Stuart Pearcey
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AspinallVerdi moves to new premises at The Calls after strong growth
Independent property regeneration and development consultancy AspinallVerdi has doubled the size of its head office with a move at The Calls in Leeds. The move comes in the wake of growth in staff numbers and rising demand for its services from an increasing number of clients. The consultancy has moved from its 975 sq ft location at Studio 7 46 The Calls to occupy the 1,630 sq ft entire top floor at number 31, accommodating 24 staff and providing space for further expansion. The firm’s new HQ reflects its sustained and ongoing growth, strong financial performance and its commitment to reinforcing its regional and national presence for an expanding workload across the public and private sectors. AspinallVerdi now employs more than 30 staff in total at Leeds and offices in London, Liverpool, Newcastle and Birmingham. Executive chairman Atam Verdi, who co-founded the consultancy with managing director Ben Aspinall in 2009, said: “We’ve almost doubled the space of our previous home, enjoy a 270-degree view of The Calls and provide a contemporary, professional and inspiring workspace for our growing team in Leeds. “We recently recruited four new members of staff and plan to add to our numbers in 2025 as we continue to attract and retain top talent. We are a client focused consultancy that is increasing its range of services and through recruiting and retaining excellent staff we can continue to provide high quality service to our clients. “Our financial performance at Leeds and our other offices remains strong and demand for our expert and tailored services from our public and private sector clients continues to grow.”

UK pharmacies warn of financial crisis, may cut hours

April Lara
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0
UK pharmacies warn of financial crisis, may cut hours

The National Pharmacy Association (NPA), representing 6,000 independent pharmacies, warns that rising costs could force its members to take collective action, including reduced operating hours, if the government does not provide additional funding soon.

According to the NPA, pharmacies in England face £250 million in unplanned costs from April due to increases in National Insurance, the National Living Wage, and business rates. Unlike other businesses, pharmacies cannot adjust pricing to offset expenses, as around 90% of their revenue comes from NHS-funded services.

A recent NPA ballot found that 99.7% of participating pharmacies support collective action if funding does not improve. The group says pharmacy closures have already reached record levels, and those remaining are under severe financial strain.

The Department of Health and Social Care stated that it is consulting with Community Pharmacy England on funding and will provide an update when it has the opportunity.

Oncimmune seeks funding as contract delays impact cash flow

April Lara
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Oncimmune seeks funding as contract delays impact cash flow

Oncimmune Holdings has hired Alvarez & Marsal to help secure additional financing for its trading subsidiary. The Leeds-based precision medicine company cited slower-than-expected contract conversions as a key factor in its need for funding.

The company is also exploring strategic partnerships and business synergies. Despite current financial pressures, Oncimmune stated it remains confident in its long-term prospects. It highlighted ongoing discussions for 11 projects worth over £1.8 million and potential follow-on contracts from existing clients. However, the company acknowledged uncertainty around the timing and value of these deals.

Rotherham Gateway Station bid focuses on regeneration despite weak transport case

April Lara
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Rotherham Gateway Station bid focuses on regeneration despite weak transport case

Plans for a new mainline railway station at Parkgate in Rotherham are moving forward. To secure funding, supporters are emphasising the project’s economic regeneration potential.

A masterplan has been completed, but local officials acknowledge that current government evaluation criteria show “weak transport benefits” for the integrated mainline station and tram train stop. The project remains under the Department for Transport’s oversight, requiring a business case aligned with Treasury guidelines.

In 2022, the government blocked £8 million in regional transport funding for the station, citing the need for integration with national networks.

Lead developer partner sought to help deliver next stage of Hull’s Albion Square project

Tess Egginton
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Lead developer partner sought to help deliver next stage of Hull’s Albion Square project
In a major step forward for the redevelopment of Hull’s former BHS building, Hull City Council is seeking a lead developer partner to help to deliver the next stage of its Albion Square project. The council’s cabinet have given permission to commence procurement activity for development of the former BHS building and the remainder of the site. This approach from the council will improve scope for securing external funding, brings in external expertise for the project and shares risks between the council and the partner. The council is aiming to regenerate a derelict and underused brownfield site into a high-quality mixed-use development which will increase footfall, add to the city centre living offer and boost Hull’s city centre economy. Cllr Paul Drake-Davis, portfolio holder for regeneration and housing at the council, said: “Albion Square is a major regeneration project that will bring significant benefits to our city centre. “Securing a lead developer partner is key to delivering Albion Square as successful tenders can advise on the latest market demands and help leverage external funding to help make sure the city has a worthy finished product delivered on sound financial footings.” The redevelopment of the former BHS building will complement the predominantly NHS-funded Community Diagnostic Centre, which is due to open this spring. Cllr Drake-Davis added: “Since the Albion Square development’s initial inception, there have been significant shifts and changes to the economy, both locally and nationally, as well as the way people use buildings and perceive urban centres. “The imminent arrival of the Community Diagnostic Centre on the north-eastern corner of the site has shifted the scope again, but the council welcomes the development and the benefits it will bring to the city centre in terms of footfall to support local businesses.” VINCI Construction UK Limited will continue to manage the site until a lead developer partner is secured.

Work starts to prepare Doncaster Waterfront for future development

Tess Egginton
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0
Work starts to prepare Doncaster Waterfront for future development

Work has begun to transform an area of Doncaster City Centre into an open space ready to be used for future development.

The Doncaster Waterfront (East) remediation project, situated on Chappell Drive, is part of one of the largest brownfield sites in the country, with 22 acres of land which has a long history of uses, including gas works and former cattle market. The project will remediate the site to clean up the land for future development schemes, with potential investment estimated at up to £400m.
The project will see the council working with a developer, with the full length of the project anticipated to be three-to-five years (phase one) and then a further three years to complete. The redevelopment works will be part-funded by the UK Government and through gainshare funding from South Yorkshire Mayoral Combined Authority (SYMCA). Mayor of Doncaster, Ros Jones, said: “Doncaster Waterfront has been earmarked as a site for development and investment into Doncaster. “It is a site with a huge amount of potential – especially as it is part of one of the biggest brownfield sites in an urban centre in the North of England. The development of Doncaster Waterfront will support the wider regeneration of our city centre. “With 22 acres of land and easy access to the city centre, Doncaster Markets, rail network and establishments such as the Colleges and the Civic and Cultural Quarter, it is an incredibly important strategic site to the city. “This is another element of our current city centre redevelopment programme, continuing our work to create a modern, revamped and safer city centre right through 2025 and beyond.” Plans for the temporary open space include maintained grassland, trees and footpaths, which will improve the local area until the time may come to develop the site further in the future.
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