Frank Recruitment halves sales team and falls to loss in 'challenging year'

Technology talent specialists Frank Recruitment Group has fallen to a loss and halved its international sales team after what it described as a “challenging year” for the recruitment sector. The Newcastle-based firm, which employs more than 1,800 people in 23 offices around the world, has released accounts for the year ending November 30 2023 in which its revenues fell from $592.5m (£459.8m) to $524.6m (£407.1m). And though the firm reported an operating profit of $5.7m (£4.4m), that was less than half last year’s figure and translated to a loss after tax of $2.4m (£1.9m). The accounts also reveal significant changes in the firm’s staffing, with numbers of sales staff being more than halved to 1,058, though that was mitigated by a significant rise in support staff from 287 a year earlier to 743. Read more:Hadrian's Tower put up for sale Go here for more North East business news Frank Recruitment, which was founded with a city centre office in Newcastle in 2006, operates in niche technology recruitment, with brands specialising in staff for programmes such as Salesforce, Azure, ServiceNew and NetSuite. It operates as part of Tenth Revolution Group, across several different brands, which include Jefferson Frank, Nigel Frank International, Mason Frank International, Washington Frank, Anderson Frank and Nelson Frank. The company has a number of offices in North America, as well as a significant presence in Europe, Japan and Australia. In the accounts, chief financial officer Lewis Miller says: “FY 2023 proved to be a challenging year for the recruitment sector as a whole, with the continuation of the macro-economic headwinds that emerged in the back end of FY22. In addition, the technology sector was impacted by broad over hiring in FY22 which also weighed on demand in FY23. “These two factors meant that overall demand for technology professionals was lower in in FY2023 than it was in FY2022 and this resulted in a decline in revenue from $592.5m to $524.6m. Trading performance stabilised in the final quarter of FY 2024 and this more stable and consistent trading has, as expected continued into FY24. “Putting the short term trading conditions aside, the long term trend of accelerating adoption of cloud technologies by businesses across the globe is robust and this will result in continued growth of the technology ecosystems, the group systems and growth in demand for technology talent.”

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Newcastle's Luminous XR seals £1m investment to target US growth

A Tyneside business specialising in 3D digital technology is aiming for overseas growth on the back of a fresh £1m investment. Newcastle based Luminous XR, which is pioneering extended reality (XR) software, has raised the seven-figure sum from the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia Ventures. The firm’s platform allows developers to create metaverse-style training programmes and simulate real-life scenarios – for example for health and safety training – and is particularly popular with clients in the energy, manufacturing and industrial sectors. The investment will help the Toffee Factory based company to deliver on a seven-figure contract with a major Middle East oil provider, while also targeting other overseas markets, in particular the US. The company has also developed a virtual reality content authoring tool, called Flow, which will be launched in late summer and will make it easier and faster to create training content by removing the need to write code. Luminous XR, which now employs 30 people, moved into virtual reality in 2016, ten years after launching as a 3D mapping specialist.Mercia first backed the company in 2017 and has provided a number of rounds of investment from its own funds and from the North East Venture Fund, to help Luminous XR to develop its products and grow the business. The latest funding brings the total raised to date to £3.55m. As well as its Newcastle head office, it also has a base in Bahrain and has recently established a presence in Texas, US. Ben Bennett, CEO of Luminous XR, said: “Luminous is used by the biggest brands in the industrial and manufacturing sectors who have the highest training standards. Our XR platform is paving the way for the adoption of Extended Reality training, providing a scalable, secure solution with many advanced features. The current funding round will now allow us to grow our sales and marketing as we expand globally.”

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West Wales cottage-based AI coaching firm for competitive gamers acquired in a multi-million-pound deal

A West Wales start-up firm pioneering AI coaching solutions for competitive gamers has been acquired in a multi-million-pound deal by global gaming and electronic sports (esports ) brand GiantX. As part of the deal founder of iTero Gaming Jack Joseph Williams, who established his business from his cottage home in Cardigan two years ago, becomes Giantx’s new head of gaming technology. The acquisition, the exact value of which has not been disclosed represents a significant milestone for the gaming and technology industry, highlighting the growing integration of AI in esports. Mr Williams, 30, who grew up in Carmarthen, is a former financial analyst at HSBC who channelled his passion for AI into developing predictive models for esports competition outcomes in his spare time from his small cottage. This interest evolved into iTero Gaming which offers decision-making tools for League of Legends player. Its League of Legends coaching app has amassed nearly a quarter million installs in less than two years, harnessing AI to pinpoint player weaknesses and optimise pre-game set-up. Read More: L ove Island digital game business set up by Welshman Wil Stephens acquired in £21m deal Read More:Latest equity deals in Wales By analysing millions of past games, the app suggests the best characters to play and other additional features to gain a competitive edge. During games, iTero also offers real-time tools, helping players secure victory against the enemy team. To support the growth of his company Mr Williams joined Cardiff-based start-up accelerator Tramshed Tech. On his company’s acquisition, a deal that makes him a millionaire, he said: “I’m excited to be joining the GiantX team. Excel Esports was the first esports team I became a fan of and I’ve followed their journey over the last few years. I believe and have always believed that data and AI have the potential to seriously disrupt the status quo of esports, whether that’s finding undervalued players or identifying strategies outside of the standard meta. I think esports is ready for the future and I’m really looking forward to what comes next working alongside GiantX.” GiantX was formed from the merger of London-based Excel Esports and Malaga-based Giants Esports last year. Its co-chief executive Tim Reichert said: “We are thrilled to announce our acquisition of iTero Gaming to help elevate player performance to new heights, This marks a pivotal moment in GiantX’s ongoing commitment to innovation and excellence in esports, empowering players worldwide to achieve their competitive best. We are excited to harness this new technology to optimise our team’s training during practice to unlock the full potential of our pro players and the global gaming community.”

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Britishvolt administrators chase money owed from its defunct buyer

Administrators of the collapsed battery start-up Britishvolt say they have lodged claims for money owed by its now wound-up buyer, Recharge Production UK. EY says that former employees of the once vaunted electric vehicle battery firm have been paid £236,000 owed in wages and the tax office is due to be paid £3.03m it is due. But despite Recharge defaulting on the £8.6m deal to buy certain parts of the business, the administrators say they have not cancelled the business sale agreement with the would-be buyer which had touted plans to revive the Northumberland gigafactory ambitions. A High Court judge ordered the winding up of Recharge earlier this year following legal action by former Britishvolt chief governance officer Tom Cowling in respect of unpaid wages. The move put paid to the troubled suitor after months of speculation over its future. Read more: Barratt takeover of Redrow expected to complete this week amid work to solve competition concerns Read more: Newcastle's tallest building Hadrian's Tower put up for sale with £14.6m price tag Recharge still owes £2.176m of the agreed price and EY says it has lodged a claim with liquidators for the amount owed plus interest and costs associated with pursuing the payment. It is uncertain as to whether there will be any return to creditors of Recharge. EY said: "In addition to lodging a claim with the liquidators, we have also sent formal demands to the two parties who provided limited guarantees in respect of the amounts still due under the terms of the business sale agreement. It is uncertain if either of these parties have the financial resources to satisfy the demand. We have commenced negotiations with the guarantors to seek payment of the amounts due. A further update in respect of this matter will be provided in future reports to creditors. "Whilst the recovery of any further sums relating to the £2.176m outstanding deferred consideration element of the original sale to the buyer are uncertain, the joint administrators have taken steps to separately realise the interest the company retained in Power by Britishvolt Properties Limited (PropCo) which has successfully been achieved via a sale of the company's intercompany loan balance due from PropCo, as discussed below." EY went on to say that PropCo, which owned the land on which the gigafactory was to be built, owed Britishvolt £46m. Lender Katch Fund Solutions held security over the land, which was subject to a buyback clause from Northumberland County Council. A deal was subsequently done with receiver of the land which led to US investor Blackstone and its data centre subsidiary QTS paying Northumberland County Council, which had a buyback option on the site, £110m to create a job creation fund for the county.

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Newcastle's hedgehog lab selected to scale revolutionary AI platform

Tech consultancy hedgehog lab has been picked to create a revolutionary AI platform designed to ease the burden on overstretched teachers. The Newcastle company, which moved into One Strawberry Lane earlier this year, has been enlisted to design and build a new platform for TeachMateAI, an AI-powered solution that help teachers to improve their wellbeing by drastically reducing their workload. Launched last year, TeachMateAI offers a suite of more than 115 tools that support teachers with everything from streamlining lesson planning and report writing to creating powerpoint presentations instantly. The platform is already being used by over 200,000 teachers, and is said to save educators more than 10 hours a week. TeachMateAI’s platform launch comes after the National Education Union published a survey last year, in which almost 50% of teachers in England said their workload is unmanageable, with some reporting that they had turned to antidepressants to cope. The previous year, the union conducted research which showed that 44% of teachers were planning to quit within five years because of unmanageable workloads. To support the growth of TeachMateAI, hedgehog lab will work with the organisation to create a new platform, focusing on improving the user experiene, boosting scalability and the integration of new tools. The new TeachMateAI platform is expected to launch early 2025. Sarat Pediredla, CEO at hedgehog lab, said: “TeachMateAI is showing the world how AI can play a hugely positive role in the future of education and is already benefiting thousands of teachers and children. But the product is still only scratching the surface in terms of its potential. We’re so excited to be partnering with TeachMateAI to deliver a truly enterprise level solution that will take this revolutionary idea to the next level.” The city centre company will now carry out a “discovery and research phase” involving a user experience, technical audit and interviews with customers to identify the best possible implementation of the solution and its tools. Ian Cunningham, CTO at TeachMateAI, said: “Since launching early last year, we’ve seen incredible growth for our platform. The sheer number of tools that are integrated within the platform makes us unique in the education tech market.

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West Wales cleantech firm Hydro Industries expands with major contract win in Ecuador

Carmarthenshire headquartered cleantech venture Hydro Industries has secured a major contract to clean up polluted wastewater in the Ecuadorian capital of Quito. Hydro has been commissioned to treat 192,000 tonnes of contaminated leachate water from the city's main landfill site - which will make it the highest altitude facility of its kind in the world. The initiative is being driven by the Quito municipality. Hydro’s proprietary and patented technology will help protect the environment by ensuring contaminated water does not make its way into Quito’s river systems. Protection of the El Inga River, which flows through most of the city (including areas that have been designated as world heritage sites), is seen as being of particular importance. The value of the contract has not been disclosed. Hydro’s technology is designed to safely treat landfill leachate water, which is odorous and heavily contaminated with toxic metals such as lead, zinc, arsenic and cadmium. It will treat more than 800 tonnes of water per day at the El Inga site - ensuring discharged water meets the highest environmental standards. Read More: Welsh Government needs to stop dithering on Cardiff Parkway planning decision Read More: Welsh export champions Santiago Andrade, general manager of the waste management company in the metropolitan district of Quito, said; “We initiated a global search to find the best possible technology to deliver at speed a world class leachate treatment plant for Quito. Hydro, with its unique and patented solution, was selected and their system will be operational shortly. We look forward that through the treatment train implemented by Hydro, it guarantees environmental protection for our city.” Wayne Preece, chief executive of Hydro Industries, said: “We pride ourselves at Hydro for being swift, agile, creative and responsive to the very specific needs of different clients and we are delighted that the good-will and determination on all sides will now allow our friends and colleagues in Quito to meet their high environmental ambitions and provide people with the safeguards they deserve.” The new plant at El Inga, in the shadow of Ecuador’s famous Pichincha volcano, is due to be operational later this year. It will be 9,000 feet above sea level. The UK’s ambassador to Ecuador, Chris Campbell said: “I am delighted that Hydro Industries has won this contract with the municipality of Quito. This is also a significant achievement for embassy colleagues from the Department for Business and Trade, who have supported Hydro Industries with the bidding process since October last year. Throughout, Hydro Industries has shown drive, energy, and commitment to secure a deal which will benefit the residents of Quito, protect the environment, and showcase British expertise in science, technology, and engineering.”

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Wellness group Raiys saves streaming service Ashia – and says deal is 'another leap forward for its growth strategy'

Wellness group Raiys has acquired content streaming service Ashia in a pre-pack deal it says is “another leap forward for its growth strategy”. Ashia’s former Scottish parent company Frog Systems went into administration last month - with administrators from Quantuma completing the sale of Aisha to Raiys to save the business and all its jobs. The Ashia service, which offers individuals and businesses with 24/7 wellbeing support, is the second acquisition for Warrington-based Raiys following its swoop in early 2023 for The Healthy Employee. Clients using Ashia – whose name means life and hope in Arabic – include Sussex Cricket, The Lowry theatre and arts venue in Salford Quays, Scotland-based hire firm GAP Group and construction and development company GRAHAM. Raiys provides online and in-person support to over 750,000 employees in companies and organisations across the UK. Its services include , wellbeing audits, behavioural change programmes, and health screening. James Murphy, founder and chief executive of Raiys, said: “Organisations are increasingly starting to understand their role and responsibilities in supporting employee wellbeing in the workplace. Our mission is to help employers and businesses of any size to create healthy, purposeful workplace cultures across all sectors and job roles. “The addition of Ashia gives us an even more powerful offering and enables us to grow the digital side of our proactive wellbeing services as we focus on our goal to provide employers and organisations with all the tools they need to improve the health and wellbeing of their people. “The combined data capabilities of the Ashia and Raiys services will also give existing and new clients access to formidable real-time management data to assist their managers and HR teams with informed wellbeing decision-making. I’m delighted to be able to bring Ashia into our business.” He added: “This deal is another exciting move forward for Raiys. With the acquisition of Ashia, and the technical expertise gained, we now have the capability to offer a wider range of digital and personal wellbeing solutions that will support and help organisations to meet the challenges they face.” BusinessLive’s sister title insider.co.uk reports t hat Aisha’s former parent Frog Systems was hit by uncertainty over ongoing research and development tax credit reviews, which affected its ability to bring in new capital despite interest from potential investors. Craig Morrison and Brian Milne from Quantuma were appointed joint administrators of Frog Systems at the end of July and completed the sale of the Ashia business and assets to Raiys. That safeguards the jobs of all nine employees, who have transferred to Raiys – taking its number of employees to 75. Quantuma’s Craig Morrison said: “The sale is a great outcome for the business. I’m delighted that the jobs of all employees have been saved and the business has been protected by being sold to a third-party buyer with the ability to take it forward.” Frog Systems’ former chief executive Phil Worms said: “Like Raiys, we are passionate about the value of proactive and preventative wellbeing services and the role that digital technology plays in helping employers to create healthy workplaces. “It has been a challenging time for the company, but I believe that bringing Raiys and Ashia together is a fantastic outcome and we are excited for what we can achieve together as a genuine one-stop shop for wellbeing solutions.”

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Nvidia shares plummet despite record quarterly revenue of $30bn

Nvidia's stock took a downturn, declining over eight percent in after-hours trading despite surpassing its projections and announcing record revenues. The tech giant reported an all-time high second-quarter revenue of £22.7 billion, a 15 percent rise from the preceding quarter and a 122 percent increase from the same period last year. With quarterly data centre revenue hitting a peak at £19.9 billion, which is up by a remarkable 154 percent compared to the previous year, Nvidia also declared a monumental share buyback programme valued at $50 billion. Jensen Huang, CEO of Nvidia, commented on the achievement: "Nvidia achieved record revenues as global data centres are in full throttle to modernize the entire computing stack with accelerated computing and generative AI." Huang also noted the extraordinary anticipation for Nvidia's forthcoming chip, Blackwell, slated for release in the future. Nvidia previously surprised analysts in June with the presentation of a novel microchip named Rubin, expected to roll out in 2026, and the Blackwell Ultra chip scheduled for 2025, projected to contribute to revenues starting the fourth quarter, as reported by City AM. Matt Britzman, senior equity analyst at Hargreaves Lansdown, remarked on the situation stating: "Aside from simply not beating by a large enough margin, the other bit of weakness was the warning that Blackwell launch costs would weigh on fourth-quarter margins but we're splitting hairs really." Earlier in the year, Nvidia's revenue experienced a substantial boost of 262 percent, predominantly propelled by unmatched sales of their GPUs, which are essential for artificial intelligence applications. The company had forecasted earnings amounting to $28 billion for the fiscal second quarter. Analysts had predicted sales to reach $28.8bn (£21.8bn), with a forecast for the next quarter of $31.8bn (£24bn). They also anticipated operating profit to more than double to $18.7bn (£14.1bn). Ben Barringer, technology and media analyst at Quilter Cheviot, attributed the sell-off to "a lot of nervousness" among investors who have recently been used to even better figures. "Nvidia has grown to a point where there is little room for error and any sign of slowing or normalisation of growth will have an outsized effect on the share price." "This being the smallest beat in six quarters, and the fact guidance for gross margins and costs are weaker was enough to get people to hit the sell button in afterhours trading," he elaborated. Nvidia has nearly bounced back from the 25 per cent drop in its share price that happened during the stock sell-off in July, when fears of a US recession and doubts over AI-linked firms shook global markets. The company's stock price is nearing its all-time high of $135.58, having surged 170 per cent over the past year.

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AI Startup Userled Secures £4m for Hyper-Personalised B2B Marketing Automation

Userled, an artificial intelligence (AI) startup that enables business-to-business (B2B) firms to create "hyper-personalised" marketing campaigns, has secured £4m in pre-seed funding. The platform developed by Userled aims to automate the creation and distribution of highly personalised marketing campaigns across various channels, including email, LinkedIn and Meta. The funding round was spearheaded by early-stage venture capital fund Localglobe, with contributions from Dig Ventures and a group of angel investors. Founded in 2023 by seasoned entrepreneurs Yann Sarfati and Tristan Saunders, who have tech industry experience from companies like Salesforce and American Express, Userled plans to use the funding to expand its team and continue developing its AI-powered technology. This technology is already being utilised by companies such as Wayflyer, Deel, Onfido and Encord. Sarfati, co-founder and CEO of Userled, believes there is a demand for tools that simplify and scale personalised marketing. He stated: "Marketers have to put significant time and resources into manually building personalised campaigns which feel impossible to scale. They lack the tools that should enable them to do this simply and at speed to surpass the impact they can achieve through manual campaigns." "Userled breaks this cycle. We're making personalised marketing easy, accessible and efficient to give B2B companies the competitive advantage they need in today's ever-shifting digital landscape," he added. Userled's innovative platform operates independently of third-party cookies, utilising its unique Cookieless Fingerprinting and Identity Layer technology to provide marketers with comprehensive insights into customer behaviour at both account and contact levels. The company asserts its compliance with GDPR and CCPA regulations. Mish Mashkautsan, a partner at Localglobe, commented: "Userled brings the power of generative AI to reshape a complex and mission-critical workflow for marketing teams." "By accelerating the creation and distribution of personalised content and capturing contact-level insights without cookies, Userled provides a seamless solution to drive efficient growth a key priority for any B2B company, especially these days," he further remarked. AI is widely regarded as a transformative force in the marketing sector, with many advocating for businesses, particularly resource-constrained startups, to leverage its capabilities, as reported by City AM. A recent Venture Planner survey involving 2,000 emerging entrepreneurs revealed that 78% are open to adopting AI tools to jump-start their ventures.

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Tech revenues soar at HR software specialist Talos360 as LDC-backed business plans acquisitions and further growth

An HR software firm backed by LDC is planning more acquisitions after seeing revenues grow 10% last year – driven by the success of its technology arm. Warrington-based Talos360 reported revenues of £11.6m for 2023 - up on £10.5m a year earlier despite a “challenging backdrop”. It said technology sales rose 55% to £5.1m, up from £3.3m a year earlier, with tech sales now representing a record 44% of Talos360’s total revenue. It reported a pre-tax loss for the year of £447,000, a substantial improvement on the £4.5m the previous year. And it reported an adjusted operating profit of £800,000, an improvement on a loss of £263,000 in 2022. The group says it now plans to “accelerate growth through complementary acquisitions, product innovation and further investment in its award-winning culture”. Talos360 offers software-as-a-service solutions connected with recruitment and HR and works with more than 800 businesses. Its management team, led by CEO Janette Martin, was backed by private equity investor LDC in October 2022. Since then it has driven growth in sectors including retail and hospitality, care, education, manufacturing and professional services. Ms Martin said: “2023 was a landmark year for us. We continue to invest in our market leading talent solutions to solve all our customers’ hiring challenges, helping them to attract, recruit and retain their top talent. Technology is firmly at the forefront of our brand, and we’re excited to continue investing in our offering and build momentum by actively pursuing complementary acquisitions with LDC’s support. “It’s also my passion to achieve growth whilst providing a supportive and inclusive workplace culture. We’re proud to offer exciting careers in tech to people across the North of England and will continue to help our people progress in their careers.” John Clarke, partner at LDC, added: “When we started working with Janette and the team it was clear that there was no limit to their ambition. The human capital management solutions space is increasingly technology-driven and Talos360 has positioned itself as a market leader in software through a commitment to innovation and a recognition that investing in employee wellbeing and development is a critical component of any successful growth strategy. I’m confident 2024 will be another stellar year for the business.”

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Cornwall internet provider strikes deal with Nokia

A Cornwall-based internet provider has struck a deal with telecoms giant Nokia to speed up the roll out of broadband across the region. The agreement will see Wildanet's new super-fast network extended across Cornwall and the Isles of Scilly, the Gresham House-backed firm said. Nokia will project manage the delivery of the next phase of Wildanet's full fibre network - from initial planning and design to build, commissioning, testing and hand-over. The deal is being supported by network infrastructure company Xantaro. “We have always looked to be innovative and ambitious in our mission to deliver digital inclusion in the South West," said Justin Clark, Wildanet’s chief strategy and technology officer. “It is a significant strategic alliance for Wildanet, building on our achievements to date and allowing us to accelerate the roll-out of our network and the benefits this will bring for thousands of homes and businesses in the region.” Phil Siveter, Nokia chief executive for the UK and Ireland, said: “By combining our proven methodologies and extensive experience in network deployment with Wildanet's local insights, we are set to transform the digital landscape in the South West." As part of the arrangement, Xantaro will source, build and install all communications cabinets. It will also be providing professional services to Wildanet, the Cornish business said. In 2023, Wildanet was awarded two contracts, totalling £36m, by the government to connect up to 19,250 homes and businesses in South West and mid-Cornwall.

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Cardiff-based travel platform Lovetovisit to scale up on multi-million-pound investment

Cardiff-based travel platform Lovetovisit has raised £3.2m to support its scale up plans including international expansion. The latest investment round into the business was led by Venrex and Redrice Ventures. Also participating were Active Partners, Velocity Partners and angel investors. Lovetovisit said the investment will be used to scale operations in the UK and further the platform’s expansion. The team is aiming to double growth and inventory year-on-year for the next three years. The investment will also be used to enhance the platform’s AI capabilities to further optimise the user experience and to scale operations internationally. Read More: Strong first full year of trading for Lovetovisit Read More : Swansea Airport ownership change Founded in 2021 by twin sisters Georgia and Alice Aubrey alongside tourism and culture expert Fed Pereira, the company helps people find and book local attractions, experiences and events. Since launching it has generated total revenues of £7.4m and supported hundreds of thousands of experiences. With more than 2,700 products currently listed on its platform reaching a community of more than 3.2 million users, its proprietary tech platforms allows users to buy tickets in real-time at the guaranteed lowest price. Instead of redeeming tickets via a separate retailer or voucher, tickets are sent instantly to users via text and email. The mobile-optimised platform uses AI to send personalised recommendations to users to help them discover their next trip and offers interactive maps to help them find out what’s going on nearby. The Lovetovisit founding trio, who previously worked together at Mr Pereira’s tourism marketing agency, launched their platform after noticing how difficult it was for consumers to find and book local things to do. Existing partners include Alton Towers, Chester Zoo and ZipWorld, Pennywell Farm, Techniquest Science Museum in Cardiff and local music and food festivals. Moreover, 85% of Lovetovisit’s attractions are outside of London, with days out in Devon attracting more than 25,000 visitors via Lovetovisit since the start of 2024. Alice Aubrey, co-founder said: LovetoVisist has gone from strength to strength this year and we’re incredibly proud to have such esteemed investors on board. Building the business and hitting these milestones alongside my sister is a dream. We each bring unique strengths to the team, but we share a passion for supporting the many amazing events, attractions and experiences in the UK to digitise and scale. "There are so many weird, wonderful and iconic things to do in this country, we just need to make it easier for people to find, explore and book them. Our goal is to be the go-to platform for booking memorable things to do and this raise is a big step towards achieving that mission.” Chief executive Mr Pereira said: “Our tech offers a seamless experience to enable locals and tourists across the UK to do just that. “Having such well-respected investors on board as we double down on our mission to scale domestic tourism in the UK and internationally is a wonderful endorsement of what we’ve built to date and will provide the fuel needed to realise our ambitions over the coming years.” Lilac Watt, investment associate, Venrex Investment Management, said: “We are excited to join Lovetovisit’s journey as new shareholders. Venrex looks to back compelling founders who meet the needs of modern consumers in innovative and tech-forward ways. We have been impressed by the team’s knowledge around the culture and tourism market from day one and we look forward to watching as they build their business at scale.”

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TalkTalk secures £400m lifeline as leadership changes confirmed

Telecommunications heavyweight TalkTalk has secured an agreement on the primary elements of a refinancing arrangement, ensuring a £400m financial boost. The company, with headquarters in Salford, has been negotiating with one of its main shareholders following alerts that it was teetering on the edge of collapse. In its annual report released in July, TalkTalk's directors expressed concerns over potential insolvency which could occur by "August 2024 or sooner". These fears were raised amidst ongoing efforts by the leadership to refinance over £1bn of debt accumulated since the enterprise transitioned to private ownership under founder Sir Charles Dunstone and investment firm Toscafund in 2020. Now, TalkTalk has confirmed terms agreement for a transaction involving consortiums of Senior Secured Note (SSN) holders and Revolving Credit Facility (RCF) banks, alongside Ares Management Funds and key company investors, as reported by City AM. The SSN and RCF creditors represent roughly 60% of TalkTalk's secured borrowing. Following the accord, TalkTalk is poised to become 'well-funded'. With this proposed arrangement, TalkTalk says it will be "well funded to deliver the respective strategic plans of PlatformX Communications (PXC) and TalkTalk, continuing to capitalise on their strong positions in the market". Additionally, TalkTalk stated that interim finance totalling £65 million had been provided by its shareholders to support the group. The proposed deal includes an additional £170m of funding on top of the initial £65m, following the execution of binding lock-up arrangements between the parties. It also involves the contribution of other assets into the group by its major shareholders and Ares Management Funds, including the Virtual1 business, and the Ovo and Shell branded customer bases. The terms of the agreement in principle are non-binding and remain subject to documentation, internal approvals and implementation. TalkTalk has stated that it expects to make further announcements, including more detailed terms, in the coming weeks. The company also confirmed a series of leadership changes which include Dame Tristia Harrison becoming a non-executive director of the group. James Smith, current group CFO, will become group CEO and will also become CEO of PXC, with Tom O'Hagan stepping up to a new role of executive chairman of PXC.

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Hull 'reg-tech' firm Rubicon Bridge lays out expansion ambitions

A Humber firm that provides automated compliance services to other business has set out its plans for growth in Europe. Rubicon Bridge works with Amazon and Amazon sellers specialising in vitamins and food supplements, helping vendors scale internationally by meeting different overseas regulatory and labelling requirements. The six-year-old business has hailed a "milestone" in adding Ireland, Poland and Sweden to its regtech tool, with plans to soon all the major ecommerce markets in Europe. Bosses have pointed to international growth following the opening of offices in Amsterdam and Salt Lake City. Read more: Yorkshire fintech firm Fintel boosts revenues after acquisition spree Read more: Profits rocket at Filtronic as emerging space market helps business take off Kathryn Brown, managing director at Rubicon Bridge, said: "We are delighted with the rapid growth of Rubicon Bridge across Europe and adding these three new countries puts us in a fantastic position in Europe. The next ambitious step is to expand internationally and into an array of new categories. We are seeing our revenue continue to grow in Europe as well as the USA, from where 35% of it now comes." Last year Rubicon Bridge, which is based out of Hull's C4DI tech hub, received recognition from the Department for Business and Trade for its regulatory platform, which aims to substantially reduce the burden encountered by sellers when entering new markets. On launching its product with Amazon, Rubicon Bridge said there was "no ceiling" to its growth potential. Sharon Stathers, international trade adviser at the Department for Business and Trade, said at the time that it was was exciting to see a regional business like Rubicon not only thrive internationally but to also support other businesses grow and scale in a complex regulatory environment.

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Ashtead Technology eyes more deals after 'record' first half performance

Ashtead Technology has registered a "record" performance for the first half of the year, signalling ambitions to expand its merger and acquisition (M&A) pipeline. The company, which specialises in subsea equipment rental for the offshore energy sector, reported a significant revenue boost for the six months leading up to 30 June 2024, recording a 61% surge due to heightened product demand. In terms of profitability, its adjusted earnings before interest, tax, and amortisation (EBITA) grew by 46% to £22.6 million, an increase from £15.5 million seen in the comparable period last year. Despite these robust figures, the firms shares experienced a nearly six per cent decline as trading kicked off on Monday. Looking ahead, the London Stock Exchange-listed entity envisions mergers and acquisitions as central to its growth strategy, focusing on enhancing its offerings and international expansion, as reported by City AM. Last November, Ashtead Technology made a significant acquisition of ACE Winches for £53.5 million, a move which Peel Hunt analyst Andrew Nussey describes as "progressing well, with a strengthening pipeline". CEO Allan Pirie commented on the company's trajectory: "I am extremely pleased to deliver another record trading performance as we build on the strong momentum seen through 2023." Pirie went on to highlight the proactive approach the business is taking: "We have continued to execute on our strategy to expand the breadth and depth of our offering through both organic and inorganic investment, increasing the resilience and differentiated nature of our business model." He concluded with an optimistic outlook: "The outlook for our business remains positive given the strength of the global offshore energy market and our continued investment to support longer term growth." "The board is encouraged by the group's performance in HY24, which gives us increased confidence on our full-year 2024 outturn, and our expectations remain unchanged," he added. Ashtead Technology is targeting low double-digit organic revenue growth. Its 2024 full-year guidance remains unchanged.

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Pebble Beach Systems anticipates growth with strong sales pipeline despite market hurdles

Tech firm Pebble Beach Systems is optimistic about the coming year as it reported a "strong sales pipeline" against the backdrop of challenging market conditions. The company, an expert in playout, content management and IP control solutions for the broadcast and media tech sectors, has seen a 21 percent surge in Service Level Agreement (SLA) revenue, climbing to £3.1m from £2.5m in the previous year. For the half-year ending 30 June 2024, the group's overall revenue dipped marginally to £5.3m, down from £5.5m in 2023. However, profit before tax for the AIM-listed company rose to £0.3m, an increase from £0.2m, as reported by City AM. The adjusted EBITDA remained steady at £1.4m. Additionally, an "improved" EBITDA margin of 27 percent was reported, thanks mainly to the rise in SLA revenue. John Varney, non-executive chairman of Pebble Beach Systems, commented on the results: "The group continues to demonstrate resilience with increased order intake in spite of ongoing challenging external market conditions causing customers to continue delaying decisions on upgrades." He further stated that Pebble Beach Systems Group is entering the latter half of the year with a "strong sales pipeline alongside improved visibility and value of recurring revenues." Given "historical trends and a strong order book," Varney expressed the boards anticipation of heightened project orders in the upcoming six months.

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Tech giant Arm to move into Gary Neville's St Michael's scheme in 'largest letting in city for two years'

Semiconductor giant Arm is expanding in Manchester city centre after signing the largest office deal yet at Gary Neville’s £400m St Michael’s development. Arm set to occupy 68,860 sq ft of space across floors three, four and five at No.1 St Michael’s after signing a deal with Mr Neville’s Relentless Developments. The computing giant – one of Britain’s great tech success stories – is moving from its current home at 11 Portland Street as part of its strategic plans for growth in the North. It has 27 offices across 16 countries. Relentless hopes No.1 St Michael’s will become “the first fully Net Zero Carbon commercial development in the city”. The nine-story block will include a Japanese-Peruvian rooftop restaurant from Chotto Matte. Other firms set to be based in St Michael’s include S&P Global and international law firms, Pinsent Masons and Hill Dickinson. Gary Neville, director at Relentless Developments, said: “This is an incredible deal with a hugely innovative, global leader in technology - not only is it our largest letting but it’s largest in the city for two years. This perfectly sums up the momentum that’s rapidly building here at St Michael’s as construction continues at pace. We’re looking forward to welcoming the team from Arm and being part of their future plans for growth.” Gary Campbell, EVP, central engineering at Arm, said: “Arm deeply values creating environments that empower our people to do their best work. St. Michael’s not only brings a modern location with a rich heritage, but like Arm, prioritises sustainability and well-being. The Arm team looks forward to continued support of the Manchester community.” Will Lewis from OBI Property acted on behalf of Arm, while Joe Rigby from CBRE acted on behalf of Relentless Developments alongside Kuits Solicitors.

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How AI is reshaping the UK's tech landscape: Insights from Shore Capital's latest report

As the artificial intelligence (AI) revolution advances, it is being leveraged to varying degrees of success across tech and digital media sectors. A recent report from Shore Capital outlines companies for which AI has evolved beyond a mere trend into a substantial contributor to their investment appeal. Released last Friday, the report spotlights organisations where Shore Capital's 'buy' recommendation is buoyed by effective AI integration. Industry highlights include educational giant Pearson and communications firms WPP and Next 15 Group. Pearson's chief executive, Omar Abbosh, acknowledged that "significant demographic shifts" combined with "rapid advances in AI" will significantly influence educational growth trajectories in the future. The publishing heavyweight is increasingly infusing AI throughout its offerings as part of its strategic shift toward a technologically focused enterprise, as reported by City AM. "Specifically, Pearson has identified scope to improve customer service, content generation, product design processes and data tools," observed the analysts at Shore Capital. Next 15 Group, a public relations firm, has been an "AI evangelist", commended in the report for leveraging AI to enhance client experiences and streamline internal operations. Global communications titan WPP has witnessed widespread adoption of its bespoke WPP Open AI platform, alongside forging strategic alliances with AI leaders such as Bria, Google, and OpenAI. The company's latest brainchild, Performance Brain, was showcased at Google Cloud Next, designed to forecast the most effective content before campaign launches commence. Shore Capital has also spotlighted sustained AI investment by property portal Rightmove and Moneysupermarket.com's parent company, Mony Group. Both entities are harnessing AI to refine user experiences and bolster customer loyalty sectors where analysts perceive "potential upside". In the realm of software and IT services, Tpximpact is dedicating efforts to ensure AI systems are ethically and safely managed, especially for its clientele in the public sector. SysGroup, having recently relocated to Manchester, has partnered with IT infrastructure specialist Softcat to enhance its machine learning capabilities, responding to the burgeoning demand for AI applications. Softcat, endorsed as a 'buy' by Shore Capital, is ramping up its workforce to capitalise on the robust growth within the UK IT market and the escalating demand for AI solutions. Other software firms receiving a 'buy' nod from Shore Capital encompass Sage Group, Eagle Eye, Ebiquity, and RWS Holdings. Analysts have cited a policy document by Sir Tony Blair indicating that AI could deliver £200bn in savings to the government over a five-year span, potentially benefiting digital transformation experts like Tpximpact, Made Tech, and Kainos. Made Tech's shares experienced a significant surge of over 35 per cent in April following the firm's securing of a government contract worth nearly £20m. London-listed NHS software provider Kainos has reported an increase in both revenue and pre-tax profit for the full year 2024, despite a slight dip in bookings. The company is poised to benefit from increased NHS spending, with over 30 percent of its projects already incorporating AI.

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Love Island digital game venture founded by Welshman Wil Stephens acquired in £21m deal

Interactive story game publisher Fusebox Games, which was established by Welsh digital entrepreneur Wil Stephens, has been acquired in a £21m deal. The London-based company, which provides mobile games for film and TV programmes, including Love Island, has been acquired by Mumbai listed Nazara Technologies. Nazara is India’s only publicly listed gaming and sports media company. The acquisition is part of it growth strategy to build an IP-based global gaming business. Read More: Indoor arena for Cardiff reaches major milestone Read More: Rise in Welsh unemployment As well as its Love Island game offer, Fusebox, which will continue to trade under its own name, has a number of games in development based on the IP of other global television programmes. In the first half of its 2024 financial year it reported strong revenues of nearly £11m, with an Ebitda of just over £3m. App purchases account for more than 90% of its sales derived from a global customer base. Mr Stephens, originally from Aberystwyth, cut his entrepreneurial teeth with his first digital venture in Cardiff-based Cube Interactive, whose clients included ITV show Catchphrase which it developed an app for. He set up Fusebox in 2016. As well as Mr Stephens, other investors in Fusebox included Huw Eurig Davies, a former chief executive of independent television production company Boomerang and fellow Welshman Lord Mervyn Davies. Mr Stephens, who stood down as CEO of Fusebox last year, is now considering a number of new business opportunities. Fusebox appointed boutique London-based investment bank Aream & Co, which focuses exclusively on the interactive entertainment sector, to oversee the sales process which generated strong interest. Law firm Osborne Clarke advised Fusebox’s shareholders on the sale to Nazara. Chief executive of Nazara Technologies, Nitish Mittersain, said: “We see a large opportunity in building an IP based global gaming business that benefits from our core base in India where we can support global studios through enhanced user acquisition strategies, data analytics, live operations, and new initiatives. “Many of our existing IPs are good examples of this strategy and we are happy to join forces with the talented team at Fusebox as we continue to build Nazara into a global gaming company of meaningful scale.” In March, Nazara announced a $100m commitment towards expanding its company with mergers and acquisitions.

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Filtronic announces £6.4m order with Elon Musk's SpaceX

Communications tech firm Filtronic has announced another multimillion-pound order from Elon Musk's SpaceX as the latest in multi-year partnership. The specialist developer of transmitters and receivers for satellite communications has landed a $8.4m (£6.4m) follow-on production order for more of its E-band solid state power amplifier (SSPA) modules. US-based SpaceX will use the equipment in its roll-out of the Starlink satellite constellation, which provides high-speed, low-latency internet to users all around the world. The County Durham and Leeds-based firm says the order will be completed in the 2025 calendar year - boosting expectations for the 2025 financial year performance. Read more: Tyneside subsea engineering firm acquired by US 'ocean health' business Woocheen Read more: Drax to pay £25m penalty after watchdog finds misreporting over biomass The deal comes under the $60m (£48m) five-year agreement signed between Filtronic and its high profile customer in April this year. Under the terms of the agreement, Filtronic will supply the rocket and satellite company with its SSPAs, and it could also see the two businesses develop new products together for the Starlink system. Last month Filtronic announced a $9m (£7.1m) order from SpaceX. The latest order comes with the vesting of another 2,171,211 share warrants, taking the total to 10,856,055 - the maximum 5% of Filtronic's share capital at the time of April's agreement. It means that as part of the supply deal, SpaceX has the option to take a stake in Filtronic. In recent weeks, Filtronic posted full year results to the end of May which showed revenues grew 56% to £25.4m on the back of the SpaceX work and other deals. The firm, which as well as low earth orbit satellite tech also builds equipment for aerospace, defence and telecoms clients, reported enhanced profitability with operating profits of £3.6m - a significant leap on 2023's level of £200,000. Meanwhile adjusted Ebitda was £4.9m, up from £1.3m. Other contracts include a £3.2m order from the European Space Agency for mmWave products, and defence work for BAE Maritime Services and QinetiQ, worth £4.5m and £2.0m respectively. Earlier this year, Filtronic also won the King’s award for Enterprise in Innovation.

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New tech hub linked to Golden Valley opens in Cheltenham

A workspace dedicated to the growth of Gloucestershire's start-up tech community has opened in Cheltenham. The 20,000 square foot MX Innovation Centre is at the heart of the shared urban Minster Exchange (MX) rejuvenation scheme. The centre, opposite Cheltenham Minster, is a joint project between Cheltenham Borough Council (CBC) and Hub8 by event and workspace provider Plexal. According to those behind the project, MX will complement the region's new Golden Valley development, which is billed as a major part of the UK's National Cyber Strategy. It is being supported in partnership by CBC and Plexal. Internal facilities at MX include a café alongside a 200-person capacity auditorium for events and education, while the external Minster Gardens area features greenery, seating and pathways. Through the MX launch, the aims of CBC and Hub8 by Plexal are to fuel business growth through initiatives including Grown in Cheltenham - an opportunity for local founders to fast-track their companies with six months of free, tailored support. Councillor Rowena Hay, leader at Cheltenham Borough Council, said: “After a much-anticipated wait, I am delighted that the MX is now officially open. This innovative new space will be a place for start-ups, academia, industry and government, particularly through its links into Golden Valley, and it will also be a hub for the community, with a café and events space. “The MX will reinvigorate this area of town connecting the Minster, Wilson Gallery, library, and the lower High Street. It is also the latest step in the council’s enabling role in the regeneration of this important part of the town.” Some 60 businesses - from cyber security to recruitment and food tech - have already joined the centre, which has capacity for 400 members. Bruce Gregory, managing Director at Hub8 by Plexal, said: "It’s been a long time coming but seeing people familiarising themselves with the site is hugely rewarding." Andrew Roughan, chief executive at Plexal, the Delancey-founded innovation company that has a majority shareholding in Hub8, added: "Organisations across the South West region have demonstrated their commitment to cross-sector collaboration.

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How Greater Manchester could become a global hub for the massive $2bn Esports market

Could this dark room with flashing lights be the next generation’s Old Trafford or Etihad? It sounds like a bold vision - but when you learn more about Esports, you can see why Iain Earle has such big ambitions. The Maxwell Building is now home to the University of Salford’s state-of the art Esports lab. With its black walls, banks of gaming PCs that look to an untrained eye like arcade machines, and keyboards and PCs with multicoloured flashing lights, it doesn’t look like your typical university IT lab. And that’s the point - it’s aimed at students wanting to work at the cutting edge of a sector that’s growing at pace. Esports – competitive video gaming watched online or even in person – is a truly massive business, which can come as a surprise to those of us who know far too little about it. Earlier this year a report by Market.us suggested the global market was worth $1.93bn i n 2023, and could reach $2.4bn this year. By 2032, the market could be worth $10.9bn and the live streaming market keeps growing and as more sponsors are attracted to the sector. In fact, the Esports Workd Cup is ongoing right now. The US and China dominate the market but it’s big in the North West too. In May, thousands of spectators attended the Rainbow Six Siege Major tournament at the BEC Arena in Trafford Park. Iain Earle, programme leader for the Esports Business Management course at the University of Salford Business School, is clearly used to having to explain the industry’s rapid growth. He said: “It's younger demographics that are really driving it. And ultimately it's growing and growing because more and more young people are engaging with it. They start when they’re still in school, usually just by playing the games. And then they'll start to watch the games they play on YouTube, watching content that's been produced for the market. “And then they sort of develop a deeper passion. A lot of them start to create their own kind of mods to games, making little changes to personalise the games or to make it unique.” If the North West is to play its part in the growth of Esports, it will need skilled and trained people. That’s where centres like the lab, and MediaCity’s HOST centre, come in. HOST offers a Gametech campus and programmes for the Esports and gaming sector. In 2023, Salford tech company IN4 group launched the Manchester Exports Academy for young people aged 8-16. Mo Isap, CEO of IN4, said at the time : “The career opportunities in Esports are immense and we want young people in Greater Manchester to know that they too can be a part of this fast-growing, multi-billion pound industry.” Iain and his team work closely with HOST and now he is keen the University of Salford plays its part in supporting and training older students. The new lab, formally opened last week when BusinessLive paid a visit, is designed to host tournaments and to train students in the more business-focused skills they will need. It does that in an environment suited for gaming, with low lighting and black walls above those multicoloured computers. There’s even a professional Esports standard F1 rig in the corner of the room. Iain said: “It's about creating exactly the kind of physical ambience and environment that students will be creative in but also they'll engage with once they work in industry. “If you go to any kind of business that works with gaming or Esports, they've got a similar kind of ambience as we do here. My background was in the creative music industry so studios were my playground and I connected with that very much. "It has to have an environment and ambience that really will draw people in but that will also enable young people to deliver their absolute best in a conducive atmosphere.” Iain sees Esports as a “cultural phenomenon” that brings together not just video gaming and IT but also music and fashion - even observing that one day Esports team shirts could become as common as football shirts are now. Then there’s broadcasting. Each gaming PC has a professional quality camera while the room also includes a broadcast mixing desk that can be used to present Esports tournaments online. That all means this room could become the home base for Salford and Greater Manchester Esports teams from the university and beyond. Iain smiled “This could be like Old Trafford or the Etihad for them" adding that he expected Esports viewing figures might yet grow to rival those of existing sports. Iain hopes the lab will be a cornerstone of the Esports sector in Greater Manchester and the wider North West. And he has big hopes for the industry as a whole, saying the region is well placed to become a global leader. He said: “I really do believe that in Manchester and Salford we could become, certainly for this part of the country, the hub for gaming and Esports. There are already some great facilities. We've got a partner organisation, HOST, which we work with down at Media City. “In May, they had the Rainbow Siege major at the BEC in front of 4,500 paying attendees. Now that has so many economic benefits for the region, not just directly for the Esports industry, but also for those secondary industries like transportation, hotels, restaurants, bars as people come from all over the country to Manchester to go and see a hybrid event that people could also access from all around the world. "So we're not just applying a local kind of perspective - it's for a global market as well. And I think Manchester, with the history of innovation and popular culture that we have, is ideally placed to really make a big imprint and a mark on this industry.” It also allows students to learn about the wider Esports ecosystem locally and globally. He added: “We are also, very importantly, teaching about ethics and integrity. It's still a very new market, a very emerging market. Therefore, regulation sometimes still is taking a little time to get put into place. And it's very important to our learners and the community if they're going to go into the industry, they should go in with their eyes wide open.” And the centre will also reach out to colleges and the wider community to talk about Esports and the opportunities in the field. Iain is keen to point out that the lab isn’t about playing games - it’s about everything that goes on beyond that. “It’s about the business management side of things,” he said. “So if you are a young game developer, how do you get your new game or your new product or service to market? “Quite often, for young creative people, the gap is they don't know how to get their wonderfully created content out to a wider market. When they do, there is always the risk of exploitation and what we want to do is inform them, educate them, but also bring them to networks and areas where they can further their career after they graduate.”

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UK Government invests £32m in 98 AI projects to boost high-growth industries and public services

The UK government has unveiled plans to support 98 artificial intelligence (AI) projects across the nation with a £32m funding boost. This investment, aimed at accelerating 'high-growth' sectors, will aid over 200 businesses and research institutions. The funded projects cover a wide spectrum, from enhancing safety on construction sites to cutting down railway repair times and minimising emissions in supply chains. Among the beneficiaries are Nottingham-based Anteam, collaborating with the NHS to optimise prescription deliveries using AI algorithms. V-Lab has secured £165,006 to fine-tune its AI-powered construction training simulations, while Cambridge's Monumo has been awarded £750,152 to develop its 3D generative-AI tool for electric vehicle motors. Feryal Clark, Minister for Digital Government and AI, has hailed the funding initiative as "crucial" for the country. "AI will deliver real change for working people across the UK," she stated, "not only growing our economy but improving our public services." She further added, "That's why our support for initiatives like this will be so crucial," highlighting the potential of these projects to reduce train delays, introduce new methods of maintaining vital infrastructure, and enhance patient experiences by facilitating prescription deliveries, as reported by City AM. "We want technology to boost growth and deliver change right across the board, and I'm confident projects like these will help us realise that ambition," added Clark. Sue Daley, director of tech and innovation at techUK, commented that this fund, sourced from the UKRI Technology Mission Fund, promises "considerable return on investment for the UK economy and boost our competitiveness, while supporting those innovators that are putting AI into action." Nonetheless, the disclosure follows hot on the heels of last week's contentious cancellation of £1.3bn in tech and AI funding, which has been decried as "idiotic" and a possible trigger for a tech talent exodus to the US. Amongst the scrapped projects was an allocated £800m for a supercomputer at Edinburgh University and £500m for AI research resources both projects cut less than a year after being announced. The Department for Science, Innovation and Technology (DSIT) justified its stance, pointing to "difficult and necessary spending decisions across all departments in the face of billions of pounds of unfunded commitments", while the Conservatives have highlighted DSIT's underspend over the past fiscal year. This unfolds at a juncture when bolstering tech investment is deemed crucial, particularly for the government aiming to position itself as the champion for growth and business. "For the UK to become an AI superpower, it needs large-scale funding, backed by a strong policy foundation and governmental support," Tom Whicher, CEO and founder of video consultation platform DrDoctor, remarked on the government's latest investment initiative. The UK's thriving tech sector is experiencing a deceleration in growth, with fresh figures indicating a significant slowdown. The number of newly incorporated tech firms in the UK dropped by 11% in the second quarter of this year, representing the first substantial decrease since early 2022, as reported by RSM UK, a firm specialising in audit, tax, and consulting services. Ami Daniel, CEO and co-founder of the UK-listed maritime AI company Windward, believes that startups downstream from entities like Nvidia represent an ideal target for investment, and the new funds could be "transformational" for these companies. However, Daniel also noted that "while today's news is a step in the right direction, it is only a drop in the ocean." Another tech entrepreneur, Anil Malhotra, co-founder of UK digital payments enterprise Bango, suggested that the government should focus its funding efforts on addressing the intricate social and legal challenges posed by AI, which often trail behind technological advancements. He stated: "It would be preferable for the UK to have a legal framework that enables AI to benefit society and maximises competition [and] minimises monopolisation of AI provision."

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Pavel Durov's arrest raises questions about the accountability of social media giants

Pavel Durov, the founder of messaging app Telegram, may feel a sense of vulnerability akin to his series of shirtless pictures on Instagram recently, now that he's under the intense gaze of international regulators. He's been formally accused by French authorities of permitting illegal activities to proliferate on Telegram. For the time being, Durov has avoided imprisonment, having been released on €5m (£4.2m) bail. The Russian-born tycoon, who also has French citizenship, found himself arrested last weekend following charges that Telegram serves as a breeding ground for nefarious online behavior ranging from child sexual exploitation to drug trafficking and financial scams, as reported by City AM. This scenario showcases the uncommon occurrence where a tech executive is held directly accountable for user conduct on their platform. Despite facing mounting pressure, Telegram maintains its compliance with European legislation, asserting, "It is absurd to claim that a platform, or its owner, are responsible for abuse of that platform." Although Durov has consistently championed freedom of expression and a policy of limited moderation on his app, detractors insist that such a laissez-faire stance has transformed Telegram into a sanctuary for terrorists, narcotics peddlers, arms dealers, and radical extremists. Moreover, Telegram's relatively modest team of about 50 employees stands in stark contrast to the workforce of competitors such as Facebook and Instagram proprietor Meta, which hires tens of thousands for monitoring content, sparking debate over the regulation of social media platforms. The lawsuit against Durov arrives amidst growing scrutiny over social media firms and their content moderation responsibilities. Recently, Telegram was used to spread messages that incited riots lasting nearly a week in Southport, UK, after tragic stabbings occurred. The platform responded by closing the channels involved, one of which had more than 13,000 members. Violence-inciting posts also appeared on Facebook and X, while the UN-backed Tech Against Terrorism pinpointed a TikTok account posting solely provocative content about Southport, attracting over 57,000 views in just hours. Following the unrest, there have been louder calls for tougher regulations and enhanced powers to censor online content. London Mayor Sadiq Khan has urged a reassessment of the Online Safety Act 2023, which has faced criticism for not fully achieving its objectives, especially concerning misinformation. Legal expert Mark Jones, a Partner at Payne Hicks Beach, commented that the bill could have been a turning point but ultimately "provides no additional support to the pre-existing criminal law covering incidents of incitement of violence." Conversely, the legal action taken against Durov has raised concerns within certain circles about a potential "chilling effect," where the fear of legal consequences might drive social media leaders to excessively moderate or censor content. Mark Zuckerberg, the head of Meta, has recently admitted to censoring content on the company's social media platforms during the Covid-19 pandemic. He disclosed that his firm succumbed to pressure from the US government to suppress anti-vaccination posts and other materials, including memes. Not one to shy away from the topic of free speech, X owner Elon Musk, who has previously stated that "moderation is a propaganda word for censorship," has joined the debate. Following Durov's arrest, Musk humorously tweeted: "POV: It's 2030 in Europe, and you're being executed for liking a meme." "POV: It's 2030 in Europe and you're being executed for liking a meme https://t.co/OkZ6YS3u2P - Elon Musk (@elonmusk) August 24, 2024". Could this be the precursor to a more extensive crackdown? With the European Commission's ongoing probe into X for purported non-compliance with disinformation rules, coupled with demands for more stringent legislation in the UK post-riots, it seems the regulatory environment for social media could be set to tighten. Public opinion may already be tipping the scales, as there appears to be a consensus on holding social media firms to account. A YouGov survey indicates that two-thirds of Britons feel these companies should be liable for posts that incite criminal activity, and 70 per cent believe the current regulations on these platforms are not robust enough.

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Software giant Sage Plc sees revenues climb despite economic uncertainty

North East listed tech group Sage plc saw revenues rise 9% in the first nine months of its financial year, driven by growth in its Sage Business Cloud software. The Cobalt Business Park based business, which is listed on the FTSE 100, issued a bullish trading update for the nine months ended June 30 2024, highlighting increasing revenues to £1.737bn, up 9% on the comparable period’s £1.589bn. Sage Business Cloud sales grew by 16% in the same period and accounted for £1.387bn of that figure, driven by growth in cloud native revenue of 23% to £539m, primarily through the addition of new customers and by growth in cloud connected revenue from both existing and new customers. A breakdown of the turnover shows revenue in North America increased by 12% to £786m, with a good performance from Sage Intacct together with continuing growth in Sage 50 cloud and Sage 200 cloud. In the UKIA region, revenue grew by 8% to £497m, also driven by Sage Intacct together with cloud solutions for small businesses, including Sage Accounting and Sage Payroll. The UK region also saw further growth in Sage 50 cloud and Sage 200 cloud. In Europe, meanwhile, revenue increased by 6% to £454m, with a strong performance across its accounting, HR and payroll solutions. Recurring revenue increased by 10% to £1.68bn, with software subscription revenue growing by 13% to £1.419bn. The update tells shareholders how the pound sterling has strengthened against the US dollar and other international currencies compared with the prior period, leading to an exchange rate headwind in the first nine months of the year.

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Royal Agricultural University launches agritech competition with £50,000 prize

The Royal Agricultural University's agritech hub has launched a competition for companies developing innovative ways to address challenges facing farmers The theme of the inaugural Farm491 Challenge Prize is 'mixed land use'. Companies are being encouraged to put forward business solutions, with shortlisted firms having the opportunity to pitch to a panel of academics and industry experts at the university's campus in Cirencester at the end of the year. The winner of the competition will receive £50,000 and the runner-up £25,000 to advance their business. Organiser Verity Payne, operations and events manager at Farm491, said: “The aim of this exciting new series is to inspire innovators to develop ground-breaking solutions to pressing global challenges that we all face today. “We are looking for companies that are developing innovative products and services to support nature friendly, multifunctional land use. These could include enabling agroforestry, regenerative and productive housing development, intercropping food and non-food crops, or co-producing food and renewables.’’ The prize is being supported by grant-making charity Esmée Fairbairn Foundation. Will Steadman, funding manager at Esmée Fairbairn Foundation, said: "The Farm491 Challenge Prize has the potential to really amplify impact and we're thrilled to be working with Farm491 on it. It pushes the boundaries of what's possible with grant funding and focuses our support on where it can be catalytic." Entries for the competition will close on September 27. Shortlisted companies will be notified by October 9 and this will be followed by an online pitching workshop in November. The event will culminate in a 'pitching day' at Farm491 HQ in Cirencester on December 5, where the winner and runner-up of the 2024 Farm491 Challenge Prize will be selected. Professor Peter McCaffery, vice-chancellor of the Royal Agricultural University (RAU), added: ‘’The RAU has been a university of purpose ever since its inception - as the Royal Agricultural College in 1845 - working with farmers, entrepreneurs, and innovators to make a practical difference on the ground.

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Plymouth Science Park chief executive steps down

The head of Plymouth Science Park is stepping down after seven years. Ian McFadzen will leave his job on November 8 to take up the position of chief executive of the Ocean Conservation Trust. Plymouth Science Park - a joint venture between the University of Plymouth and Plymouth City Council - is home around 90 science and technology firms. The 25-acre business site has already started looking for a replacement chief executive. Mr McFadzen said: "It's been a real privilege and honour to have worked with the PSP team these past seven years. Not only is the science park a leading institution that helps foster innovative firms, but we've always strived to be an open and collaborative organisation, working to elevate the amazing science and technology ecosystem centred on Plymouth." The former marine biologist has been a strong advocate for forging regional and national partnerships while at the science park. He is a fellow of the Royal Society of Biology and director of the UK Science Park Association. “I'm excited about the next chapter for me personally but want to pay tribute to the many colleagues and people across the park and other organisations, who I've had the pleasure of working with," he added. During his time as chief executive, Mr McFadzen established an additive manufacturing facility - widely regarded as the South West's leading centre for pilot work in this technology - and a partnership with the National Composite Centre to bolster industry-led research and development.

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Mirror publisher Reach on track as digital revenues boosted by Euros, election and Taylor Swift's UK tour

Mirror publisher Reach plc says it is on track for the year after seeing digital growth from events including the European Championships and Taylor Swift’s Eras Tour and the General Election. The media giant, which publishes titles including BusinessLive, the Manchester Evening News, Wales Online, the Daily Record and the Express, today issued results for the six months to 30 June 2024. Reach said revenue for the period fell 5.2% to £265m. Digital revenue of £60m was broadly in line with last year (HY23: £60.8m), and momentum improved across the period with growth of 6.7% in the second quarter. Print circulation revenue of £149.9m (HY23: £155.4m) and print advertising revenue of £32.7m (HY23: £37.0m) outperformed volume decline. Meanwhile the group said “early and effective action on costs has delivered targeted cost savings”, with total adjusted operating costs cut by 9.3% to £221.8m. That meant adjusted operating profit rose by 23.1%, and at an improved margin of 16.8%. Reach said it would “continue to deliver returns for shareholders with the interim dividend maintained at 2.88p.” The group’s Customer Value Strategy to bolster digital growth has helped push data-driven revenue growth up 9% to £27.2m. Those revenues now represent 45% of total digital revenues, up from 41% last year. It hailed its return to digital revenue growth, saying: “The performance over the second quarter has been bolstered by strong multi-platform content around key events, including the European Football Championships, UK general election and Taylor Swift Eras tour. As expected, yield continued to improve, driving growth across the digital estate.” Chief executive Jim Mullen said: "We are pleased to have delivered further operational progress this year, with our commercial and editorial teams making the most of the strong news agenda. “Our Customer Value Strategy continues to deliver long-term success, with an increasing share of data-driven digital revenue as well as digital growth returning in Q2. Alongside our expertise in managing our print product, we have traded our digital assets hard and delivered an operating margin improvement.

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Former nuclear power station site in Gloucestershire sells for £6.5m

A former nuclear power station site in Gloucestershire has been sold for £6.5m. South Gloucestershire and Stroud (SGS) College announced the sale of the 40-acre park to Chiltern Vital Berkeley Limited (CVB) - a wholly owned subsidiary of Chiltern Vital Group - in January. The Berkeley site was one of the first civil nuclear power stations in the world when it was built. Its adjoining nuclear research lab was fundamental for developing the UK’s nuclear fuel programme. SGS saved the laboratory site from demolition in 2016 and created a science and technology park with a number of low-carbon businesses and education providers. The park is also home to nearly 400 students who are enrolled at SGS’s University Technical College, which will remain in operation following the deal. SGS said the government would "soon announce" the technology provider to develop small modular reactors (SMR) at the site. Rolls Royce is the first company being selected for its SMR final approval stage by the Office for Nuclear Regulation. Rolls Royce SMR is a partner of CVB and it is expected the site will become a new nuclear “supercluster”, SGS said. Kevin Hamblin, chief of SGS, said: “We are delighted that CVB can now invest in the site to support research, development and skills training around new nuclear, AI and low carbon businesses. “With the close proximity to Great British Nuclear’s Oldbury site it will create a low carbon ‘supercluster’ over the next decade. CVB and their partners will bring significant new investment and work opportunities for the region; and for SGS it will mean the college plays a very prominent role to support the teaching of new skills for many years to come.” CVB said it was planning to establish Berkeley as the UK’s R&D “centre of excellence” for the next generation of small modular and micro reactor technology. “South Gloucestershire and Stroud College have been exceptional custodians of the park, maintaining its reputation as a centre of excellence for education and skills training," said Chris Turner, chief executive of the Chiltern Vital Group. “Key to the regeneration of Berkeley will be the provision of nuclear-centric education and skills training. With news of the government’s SMR selection process expected shortly, GBN has identified that the UK will need approximately 150,000 new nuclear trained employees over the next decade.” Rolls-Royce has urged the government to complete the SMR selection process this year. Like this story? Why not sign up to get the latest business and finance news straight to your inbox. Chris Cholerton, chief executive of Rolls-Royce SMR, added: “[The] announcement that CVG has completed the purchase of Berkeley Science and Technology Park brings the possibility of new nuclear at Berkeley a step closer.

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Haydale in Jersey trial for its underfloor heater technology

Technology company Haydale has announced a pilot trial deploying its innovative underfloor heaters within social housing in Jersey. The Ammanford-based company, which is listed on the Alternative Investment Market and a leader in advanced materials and nanotechnology innovation, is working with Jersey Energy Technologies (JET), a start-up company focused on providing energy efficiency solutions across the Channel Islands. Haydale’s underfloor heating system utilises its proprietary technology to unlock the high-level thermal conductivity properties of advanced material, graphene. Read More:Haydale's graphene tech capturing carbon Read More : Wrexham Lager in major Australia deal Data on its in-house prototype systems have shown up to 30% lower operating cost for their functionalised graphene ink underfloor heating compared to standard wired systems running off mains power. In test conditions the heaters, which can be uniformly and individually heated, have also shown improvements in flexibility, and durability – while reaching maximum temperatures quickly. This presents a potential commercial solution to meet the demand for improved energy efficiency, reducing heating costs for residents. The first real-world installation of Haydale’s product is planned to take place with JET later this year. The pilot trial will gather information over the winter period to support the efficacy and efficiency data already generated from Haydale’s in-house testing with results expected in the new year. Under the agreement, JET has agreed to pay for exclusive access to distribute the underfloor heating product within the Channel Islands on a commercial basis. If the trial is successful, it is envisaged that this environmentally friendly underfloor heating system will be rolled out in phases to selected homes and buildings. Keith Broadbent, chief executive of Haydale, said: “We are thrilled to collaborate with JET on this project which demonstrates our ability to use our plasma functionalisation technology platform to develop our own IP protected products for commercialisation, and this collaboration is a testament to our commitment to innovation and sustainability. “Our underfloor heating system not only provides superior comfort but also represents a potentially significant step forward in reducing environmental impact and energy costs. This innovative solution leverages advanced technology to provide consistent, comfortable warmth, looking to ensure that each home remains cozy throughout the year without the excessive energy consumption typically associated with traditional heating systems.”George Eves, Founder of JET, said: “The adoption of Haydale’s advanced underfloor heating technology aligns perfectly with our mission to provide high-quality, sustainable living solutions to the residents of the Channel Islands. We are excited to offer this cutting-edge heating solution and over time – we will look to roll the products out in the new build and retrofit projects underway with our development partner, improving the quality of life for our residents and setting a new standard for social housing.” In August Haydale announced a potential breakthrough in the rapidly evolving carbon capture technology sector.

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Healthtech innovator MediMusic wins global award for unlocking medicinal power of music

A Hull business that has developed a way to prescribe music as medication to ease pain, anxiety and stress for people living with dementia has landed a global award. MediMusic, which was founded by former music industry executive Gary Jones and is based out of Hessle, scooped start-up of the year at the Music + Tech Summit of European tech hub Wallifornia. The Finance Yorkshire-backed firm beat 140 other entrants at the event, impressing judges with its technology that uses music as a digital therapeutic, creating playlists that can reduce the heartrate of people living with dementia. Its concept is being trialled in UK care homes and major music publisher Warner Music Group is helping to expand the trials into hospitals in the UK and US. Read more: Hull 'reg-tech' firm Rubicon Bridge lays out expansion ambitions Read more: City star Debra Stephenson to headline returning Hull and East Yorkshire Business Awards Using algorithms, MediMusic "digitally fingerprints" pieces of music, meaning they can be identified for healthcare uses. The playlists it then creates can be listened to on a streaming device -the MediBeat - or on other devices such as smartphones. Mr Jones, who developed the MediMusic after trying to help the mother of a family friend who was living with dementia, said: “This win is fantastic news for our team and our global mission to use music as medication to ease pain, anxiety and stress. The transformative power of music to make us feel more relaxed and healthier is truly extraordinary. Our initial clinical trials have yielded highly promising results, signalling a ground breaking future in patient treatment. "The potential to dispense music as a therapeutic intervention will revolutionise the care of people grappling with pain and anxiety from people in care homes to patients in hospital. We believe we will eventually see music prescribed on the NHS. Musical medicine would help the NHS save money on costly medications treating anxiety and stress." Wallifornia’s program and partnership manager Coralie Doyen added: “Congratulations to MediMusic on being the big winner of our Awards Ceremony. The judges were very impressed with this innovative UK start-up committed to using music to improve the health and well-being of patients. The potential impact of its technology around the world is huge, and that’s why they were worthy winners.

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Women in tech and skills among focus of Birmingham Tech Week

Growth, women in tech and digital skills will all come under the spotlight when an annual business festival returns to Birmingham later this year. The sixth Birmingham Tech Week will run from October 21 and 25 at venues across the city and is expected to attract 8,000 delegates and hear from more than 100 guest speakers at demonstrations, panel discussions and seminars. Experts from leading tech brands such as Microsoft and Amazon are among the confirmed speakers. This year, each of the five days will have specific themes - leadership, digital skills and healthtech, women in tech, growth and celebration. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Venues such as Millennium Point, STEAMhouse and the ICC will host events including a scale-up summit, engineering and developer conference and a futuristic tech expo. The week will once again culminate in a black-tie dinner and awards ceremony. Alongside the seminars, there will be a pitching competition called One to Win which is being led by West Midlands business group Rigby, its IT services division SCC, investor Haatch and delivered by Birmingham-based finance firm Midven. A prize of £1 million will be awarded to a West Midlands business which in the eyes of judges has demonstrated game-changing innovation. Yiannis Maos is chief executive of regional trade body TechWM which organises Birmingham tech Week. He said: "TechWM is on a mission to connect, amplify and propel the region's tech sector and Birmingham Tech Week perfectly embodies that vision. "We continue to bring together industry leaders and pioneering tech brands to solidify the West Midlands' position as a global tech powerhouse.

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Sheffield hydrogen tech pioneer ITM Power signs contract for Refhyne II project

Hydrogen tech firm ITM Power has signed a contract to join a project that will install a 100MW electrolyser plant in Germany. The Sheffield company manufactures electrolysers, innovative technology that generates green hydrogen by splitting water into hydrogen and oxygen. Its contract for the Refhyne II project will see it supply 100MW of its Trident stacks and skids to the Shell Rheinland Energy and Chemicals Park in Germany, working closely with Linde Engineering . Refhyne II will use renewable electricity to produce up to 44,000 kilograms of renewable hydrogen on a daily basis, partially decarbonising fuel production at Shell’s Wesseling refinery. The electrolyser is scheduled to begin operating in 2027. The project builds follows on from the 10MW Refhyne I plant, which was put into operation three years ago, and on ITM’s and Linde’s experience in engineering, constructing, and operating other green hydrogen projects across Europe. Read more: Yorkshire and Humber economy bouncing back, new survey suggests Go here for more Yorkshire and Humber business news Dennis Schulz, CEO of ITM, said: “Shell is a leading global energy company, and we are proud they have selected us for this prestigious project. The performance of our latest generation electrolyser stacks in the REFHYNE I plant played an important role in Shell’s proceeding to FID, as did their extensive due diligence on our technology and our capability to deliver this large-scale commercial project.” Earlier this year directors at ITM said they were on track to more than halve losses following a restructuring. The restructure included significant reduction in its workforce, the streamlining of its product portfolio and addressing bottlenecks in production.

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Four young producers win places on BBC Sounds programme for future audio stars

Four young creatives from across the UK have won places on a BBC programme designed to help up and coming talent find success in the industry. BBC Sounds’ Audio Lab has returned for its third incarnation helping up-and-coming audio creatives build confidence and connections in the industry while enhancing their writing, recording, performance, and promotional skills. The BBC says it hopes the four new creators “from under-represented backgrounds” will be able to follow the success of previous alumni, who have among other successes won nominations at the British Podcast Awards and secured an ARIA Gold award for Best New Podcast. This year’s successful creators are Mia Thornton, Jay Behrouzi-Sneade, Hugh Sheehan, and Meg Elliot. They will join an accelerator programme of practical and professional training while embedded with one of Audio Lab’s production partners across the UK. Mia Thornton is a creative producer currently based in Liverpool who is “driven by a passion for storytelling and a commitment to amplifying Black voices”. Her successful podcast pitch will see her work alongside Audio Lab’s production partner, Manchester Reform Radio, to explore how black culture has helped shape different music genres. The series will have black voices at its core and will include archival content as well as interviews with industry experts, musicians and cultural commentators. Jay Behrouzi-Sneade is a Filipino-Iranian journalist from Liverpool who is passionate about food thanks to her upbringing as a part of her a multi-heritage expat family in the United Arab Emirates. Working with production partner, BBC Audio North, Filipino-Iranian immigrant, she will create a positive, food-science documentary that will see her experimenting with Filipino recipes, talking to guests, and discussing the British-Filipino experience. Hugh Sheehan is an audio producer and musician/composer originally from Birmingham whose work explores issues around gender and sexuality, desire and shame, assimilation, and radicalism. Working with London Reduced Listening, his podcast will focus on lesser-known modern legal cases or pieces of legislation that concern the lives and rights of LGBTQ+ people in the UK. Meg Elliot is a writer, zine-maker, and mountain biker from Shropshire who is one half of The InBetween Collective, an international creative group sharing stories of culture, resistance and celebration. She will work alongside South Wales’s Overcoat Media on her podcast pitch exploring our cult fascination with the ancient past and folk traditions, and at the stories of the landscapes where people live. Khaliq Meer, Audio Lab commissioning executive, said: “It’s thrilling to be at the starting line again with a new cohort of fresh talent – poised for a development experience like no other. It’s been a joy getting to know Meg, Mia, Hugh and Jay. We’ve teamed them up with some of the UK’s very best audio producers so they can be led and supported to realise their creatively ambitious ideas whilst growing their skillsets on-the-job. I can’t wait to press play on what they dream up. Best of luck Audio Lab Class of 2024 – you’ve got this!” Audio Lab is also partnering with Multitrack, a charity working to raise awareness around diversity, equity and inclusion in the audio industry, by sponsoring its 12-week Fellowship programme. It will also support 14 full-time paid placements, create three additional part-time placements for producers outside of London, and help fund two commissions for BBC Sounds.

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Zerolight narrows losses and outlines 'significant transformation'

Directors at Tyneside tech company Zerolight have outlined “significant transformation” to its operations in a year which saw it reduce its workforce and narrow losses. The Newcastle Quayside-based company works with a number of motor manufacturers with its 3D interactive technology, helping them to launch new cars as well as helping people to digitally customise their vehicles. Zerolight’s workload increased rapidly during the pandemic, allowing manufacturers to virtually keep their vehicle launches on track. New accounts published by Zerolight, covering the year to March 2024, show how the company secured new clients, while also tapping into new sectors away from its core automotive customers through one of its products. Read more: Tharsus sees turnover drop as Ocado deal ends Go here for more North East business news They also show employee numbers dropped from 111 to 73 during the year,however, as a result of the firm no longer needing to focus as much on manual work to go alongside its software. As the firm’s toolset has matured, services are now primarily done by manufacturers or their agencies – a move which means Zerolight has carried out significant cost reduction measures to right size the business for the future. Turnover dropped from £6.95m to £5.8m, while its operating loss narrowed from £5.5m to £2.4m. The overall loss for the year reduced from £4.5m to £1.6m. Within the report, CEO Darren Jobling said: “ZeroLight remains on track to return to significant growth and profitability, having vastly reduced its operating cost-base by 35%, and loss by 64%, over the year. ZeroLight welcomed five new leading automotive brands to its customer portfolio, while expanding opportunities and renewing agreements with existing clients. The company has secured a £1.5m investment to continue efforts to productise and scale its offering both within and outside of the automotive vertical. “This year, ZeroLight has again concentrated on developing its core markets, customers and scalable self-serve software products. This has resulted in the acquisition of five new leading automotive customers, as well as the expansion of opportunities and renewal of contracts with existing customers. “Its mission continues to increase the adoption of an innovative visualisation platform that empowers global brands to build high-performance digital marketing and sales experiences. Building on the progress of last year, the company has taken further significant steps to productise its offering, nurturing relationships with strategic partners, such as NVIDIA and Autodesk, to accelerate these efforts. “ZeroLight has undergone a significant transformation over the year. Testament to the company’s commitment to innovation, ZeroLight has focused its R&D expenditure, including a new £1.5m investment, on productisation; this has made it easier for brands’ internal teams to use ZeroLight’s market-leading tools themselves. This transition to a Software as a Service (SaaS) model has enabled ZeroLight to vastly reduce its cost base. “Given these proactive steps, ZeroLight is now well positioned to return to significant growth and profitability. As the automotive market undergoes its widespread digital transformation and new industries are engaged, the management of the business and its investors remain overwhelmingly optimistic that ZeroLight’s future remains highly positive.” The accounts also highlight how the company’s new cloud-streaming product OmniStream is now generating revenue. The product can be used by anyone who needs to stream a 3D application to a wider audience and the firm has received interest from a range of industries, including engineering, aviation, corporate training, games, and virtual events, as well as automotive. Mr Jobling said the company has signed customers in healthcare, infrastructure, architecture and medical sectors so far. Following publication of the accounts, Mr Jobling told BusinessLive: “FY24 marked the mid-point in our three-year productisation vision for ZeroLight, where we have taken our unique capabilities as a customer journey platform and created SaaS products that third party agencies can use globally. Work on these key products is now complete, and testament to this success is that this innovative toolset has been adopted by the world’s two largest car manufacturers, Volkswagen in Europe, and General Motors in the USA.

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The Welsh tech firm pioneering the use of graphene to capture carbon emissions

West Wales based technology company Haydale has announced a potential breakthrough in the rapidly evolving carbon capture technology sector. The Ammanford headquartered and Alternative Investment Market listed business is a tech and service provider facilitating the integration of graphene and other nanomaterials into next generation industrial materials and commercial technologies. It is working with Florida-based start-up Carbon Capture LLC (CCL) on a feasibility study to build and deliver an initial prototype device - leveraging Haydale’s proprietary plasma functionalised graphene. This will aim to provide proof of concept that carbon dioxide can be removed from the atmosphere and stored for later release in a controlled environment. Initial indications show graphene, when properly used through Haydale’s proprietary process to optimise the surface chemistry of the nanomaterial, may be capable of adsorbing carbon dioxide. Read More: Cleantech firm Hydro Industries expands into Latin America Read More: IQE upbeat on trading outlook The feasibility study builds on Haydale’s expertise in chemical engineering and plasma functionalisation. Both Haydale and CCL said they were encouraged by initial findings with the aim of developing the application on the road to commercialisation. The global carbon capture and storage market is projected to grow substantially over the next decade, driven by increasing environmental regulations and the urgent need to address climate change. If the technology is proven at scale, Haydale said its collaboration with CCL could position it as a key supplier in a burgeoning market - offering significant new growth opportunities and long-term value creation for shareholders. Its chief executive Keith Broadbent, said: “We are thrilled to be involved in this groundbreaking initiative. Our plasma functionalisation process could unlock a graphene-based breakthrough in carbon capture and underscores our commitment to leveraging our nanomaterial expertise for impactful environmental solutions.” CCL founders, Sam (Samir) Adams and Fernando Sanchez, said: “Our collaboration with Haydale has yielded promising results, exceeding our expectations. We’re now ready to scale up to a large demonstration unit of our revolutionary direct air carbon Capture solution. "This aligns perfectly with our mission to create sustainable, scalable carbon capture technologies. The potential of functionalised graphene in adsorbing Co2 could be game-changing for urban carbon capture. We’re confident our work with Haydale will revolutionise the industry, offering a cost-effective tool to combat excessive greenhouse gases globally.” Haydale has patents for its technologies in Europe, USA, Australia, Japan and China and operates from five sites in the UK, USA and the Far East.

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Vodafone wants to give SMEs 'unbeatable' deal on Samsung's newest phones

Samsung's newest foldable phones, the Galaxy Z Fold 6 and the Galaxy Z Flip 6, are now on the market and could revolutionise productivity for small to medium-sized businesses in Vodafone's latest deal. According to Samsung, the Z Fold6 and Z Flip6 are sturdy devices designed to enhance productivity and durability, making them perfect for any business situation. The compact design of the Z Flip6 is ideal for those with limited space, while the Z Fold6, with its 7.6-inch main display, offers plenty of workspace for multitasking, viewing presentations, and conducting video calls. New for 2024, Samsung's Galaxy AI can assist in saving time at work, including the introduction of Live Translate. This feature enables two-way, real-time voice and text translations during phone calls, simplifying tasks such as booking reservations or communicating with international clients. Depending on your model these functions may differ. Check out the great deals on the Samsung Galaxy Z Fold6 on Vodafone Business Or go compact with the Galaxy z Flip6 and boost your productivity for your business Galaxy AI includes an Interpreter feature that can instantly translate live conversations via a user-friendly split-screen view. This allows individuals standing opposite each other to read a text translation of what the other person is saying and since the launch this is available in 16 different languages. For those who are habitual note-takers, Note Assist offers AI-generated summaries, pre-formatted templates and cover pages to boost daily productivity. This feature can be applied to emails, presentations and more. In a rush? The Galaxy's AI-driven Browsing Assist can help you stay informed by providing concise summaries of news articles or web pages. Furthermore, these features come at no extra cost with the Galaxy Z Fold6 and Z Flip6 models, meaning there's no need to spend additional money when you purchase these devices, saving both your time and finances. Both the Z Fold6 and Z Flip6 come equipped with a 50MP professional camera, making them perfect for both work and leisure. Whether it's capturing a sunrise during your commute or taking a photo for your next marketing campaign, these devices have got you covered. When you're on the move, don't worry about the durability of the Z Flip 6 and Z Fold 6. The Z Fold6 features a sturdy aluminium frame and Gorilla Glass Victus, along with IPX8 water resistance and dust resistance. To get to its IP48 rating the model was submerged in 1.5meters of freshwater for up to 30 minutes, but we still wouldn't recommend using it by the pool or beach. On the other hand, the Z Flip6 boasts an enhanced hinge mechanism, IP48 water resistance, and dust resistance, ensuring longevity even in tough conditions. A top-tier phone needs a strong signal and a dependable carrier. Vodafone Business checks all those boxes and more, having been named the Best Network for Business at the Mobile News Awards 2024. Vodafone's offerings come with a 3-year Battery Refresh and Lifetime Warranty, ensuring durability and value for money. The telecom giant is also committed to supporting small businesses, providing free expert advice, tech support, and an array of tools and training, having already aided over a million small enterprises. You can read more in our Samsung Galaxy Z Flip6 review for the Daily Express, where we gave it four stars out of five as, while we named it "Samsung’s best foldable yet," we didn't feel that it did much to revolutionise the foldable phone market. Our tech experts also put the Galaxy Z Fold 6 through its paces, and while it did have many positive points, they ultimately felt it was too expensive.

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BT shares slump as telecom giant reveals revenue drop in first quarter

Shares in BT opened 3.9 per cent lower this morning following the company's announcement of a decline in revenue for its first quarter. The telecoms giant reported total revenue of £5.05bn for its first quarter, marking a two per cent drop from the same period in 2023 and falling slightly short of consensus estimates. BT attributed the decrease to a decline in legacy contracts, reduced low-margin sales and a contraction in its business unit. Despite this, the UK's largest telecoms company reported a one per cent year-on-year increase in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to £2.06bn for the three months ending 30 June. This growth was driven by stringent cost controls, including lower staff costs, which helped offset the revenue shortfall, as reported by City AM. Profit before tax stood at £520m, a three per cent decrease, as the decline in revenue was largely counterbalanced by a reduction in reported operating cost. BT also announced a record fibre build, passing over 1m premises in the quarter and bringing its total footprint to 15m, including 4.2m rural sites. Matt Dorset, equity research analyst at Quilter Cheviot, commented on the results: "The fibre rollout is progressing well," but noted that "However, Openreach line losses were slightly higher than expected at 196,000, attributed to competitive pressures and a weaker broadband market." "Government growth policies and the construction revolution are likely to benefit BT by increasing the number of homes eligible for broadband connections, helping to mitigate broadband line losses." "BT appears to be in a stronger position than competitors like Vodafone to capitalise on any changes in planning regulations," he added. The FTSE 100 company has reiterated its full year 2025 financial guidance, forecasting revenue growth of 0-1 per cent, EBITDA of around £8.2bn and free cash flow of £1.5bn. BT's first female boss Allison Kirkby has been on an offensive to steer the telecom giant in a new direction. She has pledged to cut £3bn in costs by the end of 2029 as the company moves past the peak of its capital expenditure in broadband. She said: "We've made a solid start to the year, with excellent growth in both fibre build and connections, and increased EBITDA. "Openreach continues to build at pace and with even more efficiency, passing the milestones of 5m connections and just yesterday 15m premises built. In Consumer, the widespread availability of FTTP and 5G combined with our new EE propositions has contributed to an improved trend in our customer base, in what remains a very competitive market." Kirkby added: "In Business, we also saw improved trends, as we continue to modernise our portfolio and our operations towards a simpler business, delivering secure, cloud-based connectivity and communication services for all our customers. "Our ongoing cost transformation contributed to EBITDA growth, and more than offset the expected revenue declines in Consumer and Business in the quarter. There is much more to do to simplify BT Group and deliver for our customers. We remain on track to deliver our financial outlook for this year and our cash flow inflection to c. £2bn in 2027 and c. £3bn by the end of the decade." In May, BT reported full year revenue of £20.8bn, up slightly against the £20.7bn reported for the previous year, while pre-tax profit plunged 31 per cent. But shares rose as BT said its multi-billion pound investments in 5G and fibre technology had started to pay dividends. The trading update follows news that major BT shareholder Patrick Drahi built his 25 per cent stake in the company by borrowing heavily, using substantial loans, and financing derivatives. His French telecoms group Altice secured a £1.5bn margin loan against its stake in BT as part of its debt-funded global growth strategy. In June, the richest man in Latin America, Carlos Slim, took a 3.2 per cent stake in BT, in what analysts said signalled a vote of confidence BT. The stock has risen nearly 12 per cent year to date.

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Newcastle biotech business Kerato strikes partnership with Canadian university

A Newcastle biotech business which is pioneering lab-grown corneas has struck a deal with a Canadian university to ramp up development work and tap into a market worth more than $400m. London Stock Exchange listed BSF has annouced that its firm Kerato Ltd has entered into a heads of terms agreement and research partnership with the University of Montreal in Canada. Kerato has developed what it says is the world’s most advanced, bio-engineered cornea – the outer layer of the eye – for medical and research uses, and it is seeking to expand its products into clinical trials, and meet growing industrial needs. As part of its strategy to commercialise its new innovations, Kerato will set to work with the University of Montreal to combine their tissue engineering expertise and further develop a cornea that can be used in treatment for corneal damage. The firm says corneas are the most frequently transplanted human tissue worldwide, with around 185,000 procedures every year, but that there are around 12.7 million people worldwide waiting for a transplant. The global artificial cornea and corneal implant market was valued at $421m in 2021 and is set to reach $767.5m by 2030. Kerato’s treatment combines host corneal “stromal” cells with a synthetic sequence and is administered through injections to repair damaged tissue rather than performing full transplant surgery, which is expected to reduce the complexity of procedures and reduce time in hospital, as well as reduce costs for health service providers. The partnership with the University of Montreal will build on its successful pre-clinical studies and the academic work of Professor May Griffith, a a professor in the department of ophthalmology at the university. The two organisations plan to take their work through a number of studies and clinical trials before gaining regulatory approvals and launching on to international markets.

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Spaceport Cornwall announces ambitious future aerospace plans

Plans to position Cornwall as Europe's leader in future air and space technologies have taken a step forward. Spaceport Cornwall, with Cornwall Airport Newquay, has signed a memorandum of understanding with the operator of the National Drone Hub at Predannack, near Helston. Under the agreement with Wholeship, the organisations will combine expertise and resources including the use of facilities across the three sites. The announcement comes more than a year after the spaceport facilitated the first rocket launch into space from UK soil, despite the attempt ending in failure. Richard Branson's Virgin Orbit, which owned the rocket, went into administration not long after. Spaceport Cornwall’s former head, Melissa Quinn, also stepped down. But the new consortium has ambitious plans to position Cornwall as the "world-leading location" for manned and unmanned technology, working with partners such as the Civil Aviation Authority and Department for Transport to influence future airspace regulation. The partnership will provide the opportunity for UK flight trials of sub-scale air systems and test operating procedures to be conducted at the National Drone Hub. It will help Spaceport Cornwall gather evidence in support of future operational flights from Newquay. Spaceport Cornwall’s head of engagement, Ross Hulbert, said, “The collaboration between Spaceport Cornwall and Wholeship Ltd is an exciting opportunity that provides the facilities, skills and operational functions needed for Cornwall to be the driving force in the future of flight in Europe. ” The agreement also highlights a number of other potential areas for collaboration, including the ability for Spaceport Cornwall to demonstrate Cornwall’s combined future air and space offer to prospective customers and to investigate possible partnerships with UK industry and the Ministry of Defence. Aviation and space minister Mike Kane said: "In the spirit of innovation and collaboration, the strategic collaboration between Spaceport Cornwall and the National Drone Hub marks a significant leap forward for the future of aviation and space.

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Profits rocket at Filtronic as emerging space market helps business take off

North electronics manufacturer Filtronic has seen profits jump following a strong year in which it landed significant contract wins with customers including SpaceX. The NETPark business, which designs and manufactures products for the aerospace, defence, telecoms infrastructure and low earth orbit space markets, has posted full year results for the year ended May 31, in which revenues jumped 56% to £25.4m on the back of major deals. The firm said that its stronger sales mix, with a lower concentration of revenue from telecommunications infrastructure, led to an operating profit of £3.6m – a huge leap on the 2023 figure of £200,000 – and adjusted Ebitda of £4.9m, up from £1.3m. The group, which now has 133 employees across its bases in Sedgefield and Leeds, closed the year with a “growing, healthy” cash balance of £7.2m, up on last year’s £2.6m, as well access to its undrawn, £3m working capital debt facility with Barclays. The main highlight of the year was the signing of a five-year strategic partnership with SpaceX, a market leader in low earth orbit space communications, and that deal has since led to a £7.1m follow-on order to support the US rocket firm’s Starlink satellites. Other highlights include a £3.2m contract with the European Space Agency to develop a series of mmWave products, and contract wins from strategic target clients, BAE Maritime Services and QinetiQ, for £4.5m and £2.0m respectively for radar systems. In May, Filtronic also won the King’s award for Enterprise in Innovation. Jonathan Neale, chairman, said the successful year gives it a strong basis for the future, while underscoring the importance of attracting the right talent at a time when skilled engineers are in short supply. He said: “Contract wins in FY2024 require us to expand the group’s engineering and manufacturing operations into our growing sales orderbook. At the same time as we develop our electronic communications products and technology in the low earth orbit space sector, we have ambitions to do more in the defence, aerospace and security sectors. "These markets have very similar needs and problems of integrating high volumes of sensors and data whilst making that data available securely, quickly and at large scale to end users. When we review what our core business is and what is adjacent market opportunity this is shifting gradually over time, and we have shown the ability to pivot when the opportunities have arisen. “Behind the scenes, our technology roadmaps remain robust. The underpinning engineering and manufacturing capability, that are future facing, remain the focus of our investment plans enabling us to bid confidently into high value opportunities. “The UK is still short of skilled engineers and technicians, but this is a feature of the economic environment and neither new, nor a surprise. We will have to work hard to compete to attract talent, but we are excited to be able to offer exciting career opportunities to both experienced engineers and leaders as well as younger people in the early stage of their career.” Chief executive Nat Edington added: “Alongside the growth opportunities for the business generated from the SpaceX partnership, our pipeline with other customers and in other focus markets is also healthy and increasing, providing good growth opportunities across our markets and customer base.

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Evolve Business Group plans US expansion and more acquisitions after 'multi-million-pound investment' from BGF

IT specialist Evolve Business Group has won a “multi-million-pound investment” from BGF as it bids to double in size and grow in the USA. Wigan-based Evolve specialises in providing managed network and IT solutions to sectors including retail, hospitality, food-to-go (FTG) and petroleum franchises. The company has grown turnover from £6.8m four years ago to a targeted £20m-plus this year. It’s now hoping to double turnover in the next three years. The company says the funding from BGF will allow it to launch ambitious expansion plans in the UK and in the USA. In the States it already serves more than 1,000 sites, mainly in the fuel forecourt industry, and it now plans to expand its work with fast-food restaurants. The group will also open a new warehouse in Wigan and will target more acquisitions. It also plans to grow headcount still further, having grown staffing from 23 to 117 since 2020. Alan Stephenson-Brown, CEO at Evolve, said: “Today’s announcement marks a pivotal moment in Evolve’s journey. The investment from BGF is not just a testament to our robust growth and the confidence of our investors, it’s also a strategic step forward in advancing our mission to innovate in our industry, and take the pain out of connectivity for our customers. We are excited about the opportunities this investment will unlock and remain committed to delivering unparalleled value to our stakeholders. “BGF has the right level of experience we need as an ambitious and fast-growth business, with the added benefits of a dedicated value creation team and strong network. Its strong reputation for supporting dynamic and exciting businesses on a wide range of growth strategies makes them an ideal partner as we enter the next phase of our growth journey.” The deal was led by Pinesh Mehta and Josh Bean, investors in BGF’s Manchester team. As part of the investment, Adrian Thirkill, former CEO of former BGF-backed IT service provider GCI will join the board as non-executive chair. BGF investor Pinesh Mehta added: “Evolve has a strong track record of achieving top line growth through a loyal and longstanding customer base that spans 10 countries, with over 6,000 sites now managed by the business across the globe. “That strength and depth, in both proposition and presence, is driven by a highly experienced management team who have the experience to a scale a business in a robust marketplace that has significant potential. Business and support services is a sector that BGF understands inside and out, having invested more than £350m, supporting in excess of 50 businesses. Our credentials, combined with Evolve’s ambition and expertise, makes this an extremely exciting deal and we’re delighted to be joining the team as they embark on this exciting chapter.”

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Cardiff tech sales start-up firm Trigify.io boosted with £1m investment round

A Cardiff tech firm, which has developed an AI and data analytics platform to help clients target the best sales prospects, has been boosted by a £1m investment. The investment round into start-up Trigify.io was backed by River Capital and Haatch Ventures. By analysing signals across digital platforms, news feeds and job board, Trigify creates triggers for sales personnel to prospect more targeted leads. Founded by Max Mitcham and Hugo Millington-Drake last year, Trigify have so far concentrated on tech sales and consultancy but are targeting wider sectors as they onboard more data sets and digital signals. The founding team has been supported by chief technology officer Morgan Parry who has been instrumental in building out the SaaS (software as a service) platform. Read More:The latest equity investments in Wales Trigify’s chief executive Mr Mitcham said: “We are delighted to have River Capital on board to support Trigify’s journey. Since starting Trigify, it has been our mission to surround ourselves with people who can help make our journey a success. River Capital’s AI investment director, David Walters, said: “We were clear as soon as we met the team that they had built a platform that could transform the incredibly difficult outbound sales process using deep data sets and AI. Diligence by our market expert Martin Sutton kept coming back that the Trigify platform could help sales teams get to prospects quickly with a high propensity to buy. We also felt straight away that we were talking to a team who had a track record of success in the sales space. Max has had huge success across the UK and North America in vice president sales roles and has brought his sales AI vision to life creating a superb operations team around him. We are delighted to be investing in the team and platform and hope we can support Trigify through our AI, go to market and people networks.”

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Pennant International makes duo of senior appointments

AIM-listed technology training firm Pennant International has bolstered its leadership team with a duo of appointments. Klaas van der Leest, the chief executive of cyber security business Intercede, has joined Pennant as a non-executive director with immediate effect. Darren Wiggins has been appointed as interim chief finance officer on an eight-month fixed-term contract (a non-board position). He will start at the firm, which is headquartered in Cheltenham but also has UK offices in Manchester, Fareham and Leighton Buzzard, on September 16. Mr van der Leest has been at the helm of Intercede, an AIM-quoted business, since 2018. Before that he was managing director of Intelecom UK, an independent private equity-backed communications SaaS business. He has also held senior executive positions for UK technology businesses with a focus on product development and sales strategies. Mr Wiggins is a chartered accountant and has previously held senior finance and operational roles within aerospace and defence firm Meggitt and manufacturer Melrose - the parent company of GKN Aerospace. Mr Wiggins will be providing support to the board as the group heads towards year-end and into 2025, Pennant said. Ian Dighé, Pennant chair, said: "We are delighted to welcome Klaas to the board as a non-executive director. His considerable public market experience together with his track record of supporting growing technology-led businesses will undoubtedly be an invaluable asset to Pennant as it evolves its proprietary integrated software suite."

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Alternative telecoms provider Ogi secures £45m from the Cardiff Capital Region

Wales’ biggest alternative telecoms provider Ogi has struck a £45m funding deal with the Cardiff Capital Region (CCR) to support its growth plans. It has also secured a new multi-million-pound equity injection from its majority shareholder in Infracapital. Read More:Haydale's graphene tech capturing carbon Read More : Wrexham Lager in major Australia deal Ogi said the new funding will further extend the reach of its full fibre network across the ten local authority areas that make up the CCR - Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Merthyr Tydfil, Monmouthshire, Newport, Rhondda Cynon Taf, Torfaen and the Vale of Glamorgan. The funding has come from the CCR's close to being full invested £1.2bn City Deal. The repayment term and interest rate haven’t been disclosed, but represents the biggest loan to date provided by the city region by a considerable margin. The CCR, which in the spring became a legal entity as the first joint corporate committee in Wales, is looking to create an evergreen element to its City Deal investments with capital and interest received being reinvested. As a joint corporate committee the CCR now also has the ability to borrow prudently. The CCR is also home to Ogi’s multi-million-pound high-capacity network spanning the South Wales trunk road network into England. Built to service the growing need for cloud computing, AI and data storage the new route also increases Wales’ appeal to datacentre operators, mobile carriers and hyperscalers. After securing its first round of investment from Infracapital - the infrastructure equity investment arm of M&G plc - Ogi launch in 2021 bringing full fibre connectivity, telephony, and business IT services to underserved communities across Wales. The challenger to the incumbent operators has since built a new fibre to the premise network to over 100,000 premises in South Wales, with 1 in 5 of those already signed up as a customer. Each ‘full fibre’ community served benefits from a capital injection of around £5m, with the long-term economic impact estimated to be worth almost £5 for every £1 invested. Ogi’s chief executive, Ben Allwright, said: “Right from the start, our ambition has been to become a leading Welsh telecoms company, and the last few years have certainly laid strong foundations for that goal. “With key strategic sites like Aberthaw (former power station site which CCR acquired in 2022) to the south and the heads of the valleys to the north, there’s massive potential across the capital region – and partnering with CCR at such an exciting time in their own development is the next logical step for Ogi’s growth in southeast Wales. “Together with further investment from our principal shareholder, Infracapital, this is yet another endorsement of our mission to make sure no Welsh community gets left behind. ”I’m immensely proud of the work the team at Ogi are doing across Wales, and this news – another leap forward in Ogi’s development - is testament to their commitment to making sure Wales keeps up to speed with the rest of the UK, and the world.” Chair of the CCR, Councillor Mary Ann Brocklesby, added: “Ogi has taken regeneration to a new level with its initial investment – connecting communities to new possibilities right across the Cardiff Capital Region and beyond. Our investment into Ogi recognises that ongoing commitment to boosting the region, and the work already being done to bring vital connectivity to some of Wales’s biggest towns and villages”. Ogi was advised on the transaction by Deloitte with CMS Law acting as legal counsel for the company and Infracapital.

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Elon Musk's X loses advertisers' faith as they pile into TikTok

Advertisers are increasingly shifting their marketing budgets towards TikTok as confidence in Elon Musk's platform, X, wanes. A significant 77% of marketers are set to increase their advertising spend on TikTok in 2024, signalling the platform's escalating appeal to businesses, according to recent figures from Kantar. In stark contrast, a mere 14% intend to cut their ad budgets on X, as the site struggles with a damaged reputation among the advertising community. Last year, only 6% of marketers planned to up their investment in the platform then known as Twitter. This change in advertiser sentiment occurs as X, steered by Musk, has initiated a "war" against marketers who have pulled out from the social media site. X recently launched an antitrust lawsuit against the Global Alliance for Responsible Media (GARM) and the World Federation of Advertisers (WFA), hinting at possible "criminal liability via the RICO Act," legislation originally aimed at tackling organised crime, as reported by City AM. The legal action, which alleges that the supposed boycott has cost X billions in ad revenue, accuses GARM of leading a "systematic illegal boycott" of the platform. Following this, the WFA has declared it will shut down GARM operations due to insufficient funds to continue the legal battle against Musk. The World Federation of Advertisers (WFA) stated on Friday: "GARM is a small, not-for-profit initiative, and recent allegations that unfortunately misconstrue its purpose and activities have caused a distraction and significantly drained its resources and finances,". However, Jane Ostler from Kantar questioned the nature of the situation at X. She asked whether it truly represents a boycott or merely mirrors a wider decline in marketer confidence. "Marketers' perceptions of X are that it is neither particularly trustworthy nor innovative; two hurdles it needs to overcome to win back media spend from advertisers," she commented. In contrast, TikTok is capitalising on the advertiser exodus. The platform recently informed City AM of a 25% revenue surge following the launch of a campaign featuring GB athletes during the Olympics, attributing this to increased advertiser spending during this period. Blake Chandlee, president of global business solutions at TikTok, recently noted that the platform's business is "growing faster year-over-year now than we were last year." As X faces increasing legal and reputational challenges, Elon Musk plans to livestream a conversation with former US President Donald Trump on X Spaces, promising "entertainment guaranteed". The unrestricted discussion is scheduled for 8pm ET (00:00 GMT) on Monday.

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Maritime firm Windward sees surge in demand, narrows losses with strong revenue growth

Maritime intelligence firm Windward has reported a significant narrowing of its half-year losses, attributing the improvement to a substantial increase in demand for its services amid a resurgence in global trade. The company's EBITDA losses were reduced to $1.3m (£1m) for the six months ending on 30th June, a considerable decrease from the previous year's $3.8m (£2.9m). Windward's revenue saw an impressive 37% jump to $17.6m (£13.5m), bolstered by a 35% rise in annual contract value (ACV) to $37.2m (£29m). These figures are in line with the recently raised market expectations, and the firm expressed confidence in reaching an adjusted EBITDA break-even point in 2024, as reported by City AM. Ami Daniel, CEO and co-founder, commented: "We delivered another period of growth in line with our expectations with good momentum across all our financial metrics as we approach adjusted EBITDA breakeven run rate during the current financial year." He added, "We are expanding our global customer base as they embrace our portfolio offering to address their varied needs across global trade." In light of the OECD's projections that global trade growth will more than double this year, driven by a reduction in inflation and increased activity from the US economy, Windward's maritime intelligence platform continues to gain traction. The platform is utilised by major clients such as BP, Shell, and HSBC to ensure adherence to shipping regulations and sanctions when chartering vessels. Over the past twenty years, the shipping industry has progressively adopted advanced maritime surveillance technology, stimulating a burgeoning yet swiftly expanding sector. In 2021, Windward, based in Tel Aviv, went public on London's Aim with a market capitalisation of £126.5m, marking the first Israeli company to IPO in London in five years.

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Dyson abandons libel case against Channel 4 News

Dyson has abandoned its libel case against Channel 4 News following an investigation into the treatment of factory workers in Malaysia two years ago. The technology giant sued the broadcaster and programme producer ITN over a February 2022 report on conditions in a facility where Dyson products were being manufactured by a firm called ATA. Channel 4 said the two-year legal battle with the home appliances brand had ended after it submitted a 184-page defence to the High Court. A group of former migrant workers is continuing to fight for compensation from Dyson which denies any liability. In a joint statement, Channel 4 and ITN said: "Despite prolonged and costly court proceedings, Channel 4 News was determined to defend its fair, accurate, and duly impartial reporting. The freedom to report without fear or favour is essential to both the industry and a thriving democracy. "Today’s outcome underscores the vital role of robust, independent investigative reporting that is clearly in the public interest and sets an important precedent for the future of investigative journalism in the UK.” Sir James Dyson - the founder of the company - was initially part of the libel case but his individual claim was dismissed in 2022 after High Court judge Mr Justice Nicklin ruled the programme did not defame him. In a statement to Channel 4 News, Dyson said: “We strenuously deny the false claims made by Channel 4 News in its broadcast. It is ATA – an independent manufacturer – that must answer questions about its treatment of its workers in Malaysia. Dyson will never condone the mistreatment of workers anywhere in the world and defends its reputation when it is necessary." Dyson said it was "categorically wrong" to describe the defamation action as a SLAPP - legal action typically brought by corporations or individuals to censor, intimidate and silence critics.

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Zoo Digital loses more than half its revenues amid Hollywood strikes

The impact of the Hollywood writers’ and actors’ strikes on Yorkshire media services firm Zoo Digital has been laid bare in accounts which show it falling to a multimillion-pound loss. The Sheffield firm, which provides subtitling and dubbing services, has released financial results for the year ended March 31 in which its revenues more than halved to $40.6m (£31.2m) and it fell to an operating loss of $19.1m (£14.7m). The company said the financial year had been “extremely challenging” for the film and television industry as strikes by Hollywood writers and actors had stalled new productions. That had interrupted the company’s previous “strong growth trajectory”, it said. Zoo said it was “well positioned for recovery” and had seen rising revenues in the first quarter of its new financial year. It was also benefitting from cost reductions implemented during 2024. CEO Stuart Green said: “It has been a year of unprecedented challenges for the entire film and television entertainment industry as the Hollywood writers and actors strikes brought new productions to a standstill. This has required difficult decisions to conserve cash while positioning the business for the market recovery that is in progress. Customer demand has improved recently as delayed 2023 productions have completed, with Zoo’s technology platforms, global reach and trusted reputation positioning us well as the recovery continues. “We view the market disruption as a symptom of a sector undergoing structural change away from linear and towards streaming on demand. With this comes a preference for vendors that can deliver multi-platform, multilingual content across international markets. “As one of the few end-to-end vendors with the scale and skillset required by major media companies, we believe that Zoo’s model is strategically aligned with the future direction of film and TV streaming. These structural dynamics of the industry continue to move in Zoo’s favour such that the board remains optimistic for the long-term prosperity of the group.”

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