Company news and results
Prosus reported a 53% increase in its e-commerce revenues in the first half of 2021, to US$4.2bn.
This performance was led by 101% growth in Classifieds, 86% growth in Food Delivery, 51% growth in Edtech, and 44% growth in Payments and Fintech
The e-commerce portfolio, which excludes Tencent and VK/mail.ru, is now valued at c. $50bn:
The building material company CRH issued a trading update: sales grew +11% in the first 9 months of the year. EBITDA margin improved 50bps to 17.1%.
They seem happy about the US infrastructure package:
Based on current trading conditions and the positive momentum that we see across our markets, we expect to deliver another record performance in 2021, with full-year EBITDA in excess of $5.25 billion and further margin expansion. Looking ahead to 2022, we expect the positive underlying demand and pricing backdrop to continue albeit against an inflationary input cost environment. We are encouraged by the passing of the $1.2 trillion infrastructure package by the United States (US) Congress, which significantly increases the commitment to future infrastructure investment in the US.
Rémy Cointreau reported “outstanding results” in the first half of 2021-22, as they commented in the press release. Sales grew 52% organically compared to last year, and 26.9% compared to 2019. Cognac sales were up 55.2% organically, including a +20.2% increase from price/mix.
Price/mix also helped to boost gross margin by 440bps, to 69.1%. Rémy Cointreau has a 2030 gross margin target of 72%.
Adevinta, the “global online classifieds specialist”, reported a 6% increase in revenues in the third quarter. EBITDA decreased as:
Revenue growth was offset by an anticipated increase in marketing investment, notably in Spain and Italy, and in personnel costs due to the ramp-up in product and technology resources to fuel product development and new business models.
The testing company Intertek issued a trading update: revenue increased 6.7% in July-October, at constant currency.
Deals and IPO
Ericsson to acquire cloud communications company Vonage for $6.2B (link)
Telecom Italia loses CEO in boardroom clash amid KKR approach (link)
Software AG Explores Sale of $3 Billion Tech Company ($link)
Other news
E.ON to invest EUR 22bn in grid expansion by 2026 (link)
Wind turbine maker Vestas hit by cyber attack (link)
HGV driver shortage eases as workers return (link)
We found something new to panic about 🦟 :
Omicron: everything you need to know about new Covid variant (link)
Travel doors slam shut as new Covid variant triggers alarm (link)
New vaccines 'ready in 100 days' if Omicron variant is resistant to current jabs, Pfizer says (link)
This too shall pass…