Revenue and profits rise for Wolves owner Fosun
Wolves owner Fosun International has reported revenue up 10.9 per cent to £10.48 billion in the first six months of this year.
The 31-year-old Chinese group, which bought the Premier League football club in 2016 for £30 million, saw operating profit rise 5.5 per cent to £360 million.
Research and development investment was £450m with overseas revenue at £4.76bn – 45.4 per cent of the total.
Cash received from sale of non-strategic and non-core assets in the half year was more than £2.1bn.
Chairman Guo Guangchang said: "In the first half of 2023, Fosun, which has won out over the 'perfect storm', has set sail for a new journey by firmly implementing the core business-focused strategy to continuously deepen the development of its industries. Centering around the needs of global families in Health, Happiness, Wealth, and with the implementation of the business streamlining and core business-focused strategy, our businesses have been developing steadily. We believe that as the economy continues to recover, Fosun, which is committed to innovation-driven development and global operations, will embark on a new phase of high-quality development. We will provide more good products and services to create happier lives for families worldwide.”
Fosun has stepped up its efforts to focus on household consumption as its top-priority sector, concentrating on the development of core businesses where it sees clear competitive advantages.
At the end of the reporting period, cash and bank balances and term deposits were at £12.3bn and total debts were £23.8bn – down from £28.2bn a year earlier.
On June 30 Fosun International’s total assets amounted to £90.1bn.