Watch: Insider's Business Briefing - 25th July
Dan and Stephen discuss results for a tinned food giant, Easyjet's latest trading update and a medicinal cannabis provider seeking investment.
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00:00Results for a tinned food giant, EasyJet's latest trading update and a medicinal cannabis
00:05producer seeking investment feature in today's business briefing.
00:08I'm Stephen Farrell. I'm Benazir Mathis.
00:17Starting off today, across our newsletters we've got a story on the latest accounts for
00:19Prince's, the tinned food group. Now, they're well known across supermarket aisles for the
00:25tinned meat, tinned fish, tinned fruit. They also own brands such as Branston, Bachelors
00:32and Flora. It's been a really strong year there. They've reported a return to profit
00:36in the latest financial year. They've achieved a significant improvement despite the at times
00:43challenging economic conditions. The company's also discussed investment it's making to
00:48grow its brands and across the business. So, yeah, really interesting story there. You
00:52may also remember earlier this year, a deal was announced for New Lap Foods, the Italian
00:57food group, to acquire Prince's from Tobishi Corporation. That deal is now nearing completion
01:03as we speak. So hopefully we should have more news from them very soon. Dan, I believe you've
01:08been looking at how EasyJet are doing.
01:10So it's appropriate I've got Orange on today because I do the stories from EasyJet. So
01:13yeah, in the latest results, we can see that EasyJet have produced a strong set of results.
01:18They've increased their profits by 30 million. So they've made 236 million in their latest
01:23quarter. The chief executive, Johan Lundgren, has said that the airline is on track for
01:28a record-breaking summer, which is particularly impressive given that Easter fell into March
01:34this year, which Ryanair actually recently said affected their results. But things are
01:39looking up for EasyJet.
01:40High flying, you might say.
01:41Yeah, you might say.
01:42Up in the north-east, we've got more results. This time, Esch Construction, or Esch Group
01:48I should say, 750 strong construction contractor. Now they work with local authorities, utility
01:55companies, affordable housing providers, various people like that. Some of their projects include
02:02the restoration of the Tyne Bridge, as well as Stockton Waterfront Urban Park. So some
02:07really interesting work they've been doing. Again, strong performance in the last year
02:12with an increase in profits and a substantial forward order book as well. So things are
02:17looking good for the foreseeable future there. They've said that they're seeing buoyancy
02:22across their target market. So yeah, looking really good. A completely different sector
02:27to finish up, Dan.
02:28Yeah, so I've got something a bit different. We're on the quirky side. In the Midlands,
02:31a medical cannabis producer, they're seeking an investment of six million to support plans
02:35to increase their operations. That is Dalgety, the company. So only 18 months ago, they were
02:41granted a home office licence to grow medical cannabis. And now they've got their sights
02:46set on reaching their next major milestone with the support of the investment. The six
02:50million raised will be used to increase the number of cultivation rooms in the existing
02:54facility, which would provide five times the annual volume of product that they're currently
02:59producing.
03:00Interesting stuff. I'd be interested to see how they get on.
03:02So yeah, for more on those stories, please visit insidermedia.com. You can also sign
03:07up to the newsletters and find out about our events. Thank you for watching.
03:10Thank you.