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Sheffield's One Health Group looks to create surgical hub through £8m fundraise

2025-04-15 04:18:43 By

Sheffield healthcare company One Health Group is looking to raise £8m to fund the creation of its first surgical hub amid a move to the AIM market.

The firm, a leading independent surgical services provider to the NHS has announced a conditional placing to raise a minimum of £7m, an open offer to qualifying shareholders to raise up to £500,000, and a retail offer to raise up to £500,000. The firm is also proposing to cancel trading on the AQSE Growth Market and admission to AIM.

In an announcement to the market, it said proceeds would be used primarily to fund the group’s first owned surgical hub through to operation, a project which is expected to cost between £8m and £9m. The group expects the hub to be operational within one year of construction starting and deliver between £6m and £9m in annual revenues, while also being earnings enhancing in its first full year of operation.

Planning permission for the surgical hub is expected to be submitted soon. The placing to raise a minimum of £7m consists of an issue of new ordinary shares to raise £5.2m, and the sale of existing ordinary shares held by certain directors and the company’s EBT Trustee to raise at least £1.8m.

The capital raising is conditional upon admission of the Enlarged Share Capital to trading on AIM, cancellation of trading on the AQSE Growth Market and the passing of the Resolutions at the General Meeting. In addition, the company intends to launch an offering to both new and existing retail shareholders in the United Kingdom of up to 277,777 new ordinary shares through the retail offer.

The announcement says: “The board considers admission to be in the best interests of the company and its shareholders given the growing scale of the business. The board believe AIM is a more appropriate market for the company and will enable it to attract a wider pool of investors, provide greater access to capital for growth and, over time, improve liquidity in the ordinary shares.”

Its proposed move from the AQSE Growth Market to AIM are both conditional on completion of the placing and the open offer, and the passing of the resolutions at a general meeting. Should everything go ahead, admission to AIM is expected to take place on March 20.

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Thames Water's rescue plan approved by High Court - saving it from temporary nationalisation

2025-04-15 04:18:43

Thames Water has received a crucial boost from the High Court, which approved its restructuring plans, averting the risk of temporary nationalisation. The UK's largest water supplier was on the brink of running out of funds by 24 March without securing a £3bn loan from creditors, while grappling with debts exceeding £19bn, as reported by City AM. Failure to obtain this financial support would have likely resulted in the company entering a special administrative regime (SAR). Chris Weston, Thames Water's chief executive, expressed relief and optimism following the court's decision: "This is good news for our customers, puts our business on a firmer financial footing and enables us to continue to invest in our network and deliver critical infrastructure upgrades for our customers and the environment," he said in a statement to the markets on Monday. He also emphasised the importance of the ruling for the company's ongoing recovery efforts: "Importantly, this decision will support the delivery of our turnaround which is underway." The High Court's approval means that Thames Water will receive up to £3bn in "super senior" funding. This includes an initial tranche of £1.5bn to extend liquidity until September 2025, followed by two further tranches of £750m each, ensuring the company's operations until May 2025. Critics, however, have suggested that nationalising Thames Water could have allowed for a restructuring of its unsustainable finances with public interest in mind. The utility serves around 16 million customers and employs 8,000 staff across the UK. In recent months, it has sought significant increases in bills, even appealing to the Competition and Markets Authority (CMA) last year to reassess Ofwat's price determination. Thames Water has secured financing from its leading bondholders at a hefty annual interest rate of 9.75%. The utility company's senior lenders, also known as Class A creditors, include prominent firms such as Abrdn, Apollo Global Management, Elliott Investment Management and Invesco. An alternative arrangement, dubbed the "B plan" was proposed by a smaller group of secondary creditors. However, in a ruling on Tuesday, Mr Justice Leech stated that the "relevant alternative" to Thames' plan being approved would be a special administration. He said: "After taking into account the public interest in ensuring the uninterrupted provision of vital public services, I nevertheless exercise my discretion to sanction the plan." A spokesperson for the Class A creditors group welcomed the decision, stating: "We welcome the news that Justice Leech has sanctioned the Company's Plan and recognises that there is a public policy in favour of rescuing the Thames Water Group and giving the market a chance to agree a permanent restructuring plan." They added: "The judgment is a positive step towards efforts to deliver a highly complex operational turnaround and restructuring which will see Thames Water's debt significantly reduced, billions in new equity for infrastructure investment provided, governance strengthened and vastly improved outcomes for customers and the environment delivered as soon as possible. "A Thames Water SAR would signal regulatory failure and impose billions in additional costs on UK taxpayers, diverting money away from pressing public service priorities." However, Matthew Topham, lead campaigner at We Own It, remarked: "This judgment is nothing but a stay of execution for Thames Water. The privatised company will limp on for a few more months like a profit-thirsty zombie." He continued, criticising the company's financial approach: "This crisis loan will keep Thames afloat in the short-term, but their underlying business model is rotten and should be condemned." Topham elaborated on the flaws he perceives in the company's operations: "It relies on piling up debt and raising customer bills so they can pay huge bonuses and dividends – all whilst pumping raw sewage into our waterways."

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East Yorkshire tour company creates Star Bus for global superstar Teddy Swims

2025-04-15 04:18:43

An East Yorkshire company which provides luxury travel for some of the world’s leading music artists has designed a unique tour bus for a music star. MM Band Services, based in Holderness, specialises in sleeper band and tour bus services for the entertainment industry, having provided transport for international artists and their crews, including the likes of Beyoncé, the Foo Fighters, Mumford & Sons and Kasabian. Now the company has designed and built a £650,000 double decker ‘Star Bus’ for US singer-songwriter Teddy Swims, tailored to the Bad Dreams singer's requirements for his current UK and European tour. The bus has an en-suite bedroom for the star, downstairs toilet, kitchen facilities with a sink and fridge, desk and office space, lounge area and comfortable, as well as quilted sleeping bunks with gel-cooled mattresses for up to 10 people. Designed and created by the MM Band Services team over 18 months, it also includes an entertainment system with widescreen HD TVs, surround sound systems, games consoles, Starlink high speed internet and Alexa. It is believed to be the only one of its kind to run on Hydrotreated Vegetable Oil (HVO) fuel, an alternative to diesel which reduces fuel emissions by 90%. Reusable water bottles and coffee cups, bean-to-cup coffee machines and green cleaning products add to its environmentally-friendly credentials. The Star Bus is also set to be used by singer-songwriter Neil Young, who will headline Glastonbury Festival’s Pyramid Stage in June, American rock band Linkin Park, and singer, songwriter, rapper and record producer Akon. As well as the Star Bus, Teddy has five MM Band Services sleeper buses to transport his crew on the tour. Driver Karl Nolan is the first to get behind the wheel of the Star Bus to take Teddy on his current tour, which calls in to London and Dublin before the UK leg finishes in Manchester on March 16. Teddy will then fly to South America to begin the US leg. He said: “It’s always nice to get a new bus and be the first to take it out. Teddy is a really nice person, and I’m looking forward to spending five weeks with him. Teddy, and other artists in years to come, get back on the bus after the show, and we either take him to the hotel or to the next gig, driving through the night. We then head to the venue before we clean, tidy and polish everything every day. We treat it like a luxury hotel room, and also check all of the routes and parking. The Star Bus will be great for artists in the future too.” MM Band Services, which also has offices in London, marks 25 years in business this year having grown to offer a fleet of 21 double decker tour buses, with its drivers covering millions of miles every year, across the UK and overseas, driving for major music industry artists, comedians, drag shows, podcast creators, pantomime casts and golf tours. Mike Moulds, founder and managing director, whose first bus purchase was a vehicle designed for rock band Status Quo 25 years ago, said: “Teddy is the first artist to book the Star Bus and this is the fifth time we’ve supported him on his tours. He has been consulted about the design every step of the way, and it will benefit him and many other prestigious artists in the future. “This is a significant investment for us as a business, and we’re responding to what Teddy has asked for. It’s important for us to be as green as we can be. It’s not just our ethos, it’s how we operate. The Star Bus will be in high demand, and we envisage it will be fully booked all the time.

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Vitality reports £168k loss despite revenue boost to nearly £1bn in 2024

2025-04-15 04:18:43

Vitality, the health and life insurance company, has reported a loss before income tax of £168,000 for the financial year ending 30 June, 2024, a stark contrast to last year's profit of £37.9m, despite a significant revenue increase. The London-based insurer saw its insurance revenue jump by almost £100m, as detailed in newly filed accounts with Companies House, reaching £991.5m up from the previous year’s £894.9m, as reported by City AM. Nonetheless, the firm has seen a profit before financing and income tax of £29.5m, although this is also lower compared to £64.6m in the previous year. Comprising Vitality Life, Vitality Health Insurance, Vitality Health, Vitality Corporate Services, Better Health Insurance Advice, and the Healthcare joint venture, the group recorded an uplift in both the health and life division's insurance revenues. Specifically, Vitality Health saw its insurance revenue climb from £634.6m to £698.4m, with new business sales also rising from £109.8m to £117.4m. Similarly, Vitality Life's insurance revenue went up from £260.4m to £293.1m, with its new business sales growing from £80.3m to £83.1m. A statement from the group declared: "Both Vitality Health and Vitality Life have seen robust year-on-year growth broadly consistent with lives growth." It added: "Overall, an increase in new business sales year on year, on track retention levels and dynamic market pricing has led to growth in premium income year on year." Regarding its new business sales, the group stated: "Strong year-on-year growth was driven by increased relevance of PMI [private medical insurance] and life insurance in the wake of the Covid-19 pandemic as well as Vitality's continual innovation and adoption of new ways of doing business both digitally and telephonically." During the year, the remaining motor insurance policies offered by Vitality Car were largely run off, with the remaining policies expiring by August. This followed a decision made in June 2023 to not offer members cover beyond their plan year after the UK car insurance market "experienced unprecedented claims inflation which led to significant price increases". These increases were passed onto Vitality Car members by underwriting Covea. Vitality noted that the rises "materially impacted Vitality Car's ability to deliver value for good drivers". In February 2024, the shareholders of Healthcare Purchasing Alliance, of which Vitality Corporate Services owned 50 per cent, decided to place it into voluntary liquidation. The process was completed in June. Despite these challenges, Vitality bosses 'remain optimistic'. A statement approved by the board read: "Vitality's core purpose is to make people healthier and enhance and protect their lives. "By focusing on lifestyle as well as illness and death, Vitality will create awareness of the real issues facing society, empower members to make positive change and contribute towards a healthier nation. "Heath and wellbeing will remain a strong feature of the products offered as the directors believe that the promotion of good health will bring benefits in terms of lower claims rates, as well as leading to improvement to individuals' lifestyles and health, their productivity and public health generally. "With this vision and purpose Vitality aims to build a substantial profitable business. "Over the period, there has been continued geo-political uncertainty and conflicts, increased economic uncertainty and high inflation. "Vitality is closely monitoring and managing the associated risks and remains committed to supporting its staff and customers as these emerging challenges are navigated.

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North Wales port to create 300 jobs in major expansion

2025-04-15 04:18:43

A North Wales port is to create 300 new jobs with a major expansion to cater for the offshore wind industry. The Port of Mostyn, Flintshire, is pressing ahead with plans to build a new 350-metre quay capable of handling the next generation of super-sized floating offshore wind turbines. The scheme was green-lighted after it was granted a Marine Works Licence by Natural Resources Wales. Thirteen acres of adjoining land will be reclaimed and the port has also announced it has bought the adjoining 45-acre former Warwick International site. The new quay has been designed to enable the world's largest jack-up crane barges to berth and load the turbines. Preparatory work will start in the autumn and the construction phase will create 130 temporary jobs over 21 months. A total of 300 permanent jobs are expected to follow once the next round of windfarm projects gets underway in 2027. With recent expansion and modernisation Mostyn has become one of Europe's most important ports for the offshore renewable energy sector. The first two commercial windfarms in UK waters, North Hoyle off the North Wales coast and Robin Rigg in the Solway Firth, were constructed from the port in 2002. Mostyn is already in negotiations with windfarm developers over the use of the port as a base for future offshore projects. Dredging work will be needed to create new berths and, to accommodate the size of visiting ships, existing berths need deepening. The port's approach channel in the outer Dee estuary will have to be re-dredged as well. Managing director Jim O'Toole said the work was needed because the facility will be catering for the next generation of much larger turbines. "To put it into context, the weight of the first turbines handled at the port in 2002 was 610 tonnes, whereas the next generation will have floating foundations, with the weight of the turbine alone being up to 2,000 tonnes. "This new twin development will secure the future of the port and is a major step forward for the future of the offshore wind industry in Wales." Join the North Wales Live WhatsApp community group where you can get the latest stories delivered straight to your phone As one of the oldest ports in the country, Mostyn has been handling cargoes for four centuries. Depending on the region's heavy industries of the time, coal, iron ore, woodchip and sulphur passed through the port, along with steel, timber and wood pulp. Animal feedstuffs and farm fertilisers were other staples. Deepening of its outer berths has enabled expansion in recent decades. Currently 240 people are employed at the port, servicing three windfarms. The number of jobs are expected to increase as its windfarm support services grow. Mr O'Toole said: "Once the Warwick site is integrated into the port, it will increase the land available for offshore renewable energy projects to 120 acres and its berths to 650 metres. The site has a significant number of large buildings that will be used for the fabrication and assembly of wind turbine structures and the establishment of supporting services in steel fabrication, electrical, hydraulic and coatings. We're also going to be creating a marshalling area where the blades and the large turbine components are laid out." The news was welcomed by Ken Skates, cabinet secretary for transport and North Wales. Saluting Jim O'Toole's leadership, he said the scheme was a "fantastic boost" for the region. Sign up for the North Wales Live newsletter sent twice daily to your inbox "The Port of Mostyn will become a magnet for investment and job creation through this expansion," said the minister. "The roll-out will maximise the opportunity for growth in the renewable energy sector, especially with all the activity around projects in the north. "Ports are driving the national economy and playing their part in our ambition to create jobs and growth. Renewable energy projects, including offshore wind, provide long-term and well paid jobs and many hundreds will be created at the Port of Mostyn." Welsh Secretary Jo Stevens said Wales has an important role to play if Britain is to become a "clean energy superpower". This was echoed by Rebecca Evans, cabinet secretary for economy, energy and planning, who said the port's expansion aligns with the Welsh Government's commitment to create green jobs and growth.

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Healthtech start-up bags Europe's largest pre-seed funding round for female founders

2025-04-15 04:18:43

UK-based healthtech start-up Level Zero Health has successfully raised $6.9 million (£5.5 million) in pre-seed funding, setting the record for the largest amount garnered by female founders in Europe to date. The investment, spearheaded by the European venture capital firm Redalpine, is aimed at bolstering the company's ambitious goal to transform hormone tracking, as reported by City AM. The funds are earmarked for furthering the development of the world's pioneering remote and continuous hormone monitoring device, which utilises novel DNA-based sensors for operation. Founded just over a year ago by former Palantir tech lead Ula Rustamova and medical device specialist Irene Jia, previously with Philips, Level Zero Health's achievement establishes a new standard for female-led startups across Europe, drawing 70 percent of the investment from within the region. The company's innovative approach centres on a non-invasive wearable patch that adheres to the user's arm, furnishing them with instantaneous hormone level readings. This technological solution offers continuous measurement of hormone levels, unlike conventional blood tests that provide only snapshot data points. The implications of this technology are vast and could impact various areas including fertility treatment protocols, menopause management, and stress tracking amongst others. Testing of the sensor's capabilities in simulated samples has demonstrated a formidable 98 percent accuracy rate, surpassing general industry benchmarks. Chief Executive Ula Rustamova has expressed her enthusiasm about the breakthrough, stating: "Our innovative remote monitoring technology marks an enormous leap in hormone testing." Level Zero Health has raised £4.2m in pre-seed funding, with the company's innovative hormone tracking solution attracting significant investment. "This funding will enable us to bring this revolutionary solution to the market, making hormone tracking more accessible and insightful than ever before". Level Zero has already gained a strong following of potential customers, despite being in its early stages. The funding will be used to advance research and development, as well as expand the team. While initially focusing on business-to-business (B2B) clinical applications, the company plans to expand into consumer health and pharmaceutical markets. Redalpine investor and Level Zero Health board member, Philip Kneis, said: "We did it for blood pressure, and we will do it again for hormones. Continuous hormone measurement is one of the holy grails of diagnostics". The company's clinical advisory board includes experts such as Harvard Medical School's Aaron Styler and reproductive science expert Joshua Klein.

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Gateshead father and son bicycle firm secures top award for gravel model following £750k investment

2025-04-15 04:18:43

A bicycle brand founded by a father-and-son team in Gateshead has hinted at growth following a major award win and new funding. Vielo Sports was set up eight years ago by Ian Hughes and his son Trevor using their experience in the bike trade, including having run a distribution company on Tyneside. The pair have invested more than £750,000 in the brand which offers a range of road, race and gravel models. The Gateshead-based firm scooped Gravel Bike of the Year 2024/25 at the cycling news outlet Road CC's annual awards. Judges praised the firm's Vielo V+1 Race Edition model as being "incredibly capable". Ian Hughes, a former BBC presenter who subsequently helped bring the Scott mountain bike brand to the UK, said: "The Vielo V+1 Race Edition was competing against major international brands, so for a small company from Gateshead to win the overall Gravel & Adventure Bike of the Year award is incredible. It’s a huge achievement and a proud moment for the whole team. "In designing this lightweight bike, our goal was to create something truly unique - tailored to real-world riding conditions, built for versatility, designed around the user, and engineered to the very highest standards. "The future for Vielo is incredibly exciting. We’ve navigated the highs and lows, investing in developing this bike and the business. We’re looking forward to a long-term sustainable future for the brand, allowing us to expand globally and push forward with an ambitious programme of design and development for new products in the years ahead." Vielo's bikes are designed in Gateshead with input from German engineers and Taiwanese Carbon Fibre experts. The brand was originally set up to appeal to third or fourth-time buyers who value high-end design, materials and detailing. Prices of the models start from £4,500. Since investing £750,000, Vielo has secured additional six-figure funding to expand its operations and export its high-performance bikes internationally. Trevor Hughes added: "We chose to design the bike from carbon fibre because it’s a material we have a lot of experience with. It’s also a material that allows us to shape and form the frame into tubes and profiles that give it the ride characteristics we desire. Oval down tubes and flat curved seat stays for comfort but retaining stiffness where you need it most. It’s also known for being incredibly strong and lightweight.

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London small businesses hit record low confidence, FSB report reveals

2025-04-15 04:18:43

Confidence among small businesses in London has taken a nosedive, with some sectors experiencing record-low levels of optimism. The Federation of Small Businesses (FSB) has released a report indicating that confidence levels for London's small firms plummeted to 62.6 in Q4 of 2024, a significant drop from the negative 1.2 percentage points recorded in the previous quarter, as reported by City AM. This marks the lowest level of confidence outside of pandemic times, as per the FSB's findings. London experienced the sharpest decline, with overall small business confidence in the wider economy at 40.1. The accommodation and food services sectors were hit hardest, with confidence sinking to an unprecedented low of negative 111 points. The wholesale and retail sectors weren't far behind, registering a confidence level of negative 94.2 points. Meanwhile, those in the professional, scientific, and technical activities sectors were comparatively less pessimistic, with a score of negative 40.1 points. The construction sector witnessed the steepest fall in confidence between the third and fourth quarters, deteriorating from negative 26.6 points to negative 76.8 points. The majority of respondents in the report identified the domestic economy as the primary obstacle to growth "once again". However, the tax burden has risen to become the second most significant barrier, with over 43% of small businesses flagging it as a concern. Labour-related costs ranked third but were more pressing for businesses across the UK (42%) than those in London (31.5%). Consumer demand, typically a top concern for small firms, has dropped to fourth place, being cited by 28 per cent of small businesses. The FSB's report predicts 'subdued' growth prospects as small businesses anticipate "see lower levels of expansion". Just over 43 per cent of small firms expect their business to grow in the next 12 months, a decrease from more than half in the previous survey. Tina McKenzie, FSB’s policy chair, commented on the findings: "The fourth quarter blues reported by small firms underline how urgently the government’s growth push is needed." She noted that "Small firms are understandably nervous about their prospects as 2025 gets underway" and highlighted the upcoming Employment Rights Bill as a "major source of stress for small firms." A recent FSB report disclosed that 90 per cent of small firms are concerned about the implications of the Employment Rights Bill. McKenzie emphasised that the Spending Review, concluding in June, "must prioritise spending on programmes that will deliver small business growth".

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Newcastle canning company CRL Foods gets £1m Northern Powerhouse investment

2025-04-15 04:18:43

A Newcastle food and drink canning company has secured a £1m investment from the Northern Powerhouse Investment Fund II. CRL Foods has developed patented technologies to manufacture a range of ready-to-drink beverages including cold brew coffees, teas and protein drinks. It has secured a £1m investment from NPIF II - Maven Equity Finance, following two earlier Maven deals from other funds that allowed it to add new production lines and take on staff. The new deal will allow CRL to scale rapidly and deliver significantly higher volumes following a number of new contract wins. The company’s technology allows longer shelf life for some products as well as providing recyclable packaging. Gareth Phillips, MD of CRL Foods, said: “At CRL, we are on a mission to improve the quality and sustainability of thermally processed food and beverage products in the UK, and ultimately worldwide, by providing innovative and value-added contract manufacturing solutions. We are delighted to have Maven’s continued support with this latest round of growth capital funding to accelerate our progress towards these goals.” David Nixon, senior investment manager at Maven said: “CRL is a growing business that has utilised its unique manufacturing processes to develop a strong order book from high-quality customers since we first supported the firm back in 2021. The company is well positioned to support increasing consumer demand for healthy and sustainable food & drink, and they have achieved impressive year on year growth to date. The team has many years’ experience within the food and beverage industries, and we’re delighted to support them at such a pivotal point in the company’s development.” Sarah Newbould, senior investment manager at the British Business Bank said: “NPIF II is driving innovation across the North and its recent investment in CRL Foods exemplifies this commitment. This investment demonstrates how the Fund supports a broad range of industries to drive technological advancement and boost growth across the regional economy.”

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Historic building in Newcastle signs up three tenants after £1.5m transformation

2025-04-15 04:18:43

A specialist North East recruitment company has moved into the former Cafe Royale building after the historic property was given a £1.5m makeover. Lead Candidate is a pharmaceutical and biotech recruiter founded in 2020 by entrepreneur and investor Fiona Cruikshank and CEO Andrew Mears, alongside fellow director Raman Seghal, founder of Ramarketing. The business has seen significant growth, prompting a search for a new home in Newcastle. Now the company has become the third and final tenant to sign up for space within the revamped 8 Nelson Street, bringing the building to full occupancy. The business has taken up the second floor of the Grade II listed property, joining international engineering firm Global Maritime which has moved into the third and fourth floors. Meanwhile, Nisha Katona’s hugely popular street food restaurant Mowgli opens its first North East eatery in the building on March 14, having let the basement, ground and first floors. The lettings mark the completion of a five-year project to breathe new life into 8 Nelson Street, which was home to award-winning Cafe Royale for many years. The award-winning cafe closed its doors suddenly in 2020, two years after it won Best Cafe in the Newcastle Awards 2018. The building was acquired by MCM Group, a property investment and development company owned by Ian Watson, the founder and chairman of luxury care home business Hadrian Healthcare. The group has completely transformed the building, taking inspiration from several cutting-edge tech offices in London to create high specification, contemporary spaces, fitted and furnished for each of the three tenants. Andrew Mears, CEO at Lead Candidate, said the company was excited to be settling into a larger office right in the heart of Newcastle, with more space for collaboration and some great lunch spots on the doorstep. The firm is also recruiting itself, creating a role for a new talent partner. Mr Mears said: “This move is a huge step forward for us and reflects where we are as a business right now. Lead Candidate’s new home is the perfect environment for the team to thrive and continue delivering amazing work for our current and future clients.” Letting agent Knight Frank successfully brokered the deal. Nathan Douglas, senior surveyor at Knight Frank, said: “MCM Group came to Knight Frank with a strong vision and we have worked with them from the initial purchase – shaping the concept and letting strategy, right through to securing them a diverse, secure spread of income and bringing a market-leading restaurant brand to the city. It is testament to the immense character of the building, the strong destination in the heart of the city and the standard of the refurbishment, that we have been able to fully let the building on a good timeline. “8 Nelson Street is market-leading space in a vibrant, thriving, central location near Grey’s Monument and situated opposite the city’s well-loved Grainger Market which is seeing significant investment.” Jas Gill, managing director at MCM Group – property and investments, said: “It’s great to welcome a Newcastle-founded business into the building as they expand their team. We look forward to supporting their continued success.”

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Astrazeneca says it's 'too big' to base CEO's pay packet on FTSE 100 peers

2025-04-15 04:18:43

AstraZeneca's remuneration committee chair, Sheri McCoy, has argued that the pharmaceutical behemoth is too large and intricate to benchmark its CEO's salary against the rest of the FTSE index. In the company's annual report, McCoy stated that "UK-listed FTSE companies are not the right peer group for us to use" due to AstraZeneca's "size, complexity and global footprint." This comes as the firm awarded a £14.7m pay package to CEO Pascal Soriot for the most recent financial year, a decrease from the previous year's £17.3m, primarily due to the long-term incentive component, as reported by City AM. In the last annual general meeting, AstraZeneca faced substantial pushback from key shareholders over proposed amendments to its remuneration policy. Despite the resistance, the changes were approved at the AGM, although a significant portion of investors voted against them. Since then, McCoy has been working to gain the backing of major shareholders and has committed to providing clearer explanations for future remuneration policies. Meanwhile, AstraZeneca has seen a surge in revenue. As reported by City AM in February, despite mounting challenges in China, the company's revenue soared by 21% last year. The pharmaceutical giant posted $54bn (£43.3bn) in revenue for the year, marking a 21% increase from 2023's figures. In its annual financial disclosure, the largest firm listed on the FTSE 100 announced a remarkable 37 per cent surge in revenue across Europe. Meanwhile, in the US, the company's revenue saw a robust 28 per cent increase. In the annual report, Sheri McCoy, chair of the remuneration committee, addressed the company's compensation strategy: "Astrazeneca's largest investors remain fully supportive of the leadership team, our pay for performance philosophy and of our Ambition 2030." She further explained the rationale behind policy changes, stating, "Our major shareholders understand the rationale for the policy changes, the global nature of the business and the need to be able to compete for talent globally, and recognise that the committee believes that UK-listed FTSE companies are not the right peer group for us to use, given Astrazeneca's size, complexity and global footprint relative to FTSE peers, and the influence of pay practice within the global pharmaceutical industry." The report emerges in the wake of Astrazeneca's decision to abandon a £450m investment earmarked for a vaccine manufacturing facility in Merseyside. The pharmaceutical behemoth has scrapped plans to enlarge its existing site in Speke, a move that was initially unveiled by then-Chancellor Jeremy Hunt during the previous year's March Budget.