William Lee
CEO & Director

Right. I have the thumbs up from the back. So, we’re good to go. So, welcome, everyone, to our full year results presentation for 2026. I am going to go through on strategy and outlook after John, our Chief Financial Officer, has given an update on the financial results for the year. Clearly, it’s been an excellent year for us. And I just wanted to go through some of the highlights though, before handing over to John. So great progress, revenue and profit growth in all areas. Now clearly, the headline driver and star there has been the investment triggered by AI going into semicon investment.

For me, most pleasing though is the progress that we’ve made in our portfolio of emerging businesses, and we’ll touch more on that later. We remain very well positioned in a range of attractive markets. And I really think we’re making the most of that opportunity with our innovation-led strategy, important new products that we’ve released that are really going well and more coming through. And again, I will touch more on this later.

We are investing. We have been investing in capacity. This is targeted to meet the needs and the demands that we are seeing. We are doing this very cognizant of the fact that we operate in cyclical industries, particularly that semiconductor one, of making sure that we invest in

This comparison looks at three ways to add external support. A brand can use a dedicated outsourced provider, keep an internal team and add external overflow, or work with freelancers and platform-based agents. Channel coverage, language needs, peak capacity and the amount of control kept in-house separate the three models.

Which support model covers the channels you need

A brand selling across several markets and receiving queries outside UK office hours may need several channels covered by the same support operation. When the requirement includes 24/7 multilingual support across phone, email, live chat and WhatsApp, outsourced customer service for ecommerce brands offers one way to place those channels with a managed external team.

With a dedicated provider, several channels can sit within one managed operation, but the scope and handover rules still need to be clear. A hybrid model keeps more knowledge inside the business, but the external team needs access to the same channels if customers are to receive consistent support. Freelancers suit smaller volumes, though coordination becomes harder once several people, tools and time zones are involved.

Language needs change the trade-offs

International growth adds another layer. A German-speaking customer with a delivery problem needs more than a translated template, especially when the query involves a return, payment or account issue.

For ecommerce teams reviewing customer service outsourcing companies UK brands can work with, language depth matters as much as the number of languages advertised. Dedicated providers with multilingual delivery can recruit and manage teams across several markets. Hybrid arrangements let the internal team retain its strongest markets while an external team covers others. Freelance support gives a brand access to individual language skills, but holiday cover, training and handovers remain the brand’s responsibility.

Peak demand exposes capacity gaps

Seasonal ecommerce can change the workload quickly. Online retail activity can move noticeably around promotional periods, while a product launch or delivery disruption can add more customer queries before an internal team has time to recruit and train extra people.

Dedicated outsourcing suits planned peaks when the provider has enough capacity available for agreed increases in volume. A hybrid model gives the business a permanent internal base with extra cover when demand rises, though handover rules need to be clear. Freelancers offer more freedom at lower volumes, but adding several people quickly creates more recruitment, access management and training for the brand.

Brand fit depends on how much control you keep

Ecommerce customer service outsourcing also changes who trains the people speaking to customers. In a fully managed dedicated arrangement, the provider handles initial training, coaching and service checks. Effective agent training still needs clear product knowledge and communication standards. The brand also needs to define its tone of voice and escalation rules.

A hybrid model keeps more day-to-day knowledge inside the company, which can help with unusual product or fulfilment issues. The external team still needs the same updates. With freelancers, the brand keeps direct control over each agent but also owns most of the training and checking, which becomes more demanding as the team grows.

Which model fits the next stage of growth

Dedicated outsourcing tends to fit brands with steady or rising contact volumes, several support channels, longer service hours or customers using more than one language. A hybrid model suits businesses that want the internal team to remain central but need extra cover for evenings, weekends or busy trading periods. Freelance support can make sense at lower volumes when the brand has enough time to manage training and coverage directly.

The right choice depends on where the pressure sits. Language requirements, channel coverage, seasonal demand and the amount of day-to-day management the business wants to keep in-house give buyers a practical basis for deciding which of the three models fits their operation.

 

Bosses at the North East-based arm of the international engineering group said they expect to see more orders this year

Offshore engineering specialist Royal IHC says geopolitical instability, energy security concerns and a trend towards lower carbon alternatives are fuelling opportunities for its operations in the North.

The UK arm of Dutch shipbuilding and subsea group, which operates from Newcastle offices and a Port of Blyth base, is upbeat about its key oil and gas, offshore renewables, and telecommunications markets. New accounts for the 118-strong business show turnover was broadly flat in 2025 at £20.3m but with a return to operating profit of £8.6m, following the previous year’s £79,000 loss.

Gross profit at the maker of pipe and cable lay equipment, among other products, was £1.4m, compared to £5.4m in 2024. Last year’s figure included a £5.15m write down of stock, without which gross margin would have been £6.5m, 32%.

During the year, Royal IHC workers supported several offshore energy projects including helping clients with installation and commissioning two pipelaying vessels. They also delivered upgrades, servicing and spare parts for existing offshore sites.

Bosses said demand for fibre optic cables in the offshore telecommunications market grew, driven by demand for high speed global connectivity and also a growing sense of vulnerability with protection and resilience becoming more important. The North East base secured work on the design and building of two new cable laying vessels that will be equipped with the firm’s laying and burial systems, along with jetting ploughs, launch and recovery systems.

There was also the sale of a four-tracked trencher vehicle, the building of new tensioners which are used to lay and pick up subsea power cables that connect wind turbines and send energy between countries, and the commissioning of a modular cable lay spread which is designed to speed up the installation and repair of offshore wind cables.

Equipment rentals also boosted the results with the firm investing in construction of two new 15-tonne tensioners. That will add to Royal IHC’s fleet, which will also be upgraded to run on bio-oil in a bid to become more sustainable.

A spokesperson for the firm said: “Royal IHC Limited has delivered a strong performance in 2025, reflecting a period of positive transformation and high-level growth for the business. This progress is supported by a robust pipeline of confirmed orders, with the business well placed to respond to significant opportunities across its core markets.

“In the past 12 months, Royal IHC Limited has expanded its workforce with 31 new recruits across all areas of the business. The company plans to increase personnel further over the coming year to support the delivery of upcoming projects and future orders.

“Royal IHC Limited remains committed to investing in local talent across its North East facilities and supporting early-careers development through its graduate and apprenticeship programmes.”

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Shares of Clean Max Enviro Energy Solutions rose 5% to hit a day’s high of Rs 1,445 after Wall Street major Macquarie initiated coverage on the stock with an Outperform rating and a target price of Rs 1,700, implying 24% upside from current market levels.

With today’s gain, the stock has risen 13% over the past three sessions. Macquarie is the second brokerage to initiate coverage of the stock in two sessions, following JM Financial.

Why is Macquarie bullish on Clean Max shares?

Macquarie expects CleanMax’s installed base to more than double to around 8 GW by FY29E. It sees repeat C&I business and exposure to Data & AI transactions supporting growth and longer-term earnings upside in India’s underpenetrated C&I renewables market.

The brokerage estimates that C&I users account for more than 50% of electricity consumption, with two-thirds dependent on relatively expensive DISCOM supply. It expects renewable adoption in the segment to outpace demand growth as corporates look to lower costs, with potential savings of up to 35%, while also pursuing decarbonisation.

Macquarie views CleanMax as a corporate-energy platform rather than a conventional independent power producer (IPP), supported by around 600 customer relationships, multistate regulatory capabilities and integrated energy solutions. It said repeat C&I business provides steady growth, while Data & AI transactions, which account for around 42% of contracted capacity, offer longer-term upside.

On financials, Macquarie forecasts around 5 GW of incremental capacity through FY29E, which it expects to drive Power Sales EBITDA CAGR of more than 50% over FY26-29E. The brokerage estimates capex at Rs 260 billion, keeping free cash flow negative and leverage elevated. However, it expects lower borrowing costs, strategic co-investments and EBITDA growth to bring net debt/EBITDA down towards 7.5x by FY29E.
Macquarie said it expects sustained customer savings compared with conventional power procurement to support capacity additions at a faster pace than the market expects. Its 25%-weighted bull case assumes annual additions of more than 2 GW and an EBITDA CAGR of 60%+ over FY26-29E. The brokerage also flagged regulatory, execution and dilution risks.

JM Financial initiates coverage on Clean Max

With a Buy rating and a target price of Rs 1,501, the brokerage implies an upside potential of x% from current levels. It says CleanMax is well placed to capture the exponential expansion of India’s corporate green energy transition despite facing temporary headwinds of curtailment in CTU-connected projects.

JM Financial expects demand in the commercial and industrial (C&I) segment to remain robust, driven by rising electrification needs, increasing captive power demand amid utility power deficits and the rapid expansion of data centres.

The brokerage said CleanMax’s leadership in the C&I market and strong customer stickiness position the company to capitalise on the expected growth in C&I power demand. JM Financial values the stock at 10.5x FY28E run-rate EBITDA.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

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Jacob Rothman moved from California to China and helped build a manufacturing business supplying some of the world’s biggest retailers. We meet the co-founder of Velong Enterprises to hear how he built the company across Asia and how an unlikely career path took him to the heart of global manufacturing. He also reflects on entrepreneurship, manufacturing in China and how global trade is changing.

Producer: Bisi Adebayo

You can email the team: businessdaily@bbc.co.uk

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DURHAM, N.C. — Chris Spatola, a college basketball analyst and the son-in-law of former Duke University head coach Mike Krzyzewski, has died at 47, the university confirmed Tuesday night.

Duke confirmed Spatola’s death and released a statement on behalf of the Krzyzewski family. “There are no words to adequately express our heartbreak over the loss of our beloved Chris Spatola,” the family said. “Chris served our country, was a devoted husband and father, and was such an important part of our family. We are deeply grateful for the outpouring of love, thoughts, and prayers we have received during this incredibly difficult time. We respectfully ask for privacy as our entire family, particularly Jamie and her three beautiful children, grieve and process this unimaginable loss.” The cause of Spatola’s death has not been disclosed.

Spatola’s connection to Duke basketball ran deep, both professionally and personally. He served as an assistant coach for the Blue Devils from 2007 through 2012, a stretch that included time as the program’s director of basketball operations during his years in Durham. Before joining Krzyzewski’s staff, Spatola built his own playing career at Army, where he was a four-year starter from 1998 to 2002. Following his time as a player, he served in the United States Army for five years, holding roles as a battery commander and an executive officer.

Spatola’s ties to the Krzyzewski family extended well beyond the basketball program itself. He married Jamie, one of Krzyzewski’s daughters, and the couple went on to raise three children together. In a 2022 interview with WRAL, Spatola reflected on the connection between his own relationship with Jamie and the bond between Krzyzewski and his wife, Mickie, describing the parallels between the two couples’ stories.

Beyond his work on Duke’s coaching staff, Spatola was also closely involved with USA Basketball during Krzyzewski’s tenure leading the U.S. Men’s National Team. He served as a court coach for the program during its gold medal run at the 2008 Beijing Olympics, and again during the team’s gold medal performance at the 2010 World Championships in Istanbul.

Spatola transitioned into sports media in 2012, joining ESPN as a college basketball analyst, a role that drew on the full breadth of his background in the sport. ESPN issued a statement following news of his death, reflecting on the perspective he brought to the network’s coverage. “Chris Spatola brought a unique perspective to ESPN’s college basketball coverage, shaped by his experiences as a student-athlete, Army veteran, coach and broadcaster,” the network said. “He was thoughtful, prepared, and passionate about the sport, earning the respect of colleagues, coaches, players, and fans alike. We extend our heartfelt condolences to his loved ones during this difficult time.”

Spatola’s career spanned nearly every vantage point the sport of college basketball has to offer, from his own playing days as a four-year starter at Army, through his military service, his years coaching alongside one of the sport’s most decorated figures at Duke, his international coaching work with USA Basketball, and ultimately his second career as a national television analyst. That range of experience became a defining feature of his broadcasting work, where colleagues and viewers alike came to recognize the distinctive perspective he brought to discussions of the college game.

Krzyzewski, who retired from coaching at Duke in 2022 after 42 seasons leading the program, built one of the most successful careers in college basketball history, winning five national championships and numerous Atlantic Coast Conference titles during his tenure. Spatola’s years on Krzyzewski’s staff placed him at the center of that program during a particularly successful stretch, and his subsequent marriage into the Krzyzewski family further cemented his lasting connection to Duke basketball well beyond his formal coaching tenure.

News of Spatola’s death drew tributes from across the college basketball community following Tuesday night’s announcement, with both Duke University and ESPN moving quickly to confirm the news and offer condolences to his family. The Krzyzewski family’s statement made clear their focus in the immediate aftermath remains on privacy and grieving, particularly for Jamie Spatola and the couple’s three children.

Funeral arrangements and further details about Spatola’s death had not been publicly announced as of the most recent available reporting. As tributes continue to circulate across the basketball world, Spatola is being remembered both for his substantial contributions to the sport across multiple roles, as a player, coach, international team staffer and broadcaster, and for the close, personal bond he shared with the Krzyzewski family that extended well beyond his professional accomplishments on the court and in the broadcast booth.

Group warns of costs impact as it accelerates investment in automation

Co-op has cut its workforce this year in response to the additional financial burden imposed by Labour’s national insurance hike, with its chief executive revealing that the tax increase has prompted the retailer to accelerate its investment in automation.

The group, which operates life insurance and funeral businesses alongside its grocery division, announced on Wednesday that it is reducing headcount as part of a broader plan to save £200m following a cyber-attack last year.

Kate Allum, Co-op’s interim chief executive, told

City AM that the government’s increase to employer national insurance contributions (NICs) at the 2024 Budget came as a “surprise” to the retail sector.

The tax rise pushed the group’s national insurance bill from £100m to £150m per year, landing the firm with a “significant” new financial burden.

“We then immediately fast-tracked things like electronic shelf-edge labels. So now we’ve got electronic shelf-edge labels rolled out to all 2,300 stores. That reduces the burden on staff time and that has been able to be absorbed through natural staff turnover,” she said, as reported by City AM.

“So has it reduced our overall level of employment in certain areas? Yes, but not in a stark way, in a natural way. But that is the reality check of the cost of employment going up over the last three years for all of the retail industry.”

Allum declined to disclose the precise number of roles to be cut from Co-op’s 54,000-strong workforce. “We’re always looking at our processes and how we can execute our business more effectively,” she said.

Retail bosses have warned that the rise in NICs — alongside Labour’s forthcoming clampdown on flexible working — is undermining their capacity to take on staff at a time when youth unemployment is already a pressing concern.

The British Retail Consortium (BRC) — which represents major names including Tesco, Sainsbury’s and Marks and Spencer — has called on Chancellor John Healey to address “soaring employment costs” ahead of next month’s Budget.

Retailers have also pressed the government to overhaul the business rates system, which they argue creates an uneven playing field between traditional high street shops and e-commerce behemoths such as Amazon and Shein.

Allum cautioned the government against introducing tax rises at the Budget that could have “unintended consequences”. Labour should instead foster a “strong economic environment” for the retail sector, she argued.

“For a lot of the rural communities that we support, we are lifeline stores, and we always want to be able to do that. But we do need the support from [the] government to create that certainty and confidence for us to invest in the future,” she added.

Co-op is pursuing a recovery following a cyber-attack last year that dealt a £206m blow to revenue and dented its profit by £80m.

The firm saw its operating loss deepen by £11m to £45m in the six months to July, driven by increased investment in discounting and store improvements.

People off sick from work should keep in phone contact with their boss, government-appointed back-to-work expert Sir Charlie Mayfield has said.

Getting bosses and workers to have a conversation, rather than simply exchanging emails and sicknotes, could help get people back into work, Sir Charlie, who is leading the Keep Britain Working taskforce, said.

His latest report said health-related economic inactivity was costing Britain around £212m a year in benefit payments and lost output.

Talking on the phone was just “one piece of the jigsaw” he said on Wednesday.

The report calls for more workplace support, external for people with health conditions and disabilities and the establishment of a Workplace Health System alongside the NHS.

But improving communication was also a way to “rehumanise” the workplace and help prevent people dropping out of work altogether, Sir Charlie said.

The report does not suggest that someone struck down by flu needs to croak through their symptoms over the phone or that bosses need to provide down-the-line sickbed sympathy if an employee is off with food poisoning.

“I’m not worried about a day here and a day there. It is more about longer term issues,” Sir Charlie told the BBC’s Today Programme.

But he said Britain was doing a “poor job” of handling sickness in the workplace, leading to more people becoming disengaged and dropping out altogether.

“I have met so many people who have said to me, ‘You know, I was signed off sick and I was off sick for a month, two months, three months, and I had almost no contact with my employer’,” Sir Charlie said.

Around 300,000 people leave work every year with a health condition, much of which is preventable, the report said.

Sir Charlie said employees sometimes feared talking about long-term health issues with their employer.

“But the fear is also felt by employers as well because they’re afraid of causing offence or creating a complaint or a grievance,” he added.

Fear on both sides can create a distance and lack of understanding, he warned, with longer absences making it much more likely a worker will drop out of the labour force altogether.

“If you can keep more people in work, there’s a massive opportunity for us to add billions to the economy and, frankly, to people’s livelihoods,” Sir Charlie said.

“To get that, though, you need to have people talking to each other, and you’ve got to more actively manage sickness and ill health in the workplace.”

Employers need to do more, he said, and employees need to engage with it.

Other ways for bosses to support staff include ensuring access to treatments such as physiotherapy and talking therapies, he said.