Half-year revenue tops £10 billion for Wolves owner as turnover grows in 2024
Wolves owner Fosun International has reported growth in turnover for the first half of 2024.
Total revenue grew to £10.41 billion and industrial operation profit was £370 million.
Overseas revenue for the Chinese group, including Wolves, was 47 per cent of total revenue at £4.88bn.
Its holiday resort business Club Med achieved record business volume of £950m, up 10.3 per cent year-on-year. It operates 67 resorts worldwide.
Chairman Guo Guangchang said: "In the first half of the year, although the macro environment remained challenging, we continued to resolutely execute our strategy of focusing on core businesses, developing industry-leading companies and products in the industries where we have formed advantages.
"We have maintained our focus on innovation and globalization, while focusing on asset-light operations, driving long-term development with competitive core strengths."
The company maintained its strategic focus on core businesses, innovation, and globalization while optimizing its asset portfolio and reducing leverage. Fosun aims to continue developing industry-leading companies and products in its advantageous sectors.
Fosun, established 32 years ago, has an industrial presence in more than 35 countries and regions around the world
Mr Guangchang added: "Fosun will continue to focus on its core businesses, enhance its operational capabilities in advantageous industries, actively invest and expand in advantageous sectors, make forward-looking plans, and seize more development opportunities with its asset-light operation capabilities.
"We will adhere to innovation, steadfastly advance our globalization strategy, and build a sustainable and stable profitable enterprise, endeavoring to bring more world-class products and services to families worldwide."
Fosun, which has its headquarters in Shanghai, bought Wolves in 2016 for £30 million. It forms part of Fosun's Happiness sector of businesses.
In 2022 the group wrote off loans to the club worth worth £126 million.
Wolves remains a big part of Fosun’s portfolio and there are no plans to sell, with bosses considering the club important to its business.
However they have now changed strategy to a self-sustainable model in terms of football finances, where they are not investing more money at the moment and are relying on transfer ins and outs to fund the squad.
