Annual profits drop for Wolves owner Fosun 'in the face of many challenges'

The Chinese group, which bought the club in 2016 for £30 million, achieved net profit of £64 million.

This compared to £1.2 billion a year earlier.

Total revenue for Fosun was up by 8.7 per cent to £20.6bn with overseas revenue accounting for £9.12bn – a year-on-year increase of 14 per cent and 44 per cent of the total.

Fosun International chairman Guo Guangchang said: "In 2022, in the face of many challenges in the external environment, Fosun firmly promoted the strategy of focusing on its core businesses, made clear the positioning of 'a global innovation-driven consumer group' and the mission of 'serving one billion families worldwide'.

"Focusing on the consumption needs of families, our businesses have grown steadily. The three-year epidemic has changed people’s life, but we always believe that people’s aspirations for a happier and brighter life remain unchanged regardless of the external situation. Fosun, which just celebrated the 30th year of its establishment, will continue to strengthen innovation, deepen global operations, and refine more good products and services. With our endeavours, we hope to create happier lives for families.”

Fosun's research and development investment was up 17 per cent on 2021 at £1.2bn.

By focusing on core businesses, the group stepped up its efforts in the divestment of non-core enterprises and assets. The sales brought in £3.5bn.

Fosun's profits suffered from the continuing Covid-19 pandemic in China and the turmoil and downturn of the international capital markets, resulting in high business costs and an increase in floating losses in secondary capital market investment.

In January this year the group entered into a syndicated loan agreement for £1.4bn with eight domestic banks.