NewzIntel.com

Category: Vehicles

  • MIL-OSI: As European carmakers navigate the autonomous car race, Lighty’s new AI edge software offers them a lifeline amid rising tariffs

    Source: GlobeNewswire (MIL-OSI)

    Zurich, April 29, 2025 (GLOBE NEWSWIRE) — As European automakers face increasing tariffs and mounting pressure from American and Asian competitors in the autonomous driving race, leading Swiss AI startup Lightly today launches LightlyEdge – a groundbreaking edge-based data collection solution that could help level the playing field. At a time when Bosch is cutting 12,000 jobs and Mercedes is offering up to €500,000 for voluntary exits, clearly being effective and efficient matters for automotive companies. Lightly’s innovation tackles a critical bottleneck in AI development: capturing only the data that truly matters, directly at the source. This offers a strategic advantage at a time when workforce reductions threaten to slow in-house development and widen the gap with faster-moving rivals.

    As companies around the world race to develop safer autonomous vehicles, the fundamental challenge remains the same: they are drowning in data and the resulting costs. While collecting large volumes of data is essential, the difficulty lies in identifying what’s truly relevant. As AI models grow more sophisticated, so does the redundancy in the data feeding them. LightlyEdge solves this problem by making intelligent decisions about what data to keep at the moment of capture, before it enters the storage and processing pipeline.

    The LightlyEdge data collection report. 

    LightlyEdge deploys intelligent models directly onto vehicles’ cameras and sensors. The system revolutionizes data collection by analyzing video footage in real-time as it’s being captured, automatically identifying rare and valuable scenarios – like a child at a crossroad or an accident in snowy conditions – while ignoring redundant data that adds no value to training datasets. This approach dramatically slashes unnecessary storage and bandwidth costs while ensuring training datasets become more comprehensive, diverse, and optimized for real-world driving conditions.

    “This launch is a fantastic opportunity to increase development cycles for autonomous driving and driving assistance,” said Matthias Heller, Co-Founder of Lightly. “With LightlyEdge, our partners can harness smarter, real-time data collection that not only accelerates AI model training but also provides a competitive edge against established industry giants. By focusing on quality data from uncommon scenarios and hazards, we’re empowering a new era of innovation that will drive the future of mobility.”

    Lightly founders Matthias Heller and Igor Susmelj.

    The timing of LightlyEdge’s release is particularly significant. European automotive manufacturers are working to maintain their position against competitors like Tesla, whose innovative “Active Learning” approach – feeding only the most valuable data into AI models – has become a benchmark for the industry. While European companies have a rich history of engineering excellence, they now have an opportunity to leverage artificial intelligence’s potential to overhaul their operations.

    LightlyEdge captures data from cameras. 

    Building on what Lightly already achieved with LightlyOne in data centers, this new product shifts the intelligence right to where it’s needed – the edge devices in vehicles themselves. LightlyEdge gives developers real-time feedback and smart capture capabilities directly on the road. With its easy-to-use interface, teams can quickly deploy their AI models, keep an eye on them, and make them better over time – all of which dramatically speeds up how fast they can bring innovations to life.

    That speed is becoming essential. As European carmakers are feeling the squeeze from global competitors and tough trade barriers.LightlyEdge offers them a way to innovate faster while keeping costs down. By being smarter about what data they collect, these manufacturers can build better autonomous driving systems in less time and with fewer resources. This might be exactly what they need to win the autonomous car race.

    Ends

    Media images are here 

    About Lightly
    Lightly was founded in Zurich, Switzerland by Matthias Heller and Igor Susmelj, former ETH and Harvard students who worked in autonomous driving and research on computer vision and deep learning. 

    Lightly helps companies to build better machine learning models faster through better data. Data to train machine learning models is currently the biggest bottleneck in AI development. Today, Lightly is used by Fortune 500 companies and startups in autonomous driving, robotics, and video analytics. For more information, please visit https://www.lightly.ai/ or follow the company on Twitter, LinkedIn or Facebook. 

    The MIL Network –

  • MIL-OSI: Form 8.3 – [ALLIANCE PHARMA PLC – 28 04 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 ALLIANCE PHARMA PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 28 APRIL 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 11,930,353 2.2070    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 11,930,353 2.2070    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    1p ORDINARY SALE 36,552 64.4322p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 29 APRIL 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI Asia-Pac: HK preps for Golden Week

    Source: Hong Kong Information Services

    The Government today announced the public transport arrangements for the Mainland’s Labour Day Golden Week, noting that a large number of people, vehicles and visitors are expected to travel from the Mainland and Macau via land-based boundary crossing points (BCPs), particularly on May 1, 3 and 5.

    The Transport Department has co-ordinated with local and cross-boundary public transport operators to strengthen services during the holidays, including increasing the frequency of the Hong Kong-Zhuhai-Macao Bridge (HZMB) shuttle bus to less than one minute during peak hours, and the Lok Ma Chau-Huanggang cross-boundary shuttle bus to about two minutes at its highest frequency as well as increasing the quota of cross-boundary coaches.

    The frequency of local franchised bus B routes connecting various land-based BCPs will also be increased to a level higher than that of normal weekends and Sundays, and franchised bus operators will reserve sufficient vehicles and manpower to meet passengers’ needs.

    Meanwhile, the MTR Corporation will enhance East Rail Line train services between Admiralty and Lo Wu/Lok Ma Chau at different times from May 1 to 5.

    As the waiting time for public transport services may be longer, passengers should make their journeys during non-peak hours, observe order while queuing and heed advice from Police and transport operators. Passengers of cross-boundary coaches should also reserve their tickets in advance.

    Subject to traffic conditions, special traffic arrangements may be implemented at the Lok Ma Chau Control Point and Shenzhen Bay Port from May 1 to 5 to allow smooth access of public transport vehicles. Cross-boundary private cars may need to queue up for crossing the BCPs and motorists should pay extra attention to variable message signs and traffic signs along the roads.

    People can use the HKeMobility mobile app to access snapshots of the traffic conditions at inbound and outbound vehicle plazas of the HZMB Hong Kong Port.

    The department’s Emergency Transport Co-ordination Centre will operate around the clock to monitor the traffic and public transport services of different districts including BCPs and major stations. Latest traffic information will be disseminated through various channels. 

    MIL OSI Asia Pacific News –

  • MIL-OSI: CECO Environmental Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Numerous Financial Records Reflect Strength of Well-Positioned Portfolio
    Company Maintains Full Year Outlook

    ADDISON, Texas, April 29, 2025 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO) (“CECO”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the first quarter of 2025.

    First Quarter Summary(1)

    • Orders of $227.9 million, up 57 percent
    • Backlog of $602.0 million, up 55 percent
    • Revenue of $176.7 million, up 40 percent
    • Gross profit margin of 35.2 percent; Gross margin of $68.0 million, up 28 percent
    • Net income of $36.0 million; non-GAAP net income of $3.5 million
    • GAAP EPS (diluted) of $0.98; non-GAAP EPS (diluted) of $0.10
    • Adjusted EBITDA of $14.0 million, up 6 percent
    • Free cash flow of $(15.1) million, down $13.2 million

    (1) All comparisons are versus the comparable prior year period, unless otherwise stated.
    Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables.

    Todd Gleason, CECO’s Chief Executive Officer commented, “We started 2025 with outstanding first quarter record orders of $228 million, which helped drive new record levels of backlog and revenue for the company. This is a powerful statement on the strength of our well-positioned portfolio, which is closely aligned to key long-term growth themes of industrial manufacturing reshoring, electrification, power generation, natural gas infrastructure, and industrial water investments. This marks the second consecutive quarter with bookings greater than $200 million, which has enabled our backlog to exceed $600 million for the first time in Company history. With our order pursuit pipeline now over $5 billion, we remain highly confident in our continued growth outlook.”

    First quarter operating income was $61.9 million, up $54.2 million when compared to $7.7 million in the first quarter 2024. On an adjusted basis, non-GAAP operating income was $8.6 million, down $1.6 million or 16 percent when compared to $10.2 million in the first quarter of 2024. Net income was $36.0 million in the quarter, up $34.5 million compared to $1.5 million in the first quarter 2024. Non-GAAP net income was $3.5 million, down $0.5 million when compared to $4.0 million in the first quarter 2024. Adjusted EBITDA of $14.0 million, reflecting an Adjusted EBITDA margin of 7.9 percent, was up 6 percent compared to $13.2 million in the first quarter 2024. Free cash flow in the quarter was $(15.1) million, down $13.2 million compared to $(1.9) million in the first quarter of 2024.

    “In the first quarter, we introduced strategic price actions to address preliminary tariff impacts. Additionally, to proactively manage our record backlog and robust project pipeline, we selectively pulled-in some inventory purchases and added key operational and customer-centric personnel to maintain the highest level of project execution. These additions drove incremental engineering, project management and business development costs during the first quarter as well as utilizing additional cash. This had the effect of depressing Adjusted EBITDA in the quarter, but these proactive measures were important to better position CECO for executing on our record backlog. Starting in Q2 2025, we will take strategic cost actions associated with eliminating redundant general and administrative roles and expenses resulting from our programmatic M&A and will expand our ongoing productivity and efficiency initiatives. We expect the benefits from these actions, when combined with continued strong volume growth, will underpin operating margin expansion throughout the year,” added Gleason.

    2025 Full Year Guidance

    For the full year 2025 outlook, the Company maintains its expectation to deliver Revenue of $700 to $750 million, up approximately 30 percent at the midpoint year and maintains its expected range for Adjusted EBITDA of $90 to $100 million, up approximately 50 percent at the midpoint versus 2024. The Company maintains its 2025 adjusted free cash flow to be between 60 and 75 percent of Adjusted EBITDA.

    “We are very pleased with the strong start to the year as our industrial air, industrial water and energy transition businesses continue to drive growth through our operating model leveraging their respective niche leadership positions, and flexible business models. Our record backlog and opportunity pipeline provide me with confidence in achieving our growth targets for the year. While we recognize we are in a very dynamic environment which makes it difficult to predict the impact tariffs and other related uncertainties might have on the economy and on our operations, we believe that our direct exposure to tariff-related imports is relatively modest. CECO is comparatively well-positioned as we execute and manufacture a majority of our business in the same regions in which we sell. At present, this aspect of our business design and operating model, coupled with the cost actions we have taken, allows us to maintain our full year outlook – but we are monitoring the economic situation and working with our supply chain to aggressively manage any additional cost expenses which might arise over the course of the year,” concluded Gleason.

    EARNINGS CONFERENCE CALL

    A conference call is scheduled for today at 8:30 a.m. ET to discuss the first quarter 2025 financial results. Please visit the Investor Relations portion of the website (https://investors.cecoenviro.com) to listen to the call via webcast. The conference call may also be accessed by visiting https://edge.media-server.com/mmc/p/tvr2idgu.

    A replay of the conference call will be available on the Company’s website for a period of one year. The replay may also be accessed by visiting https://edge.media-server.com/mmc/p/tvr2idgu.

    ABOUT CECO ENVIRONMENTAL

    CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally providing innovative solutions and application expertise. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase energy efficiency for highly-engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, electric vehicle production, polysilicon fabrication, semiconductor and electronics, battery production and recycling, specialty metals and steel production, beverage can, and water/wastewater treatment and a wide range of other industrial end markets. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Addison, Texas. For more information, please visit www.cecoenviro.com.

    Company Contact:
    Peter Johansson
    Chief Financial and Strategy Officer
    888-990-6670
    investor.relations@onececo.com

    Investor Relations Contact:
    Steven Hooser and Jean Marie Young
    Three Part Advisors, LLC
    214-872-2710
    investor.relations@onececo.com

    CECO ENVIRONMENTAL CORP.
    CONSOLIDATED BALANCE SHEETS
    (unaudited)
     
    (in thousands, except per share data)   March 31,
    2025    		     December 31,
    2024    		  
    ASSETS            
    Current assets:            
    Cash and cash equivalents   $ 146,471     $ 37,832  
    Restricted cash     205       369  
    Accounts receivable, net allowances of $8,663 and $8,863     152,405       159,572  
    Costs and estimated earnings in excess of billings on uncompleted contracts     83,335       69,889  
    Inventories     52,919       42,624  
    Prepaid expenses and other current assets     36,910       16,859  
    Prepaid income taxes     3,856       3,826  
    Total current assets     476,101       330,971  
    Property, plant and equipment, net     46,063       33,810  
    Right-of-use assets from operating leases     24,419       25,102  
    Goodwill     274,769       269,747  
    Intangible assets – finite life, net     109,250       74,050  
    Intangible assets – indefinite life     9,559       9,466  
    Deferred income taxes     210       966  
    Deferred charges and other assets     16,724       15,587  
    Total assets   $ 957,095     $ 759,699  
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Current liabilities:            
    Current portion of debt   $ 1,673     $ 1,650  
    Accounts payable     109,504       109,671  
    Accrued expenses     59,176       47,528  
    Billings in excess of costs and estimated earnings on uncompleted contracts     87,870       81,501  
    Notes payable     700       1,700  
    Income taxes payable     19,831       2,612  
    Total current liabilities     278,754       244,662  
    Other liabilities     4,314       14,362  
    Debt, less current portion     338,037       217,230  
    Deferred income tax liability, net     26,481       11,322  
    Operating lease liabilities     19,458       20,230  
    Total liabilities     667,044       507,806  
    Commitments and contingencies (See Note 14)            
    Shareholders’ equity:            
    Preferred stock, $.01 par value; 10,000 shares authorized, none issued     —       —  
    Common stock, $.01 par value; 100,000,000 shares authorized, 35,250,489 and
    34,978,009 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively    		     352       349  
    Capital in excess of par value     255,807       255,211  
    Retained earnings     42,554       6,570  
    Accumulated other comprehensive loss     (12,922 )     (14,441 )
    Total CECO shareholders’ equity     285,791       247,689  
    Noncontrolling interest     4,260       4,204  
    Total shareholders’ equity     290,051       251,893  
    Total liabilities and shareholders’ equity   $ 957,095     $ 759,699  
    CECO ENVIRONMENTAL CORP.
    CONSOLIDATED STATEMENTS OF INCOME
    (unaudited)
     
        Three months ended March 31,  
    (in thousands, except per share data)   2025     2024  
    Net sales   $ 176,697     $ 126,332  
    Cost of sales     114,535       81,200  
    Gross profit     62,162       45,132  
    Selling and administrative expenses     53,542       34,908  
    Amortization expenses     3,096       2,156  
    Acquisition and integration expenses     8,143       190  
    Gain on sale of Global Pump Solutions business     (64,502 )     —  
    Other expenses     13       192  
    Income from operations     61,870       7,686  
    Other expense, net     (594 )     (1,513 )
    Interest expense     (6,217 )     (3,413 )
    Income before income taxes     55,059       2,760  
    Income tax expense     18,617       667  
    Net income     36,442       2,093  
    Noncontrolling interest     (458 )     (585 )
    Net income attributable to CECO Environmental Corp.   $ 35,984     $ 1,508  
    Earnings per share:            
    Basic   $ 1.03     $ 0.04  
    Diluted   $ 0.98     $ 0.04  
    Weighted average number of common shares outstanding:            
    Basic     35,028,301       34,846,163  
    Diluted     36,689,320       36,177,323  
    CECO ENVIRONMENTAL CORP.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
     
        Three months ended March 31,  
    (in thousands)   2025     2024  
    Cash flows from operating activities:            
    Net income   $ 36,442     $ 2,093  
    Adjustments to reconcile net income to net cash provided by (used in) operating activities:            
    Depreciation and amortization     5,115       3,512  
    Unrealized foreign currency gain (loss)     (1,142 )     149  
    Gain on sale of Global Pump Solutions business     (64,502 )     —  
    (Loss) gain on sale of property and equipment     (15 )     115  
    Debt discount amortization     206       120  
    Share-based compensation expense     3,356       1,670  
    Provision (recovery) for credit loss     819       (384 )
    Inventory reserve expense     92       499  
    Deferred income tax benefit     166       —  
    Changes in operating assets and liabilities, net of acquisitions:            
    Accounts receivable     16,215       (5,355 )
    Costs and estimated earnings in excess of billings on uncompleted contracts     (12,270 )     7,858  
    Inventories     (2,416 )     (4,447 )
    Prepaid expense and other current assets     (17,652 )     1,211  
    Deferred charges and other assets     (1,137 )     (221 )
    Accounts payable     (3,633 )     (2,442 )
    Accrued expenses     8,865       1,220  
    Billings in excess of costs and estimated earnings on uncompleted contracts     5,933       1,262  
    Income taxes payable     17,220       (387 )
    Other liabilities     (3,358 )     (5,249 )
    Net cash (used in) provided by operating activities     (11,696 )     1,224  
    Cash flows from investing activities:            
    Acquisitions of property and equipment     (3,385 )     (3,116 )
    Net cash proceeds for sale of Global Pump Solutions business     105,860       —  
    Net cash (paid) received for acquisitions, net of cash acquired     (97,646 )     422  
    Net cash provided by (used in) investing activities     4,829       (2,694 )
    Cash flows from financing activities:            
    Borrowings on revolving credit lines     148,100       13,400  
    Repayments on revolving credit lines     (27,600 )     (12,600 )
    Repayments of long-term debt     (420 )     (2,553 )
    Payments on finance leases and financing liability     (234 )     (229 )
    Deferred consideration paid for acquisitions     (1,000 )     (1,000 )
    Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options     (2,688 )     258  
    Noncontrolling interest distributions     (402 )     (804 )
    Common stock repurchased     —       (3,000 )
    Net cash provided by (used in) financing activities     115,756       (6,528 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     (414 )     (422 )
    Net increase (decrease) in cash, cash equivalents and restricted cash     108,475       (8,420 )
    Cash, cash equivalents and restricted cash at beginning of period     38,201       55,448  
    Cash, cash equivalents and restricted cash at end of period   $ 146,676     $ 47,028  
    Cash paid during the period for:            
    Interest   $ 3,987     $ 3,269  
    Income taxes   $ 2,405     $ 975  
    CECO ENVIRONMENTAL CORP.
    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
     
        Three months ended March 31,  
    (in millions, except ratios)   2025     2024  
    Operating income as reported in accordance with GAAP   $ 61.9     $ 7.7  
    Operating margin in accordance with GAAP     35.0 %     6.1 %
    Amortization expenses     3.1       2.2  
    Acquisition and integration expenses     8.1       0.2  
    Gain on sale of Global Pump Solutions business     (64.5 )     —  
    Other expenses(1)     —       0.1  
    Non-GAAP operating income   $ 8.6     $ 10.2  
    Non-GAAP operating margin     4.9 %     8.1 %
        Three months ended March 31,  
    (in millions, except share data)   2025     2024  
    Net income as reported in accordance with GAAP   $ 36.0     $ 1.5  
    Amortization and earnout expenses     3.1       2.2  
    Acquisition and integration expenses     8.1       0.2  
    Gain on sale of Global Pump Solutions business     (64.5 )     —  
    Restructuring expenses     —       0  
    Foreign currency remeasurement     0.6       0.9  
    Tax (benefit) expense of adjustments     20.2       (0.9 )
    Non-GAAP net income   $ 3.5     $ 4.0  
    Depreciation     2.0       1.3  
    Non-cash stock compensation     3.4       1.7  
    Other expense, net     —       0.6  
    Interest expense     6.2       3.4  
    Income tax expense     (1.6 )     1.6  
    Noncontrolling interest     0.5       0.6  
    Adjusted EBITDA   $ 14.0     $ 13.2  
                 
    Earnings per share:            
    Basic   $ 1.03     $ 0.04  
    Diluted   $ 0.98     $ 0.04  
                 
    Non-GAAP net (loss) income per share:            
    Basic   $ 0.10     $ 0.11  
    Diluted   $ 0.10     $ 0.11  
      Three months ended March 31,  
    (in millions) 2025     2024  
    Net cash provided by operating activities $ (11.7 )   $ 1.2  
    Acquisitions of property and equipment   (3.4 )     (3.1 )
    Free cash flow $ (15.1 )   $ (1.9 )
     

    NOTE REGARDING NON-GAAP FINANCIAL MEASURES

    CECO is providing certain non-GAAP historical financial measures as presented above as we believe that these figures are helpful in allowing individuals to better assess the ongoing nature of CECO’s core operations. A “non-GAAP financial measure” is a numerical measure of a company’s historical financial performance that excludes amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP.

    Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow, as we present them in the financial data included in this press release, have been adjusted to exclude the effects of amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. Management believes that these items are not necessarily indicative of the Company’s ongoing operations and their exclusion provides individuals with additional information to better compare the Company’s results over multiple periods. Management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.

    Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO’s results as reported under GAAP. Additionally, CECO cautions investors that non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.

    In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow stated in the tables above are reconciled to the most directly comparable GAAP financial measures.

    Non-GAAP measures presented on a forward-looking basis were not reconciled to the comparable GAAP financial measures because the reconciliation could not be performed without unreasonable efforts. The GAAP measures are not accessible on a forward-looking basis because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. The unavailable information could have a significant impact on our GAAP financial results.

    SAFE HARBOR

    Any statements contained in this Press Release, other than statements of historical fact, including statements about management’s beliefs and expectations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties, among others, that could cause actual results to differ materially are discussed under “Part I – Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and may be included in subsequently filed Quarterly Reports on Form 10-Q, and include, but are not limited to: the effect of the divestiture of our Fluid Handling business on business relationships, operating results, and business generally, disruption of current plans and operations and potential difficulties in employee retention as a result of the transaction, diversion of management’s attention from ongoing business operations in connection with the integration of recent acquisitions, the amount of the costs, fees, expenses and other charges related to the transaction, the achievement of the anticipated benefits of transactions, our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, as well as a number of factors related to our business, including the sensitivity of our business to economic and financial market conditions generally and economic conditions in CECO’s service areas; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges or other customer considerations; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases; our ability to successfully realize the expected benefits of our restructuring program; economic and political conditions generally; our ability to optimize our business portfolio by identifying acquisition targets, executing upon any strategic acquisitions or divestitures, integrating acquired businesses and realizing the synergies from strategic transactions; and the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management’s response to any of the aforementioned factors. Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI: Sunrise Padel Capital Closes First Fund and Launches Second to Accelerate Padel Growth Across North America

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, April 29, 2025 (GLOBE NEWSWIRE) — Sunrise Padel Capital, a pioneering investment firm focused on scaling padel through strategic real estate and operating investments, today announced the successful closing of its first fund with deployments into nine clubs across major U.S. markets. The firm has also officially launched its second fund, a dual-structure vehicle designed to invest in both real estate and operating companies, targeting a combined $50 million in capital commitments.

    Sunrise Padel Capital Fund I served as a proof of concept, backing high-potential operators and real estate acquisitions in cities such as Chicago, Los Angeles, Miami, Houston, and Denver. Several of these investments included equity participation in both the operating company and the underlying real estate, positioning the fund for long-term value creation.

    Following the momentum of Fund I, the firm has launched Sunrise Padel Capital Fund II, which consists of two complementary strategies:

    • PropCo Fund ($25M target): Focused on acquiring and developing padel-specific real estate to be leased to premium operators, delivering stable cash flow and long-term asset appreciation.
    • Growth Fund ($25M target): Investing in operating companies, strategic partnerships, and ecosystem players across technology, hospitality, and professionalization.

    “Our vision is to be the leading capital partner behind the sport’s rapid growth in the U.S.,” said Diego Campos, Managing Partner at Sunrise Padel Capital. “Fund II allows us to double down on what’s working—backing top-tier founders and acquiring high-potential real estate—while scaling the infrastructure that padel needs to thrive.”

    The firm also announced a new strategic partnership with a U.S.-based family office with over $2B in real estate AUM to co-invest in select PropCo transactions, enhancing deal flow and execution capacity.

    With a growing pipeline of opportunities and multiple clubs opening in the next 6–8 months, Sunrise Padel Capital continues to shape the future of padel in North America.

    For more information or to request the Fund II deck, contact:
    info@sunrisepadelcapital.com
    www.sunrisepadelcapital.com

    The MIL Network –

  • MIL-OSI: Amplify ETFs Launches the Next Generation of Bitcoin Option Income ETFs

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 29, 2025 (GLOBE NEWSWIRE) — Amplify ETFs, a leading provider of breakthrough ETF solutions, announces the launch of the Amplify Bitcoin 24% Premium Income ETF (BITY) and Amplify Bitcoin Max Income Covered Call ETF (BAGY). These two actively managed ETFs seek to employ weekly options-writing strategies on Bitcoin ETPs*, transforming Bitcoin’s volatility into income opportunities with upside potential:

    Amplify Bitcoin 24% Premium Income ETF (BITY)

    BITY targets 24% annual option premium1 income, seeking to balance upside potential with attractive income generation. BITY seeks to deliver monthly income while maintaining high upside appreciation by writing 5-10% out-of-the-money2 weekly call options on a portion of the portfolio’s Bitcoin exchange-traded products (ETPs).

    This short-dated approach provides 4x more opportunities to reset strike prices and collect income compared to monthly options, enabling potential for compounded income and greater total return. BITY is designed for investors seeking Bitcoin growth exposure and income through an active risk-managed approach.

    Amplify Bitcoin Max Income Covered Call ETF (BAGY)                

    BAGY is optimized for maximum monthly option income and seeks to generate 30-60% annualized option premium income while preserving exposure to approximately 5% Bitcoin price appreciation weekly. BAGY writes 5% out-of-the-money covered call options on Bitcoin ETPs with expirations of one week or less, meaning potential option premiums are collected 4x more often versus monthly options, enabling compounded premium income generation. BAGY’s frequent, high-premium call-writing strategy focuses on converting Bitcoin’s price swings into a consistent income stream with capital appreciation potential each week. BAGY provides potential for high income with weekly upside participation.

    “Bitcoin’s volatility is a challenge and opportunity for investors,” said Christian Magoon, CEO of Amplify ETFs. “BAGY and BITY represent the next generation of weekly Bitcoin option income strategies as they seek to deliver attractive income while offering upside exposure to Bitcoin’s growth potential. Whether investors seek maximum weekly income with capital appreciation potential via BAGY or prefer to balance an attractive 24% target premium yield with greater capital appreciation potential with BITY, Amplify offers two carefully managed opportunities at compelling price points.”

    The process for both ETFs includes buying long Bitcoin exposure through ETPs and synthetic options, writing weekly covered calls, rolling expiring contracts, and seeking to pay high monthly distributions. This structure aims to provide high income, flexibility in call pricing, and clear participation in Bitcoin upside in an accessible investment vehicle.

    Both ETFs provide investors with monthly distribution frequency, enhanced total return through income generation potential, and a compelling way to access the growing digital asset space. Their versatility aligns well with allocations in a portfolio’s income, growth, or alternative sleeves.

    The funds are actively managed. Amplify Investments LLC serves as the investment adviser to the Funds. Kelly Strategic Management, LLC and Penserra Capital Management LLC each serve as investment sub-advisers to the Funds.

    Learn more:

    About Amplify ETFs
    Amplify ETFs, sponsored by Amplify Investments, has over $10 billion in assets across its suite of ETFs (as of 3/31/2025). Amplify ETFs delivers expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs. To learn more visit AmplifyETFs.com.


    1    An option premium is the cost an option buyer pays to the seller for the right to trade an asset at a set price within a certain period.
    2Out of the money (OTM) options has a strike price that the underlying security has yet to reach.

    *The Funds do not invest directly in bitcoin. Bitcoin ETPs are exchange-traded investment products not registered under the 1940 Act that seek to generally match the performance of the price of Bitcoin, and trade intra-day on a national securities exchange.

    There is no guarantee that BITY will achieve the Target Option Premium in any given year. If the NAV of the Fund remains level or decreases during any one-year period, the annualized premium generated by the Fund may be significantly less than the Target Option Premium for that time period.

    Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.

    Investing involves risk and possible loss of principal. There is no guarantee the investment strategy will be successful. The Funds are considered to be non-diversified. The Funds are actively managed and their performance reflects the investment decisions that the Adviser makes for the Funds.

    The Funds face risks by investing in Bitcoin through the Bitcoin ETP and Bitcoin ETP Options, as bitcoin is a new and highly speculative investment. The market for bitcoin is volatile and subject to rapid changes, regulatory actions, and numerous challenges to widespread adoption. Issues such as slow transaction processing, variable fees, and price volatility further increase these risks.

    There is a lack of consensus regarding the regulation of digital assets, including bitcoin, and their markets. Trading in shares of a Bitcoin ETP on U.S. securities exchanges may be halted due to market conditions or for reasons that, in the view of an exchange, make trading in shares of the Bitcoin ETP inadvisable.

    Option contract prices are volatile and affected by changes in the underlying asset’s value, interest or currency rates, and expected volatility, all of which are influenced by political, fiscal, and monetary policies. The Funds may use FLEX Options, which can be less liquid than standardized options. This may make it difficult to close out FLEX Options positions at desired times and prices.

    With covered call risk, the Funds might miss out on profits if the security’s value rises above the option’s premium and strike price while still facing potential losses if the value declines. With covered put risk, significant stock price increases can lead to substantial losses on your short position. The premium provides some income but may not fully offset the loss if the stock rallies unexpectedly.

    The Funds currently expect to make distributions on a monthly basis, a portion of which may be considered return of capital.

    Amplify Investments LLC serves as the investment adviser to the Funds. Kelly Strategic Management, LLC and Penserra Capital Management LLC each serve as investment sub-advisers to the Funds.

    Amplify ETFs are distributed by Foreside Fund Services, LLC.

    The MIL Network –

  • MIL-OSI United Kingdom: City families reminded to check vehicle hire companies during Prom season

    Source: City of Wolverhampton

    City of Wolverhampton Council’s licensing team is working with schools and other councils across the region to alert families to potential risks.

    Officers are warning that not all companies that advertise the services of stretched limousines and other luxury or performance vehicles are licensed.

    The following advice is being issued so people can be sure that the vehicle being booked is safe and legal. The type of checks needed depend on how many passenger seats the vehicle has.

    Advice includes:

    • companies hiring out a vehicle and driver with fewer than nine seats may require a private hire vehicle operators licence from City of Wolverhampton Council. Ask the company if they are licensed and which local authority licenses them, then contact that authority to confirm
    • parents/carers can also check to see if they are licensed online at Taxi licences by clicking ‘Online Licence Registers’ and then selecting ‘Operators’
    • companies hiring out a limousine with a driver with nine passenger seats or more must have a public service vehicle (PSV) operator licence, issued by a Traffic Commissioner. You can check online at GOV.UK.
    • if the company doesn’t have a licence, it could be operating illegally. You can report this at Taxi Complaints – Report a taxi driver or by calling 01902 55 TAXI (01902 558294)
    • officers warn that extra care is needed when booking services advertised on social media as this is where the unlicensed trade primarily operates.

    Councillor Bhupinder Gakhal, cabinet member for resident services at City of Wolverhampton Council, said: “Prom nights are special occasions for young people to get together and celebrate all that they have achieved.

    “Unfortunately, we are aware that there may be unscrupulous companies looking to take advantage at this time of year. The driver may not have had a criminal record check or the vehicle may not be roadworthy. In addition, unlicensed vehicles and drivers won’t be insured.

    “Hiring a vehicle and driver that hasn’t been properly vetted and licensed could put your child and their friends at risk.

    “Please consider making checks on the company you are thinking of hiring from to make sure everyone has fun and stays safe on Prom night.”

    MIL OSI United Kingdom –

  • MIL-OSI: Charging Robotics: Revoltz Secures First Institutional Client for PORTO EV Logistics Deployment

    Source: GlobeNewswire (MIL-OSI)

    Marks Expansion Beyond Individual Customers into Fleet and Commercial Applications

    Tel Aviv, Israel, April 29, 2025 (GLOBE NEWSWIRE) — Charging Robotics Inc. (OTC: CHEV), announced today that its affiliate, Revoltz Ltd. (of which Charging Robotics owns 19.9%), has secured its first institutional client for the PORTO EV, Revoltz’s flagship electric micro-vehicle designed for last-mile logistics. The new order marks a significant step in Revoltz’s commercial expansion strategy, transitioning from individual sales into larger fleet deployments.

    The institutional customer — a prominent logistics provider — will integrate PORTO EVs into its urban delivery fleet, reinforcing the growing demand for sustainable, compact electric mobility solutions across commercial operations.

    “This first institutional order validates our vision to transform urban logistics with efficient, eco-friendly electric vehicles,” said Amir Zaid, CEO and Co-founder of Revoltz. “Fleet customers are seeking solutions that reduce operating costs, meet new sustainability goals, and deliver operational agility in crowded urban settings. We believe that the PORTO EV fits perfectly into that vision.”

    The order comes shortly after Revoltz’s successful launch of its commercial phase in Israel, which included the delivery of the first 50 PORTO EV units to its exclusive local distributor under a multi-year $2.7 million agreement.

    The PORTO EV offers key features ideal for institutional logistics use, including:

    • High-volume cargo capacity across dual axles
    • Full-day operational range on a single charge
    • Compact design optimized for dense urban areas
    • License-free operation for users aged 16+ under Israeli regulations

    The Israeli distributor is leading ongoing sales and service operations, focusing on local delivery fleets, logistics companies, and urban businesses.

    As Revoltz continues to scale operations, it expects to further penetrate the growing last-mile delivery sector both in Israel and internationally, addressing a critical need for sustainable urban transportation.

    About Revoltz Ltd.

    Revoltz Ltd., an affiliate of Charging Robotics Ltd., specializes in the design and manufacture of high-end, mini electric vehicles, bridging the gap between traditional automotive design and emerging micro-mobility solutions. Revoltz is committed to creating cutting-edge designs that revolutionize the micro-mobility sector.

    About Charging Robotics

    Charging Robotics is developing various automatic wireless charging solutions such as robotic and stationary charging systems for EVs. Robotic solutions are intended to offer the driver the ability to initiate charging by use of a simple smartphone app that instructs an autonomous robot, which navigates under the EV for access and charging capabilities. Our stationary systems offer various charging solutions, including in automatic car parks where the company’s system allowing EVs to charge in places where drivers can’t connect plugs to sockets. For further information, visit: https://www.chargingrobotics.com/

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on the current expectations of Charging Robotics, and its subsidiary Charging Robotics Ltd. (together, the “Company”), they are subject to various risks and uncertainties, and actual results, performance or achievements of the Company could differ materially from those described in or implied by the statements in this press release. For example, the Company uses forward looking statements when it discusses Revoltz’s vision to transform urban logistics with efficient, eco-friendly electric vehicles.

    The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. The Company is not responsible for the contents of any third-party websites.

    Investor Relations Contact:

    Michal Efraty
    Investor Relations
    michal@efraty.com

    The MIL Network –

  • MIL-OSI United Nations: Tonga: Building infrastructure resilience in an isolated, hazardous world

    Source: UNISDR Disaster Risk Reduction

    Tonga: Building infrastructure resilience in an isolated, hazardous world

    (In collaboration with UNDRR and CDRI)

    When an underwater volcano erupted about 65 kilometres north of Tonga’s main island, Tongatapu, in January 2022, it sent ash high into the atmosphere and triggered a tsunami that struck the archipelago nation with waves as high as 15 metres. While the waves killed four people directly in Tonga, the eruption and consequent tsunami smashed into residential and non-residential buildings alike, damaged other infrastructure such as submarine cables, and contaminated water supplies with ashfall.

    Tonga

    is one of the most disaster-prone countries in the world.

    85,000 people

    in Tonga affected by the 2022 volcano eruption.

    The event also highlighted how Tonga must quickly build more resilience into its infrastructure and economy if it wants to improve the quality of life for its roughly 100,000 population.

    The country is a lower-middle income nation, constrained by its geographic isolation, small market size, and high cost of basic services. A Pacific archipelago of 172 islands, whose nearest neighbours – Fiji and Samoa – are more than 700 kilometres away, Tonga is highly dependent on climate sensitive-sectors such as agriculture, fisheries, and tourism. Its economy is sensitive to external shocks. 

    Cyclones, tsunamis, and volcanoes cause serious damage every time they hit Tonga, and yet – in recent years – the Pacific nation has experienced more extreme weather events than usual. Cyclone Gita, a category 4 tropical cyclone which hit Tonga in February 2018, was one of the most powerful storms to hit Tonga in decades, killing two, destroying at least 171 homes, and damaging more than 1,100 others. 

    This immense vulnerability to multiple natural hazards – and the dangers of cascading impacts – led Tonga to become one of four countries – together with Bhutan, Chile, and Madagascar – pioneering the Global Methodology for Infrastructure Resilience Review. Developed by the UN Office for Disaster Risk Reduction (UNDRR) and the Coalition for Disaster Resilient Infrastructure (CDRI), the methodology helps countries to identify and prioritise the strategies that will build their infrastructure resilience through a five-step approach.

    1

    Stakeholder mapping

    • Key ministries, regulators and operators in infrastructure development
    • Cross-sector coordination mechanisms

    Review of existing policies and regulations

    • Policies and regulations shaping infrastructure resilience
    • Integration of disaster risks in national plans and strategies

    Identification of vulnerabilities (Stress Testing)

    • Data collection on hazards and vulnerabilities
    • Multi-hazard resilience testing of infrastructure systems

    Principles for resilient infrastructure

    • Infrastructure resilience assessment using the UNDRR Resilience Principles
    • Identification of resilience-building interventions

    Development of an Implementation plan

    • Results validation and prioritization
    • Implementation plan with assigned responsibilities

    “The infrastructure resilience review process is already helping us to do that,” he said.

    Advancing Infrastructure Resilience in Tonga

    • The process

    • The process

      In 2021, Tonga enacted the Disaster Risk Management (DRM) 2021 Act, replacing the Emergency Management Act 2007, signaling a new ambition to manage risk instead of reacting to disaster. 

      After the 2022 volcano eruption, it also connected quickly with international partners. With World Bank support, it upgraded its ports, roads, and an airport, making them more resilient to storm surges, floods, and high winds. The Asian Development Bank has also helped with grants to help the country recover from disasters and health emergencies, including the COVID-19 pandemic.

      The infrastructure resilience assessment approach in the Global Methodology, provided Tonga with the opportunity to take a holistic look at their infrastructure and risk, identify the gaps, and then fill them.

      Stress-testing of Critical Infrastructure against Identified Hazard, Tonga

      In the first phase, a technical working group was set up with representatives from 21 departments and agencies across six ministries. Supported by this working group, the review process began with a kick-off meeting that included key stakeholders for infrastructure development, disaster risk reduction, and sectoral operations. Next, in phase two, it reviewed existing policies and regulations, assessing the extent to which they address disaster risks and support infrastructure resilience.

      In the third phase, stakeholders conducted stress tests and gap analysis on ten critical infrastructure functions against a range of hazards, including cyclones, droughts, underground water / seawater intrusion, tsunamis, volcanic eruptions, non-communicable diseases, land degradation and erosion, floods, sea level rises, and cybersecurity breaches. By identifying these vulnerabilities, interdependences, and cascading risks, the participants were able to seriously consider the economic impacts and interdependences of different hazards throughout. 

      Fourth, Tonga’s current resilient infrastructure practices were assessed against the UNDRR Principles for Resilient Infrastructure. These six principles set out the key conditions for sustainable infrastructure resilience. They support the Sendai Framework for Disaster Risk Reduction and Sustainable Development Goals, as well as the G20 Principles for Investing in Quality Infrastructure. 

      Finally, stakeholders drafted an implementation plan, consolidating the findings and providing a road map for enhancing infrastructure resilience.

      “By prioritising resilience, the country can support sustainable economic growth, adapt to climate change, and protect communities, while minimising economic and human losses.”

    • Water sector

    • Water sector

      One of the sectors examined was the water sector, including a deep dive analysis. Water is everywhere in a small island development state (SIDS) like Tonga, of course, but securing a stable supply remains difficult. Water in Tonga comes from ground water and rainwater, which are both vulnerable to impacts from climate change. 

      Rising sea-levels mean that many assets are at risk of flooding, while soil erosion is also a threat. When sea levels rise, salt water can enter some freshwater supplies, reducing the available water for drinking. 

      Funding the necessary upgrades, however, is a challenge. The Tonga Water Board (TWB) operates without subsidies, making capital investment difficult.

      Meanwhile, the lack of a centralised infrastructure database complicates the assessment and management of existing resources. Multiple institutions manage water resources across the archipelago’s 45 or so inhabited islands, doing so with varying levels of expertise. While integrated planning and coordination should be essential for efficiency, the system is fragmented. Integrated planning and management are urgently needed to ensure resilience in the water sector. Equally as importantly, there’s a need for more data and information, and for a better understanding of how to use the already available data, which does not capture all boreholes and rainwater harvesting.

      Challenges are even greater on the outer islands. Most villages lack a formalised tariff system, complicating the collection of revenue for repairs and maintenance. Composed of local residents, Village Water Committees (VWCs) play a crucial role, but they often lack financial and other supporting skills. Without structured regulations and trained personnel, infrastructure upkeep is inconsistent.

      “But at the same time, it takes four or five hours by boat to reach some of these communities,” he said. “It is not an easy job.” The support system for water infrastructure needs to be planned, designed, and monitored more effectively to become more resilient to hazards, which is an area of need for VWC.

      Finally, the water pumping stations are dependent on electricity. This means that if a cyclone damages the power lines and impacts electricity supply, then water supply would also be affected. The disaster responses are complicated by limited standard operating procedures (SOPs) as cyclones, volcanoes, and tsunamis all affect the water infrastructure in different ways. Take a look at how some of the most recent events have affected Tonga’s water infrastructure:

      Hazard-related disruptions in Tonga’s water sector

      TROPICAL CYCLONES:

      Cyclone Gita (2018) damaged water distribution systems and rainwater tanks, while other cyclones have led to extensive system failures.

      VOLCANIC ERUPTIONS AND ASHFALL:

      The 2022 eruption of Hunga Tonga-Hunga Ha’apai severely impacted water punps and contaminated rainwater tanks, leading to supply disruptions.

      DROUGHTS:

      Prolonged droughts in 2023 have affected rainwater collection systems, exacerbating water shortages.

      TSUNAMIS:

      The 2022 tsunami contamined groundwater sources in southern islands and destroyed coastal water infrastructure.

      Several resilience measures do exist. Desalination units provide emergency water, even if their maintenance or repairs sometimes fall on untrained community members, causing delays and potential safety issues. Overall, however, these are uneven and insufficient.

      Some development support has been provided, but the projects are also unevenly distributed. They tend to focus mostly on the main island, leaving outer islands underserved. 

      From the Infrastructure Resilience Review, several recommendations emerged:

      • Build Village Water Committee capacity by developing management manuals, training, and emergency water plans for climate and disaster events.  
      • Establish standard procedures for Village Water Committees to capture and share water data, linking it into a centralised system. Procure and distribute the necessary hardware, then train the VWCs in its use.
      • Set up processes to coordinate donor projects across the water sector.
      • Review the complete water sector for exposure to hazards, including its dependencies on other sectors such as transport, ICT and energy.
      • Find ways to improve the management of both rainwater and groundwater.
      • Improve water security on the outer islands by increasing water storage volumes, testing new solutions such as hydro panels and mobile desalination units. 
    • Transport

    • Transport

      The Infrastructure Resilience Review also looked at transport, given the importance and vulnerabilities of Tonga’s ports, airports, and roads. 

      On the one hand, Tonga’s geographic isolation makes it highly dependent on its ports and airports for imports of food, fuel, and spare parts. In 2000, the last available energy balance showed that 75 percent of the country’s energy depends on imported petroleum products. Over 98 percent of Tonga’s grid-supplied electricity is generated using imported diesel. 

      On the other hand, those ports and airports are highly vulnerable to disruption of the other critical infrastructure functions, including transport. The ports and airports both depend on Tonga’s roads, for example, to connect them with the rest of the country.

      Multi Hazards Disaster Risk Assessment, ARUP 2021

      However, while Tonga’s climate is already tropical, climate change is expected to bring heavier and more frequent rainfall, damaging roads in the low-lying areas. Inadequate drainage will compound this damage, disrupting transport and mobility to the ports and airports. 

      In turn, this could also disrupt Tonga’s electricity, which relies heavily on diesel imports, as well as the delivery of clean water to remote areas or even – in case of emergencies – access to evacuation centres. 

      The Roadmap for Infrastructure Resilience has multiple recommendations for improving road transport resilience, including the following: 

      • Improve data on infrastructure quality to understand better which rural and urban roads are exposed to flooding. 
      • Produce geohazard maps to enable monitoring of infrastructure resilience and vulnerability.
      • Develop mitigation measures based on assessments of the road quality.
      • Integrate climate safety factors into road design.

      Additionally, the Roadmap for Infrastructure Resilience in the Kingdom of Tonga makes specific priority recommendations for individual sectors, including the development of a national resilient critical infrastructure strategy, the establishment of a critical infrastructure working group, and the establishment of a central disaster data centre. 

      “The infrastructure resilience review reminds us that we are not passive actors, but that to a much greater extent we are masters of our own destiny,” said Sione Pulotu ‘Akau’ola, CEO for Ministry of MEIDECC.

      “In the long run, building resilience into our infrastructure will save us lives, destruction, and economic damage,” he said.

    Download the full report:
    Roadmap for Infrastructure Resilience in the Kingdom of Tonga

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: Interdepartmental working group on festival arrangements releases latest information and appeals to public and visitors to plan cross-boundary trips in advance for Labour Day Golden Week of Mainland

    Source: Hong Kong Government special administrative region

         The interdepartmental working group on festival arrangements, led by the Chief Secretary for Administration, released the following information today (April 29) on the traffic and public transport arrangements for the upcoming Labour Day Golden Week of the Mainland.

         During the Labour Day and the Birthday of the Buddha holidays, in anticipation of a large number of members of the public, vehicles and Mainland visitors travelling to and from the Mainland or Macao via various land-based BCPs, particularly on May 1, 3 and 5, the Transport Department (TD) urged the public and visitors to plan their trips in advance and allow sufficient travelling time.

         The TD has co-ordinated with local and cross-boundary public transport operators (PTOs) to strengthen their services during the holidays, including increasing the frequency of the Hong Kong-Zhuhai-Macao Bridge (HZMB) shuttle bus (Gold Bus) to less than one minute during peak hours, and the Lok Ma Chau-Huanggang cross-boundary shuttle bus (Yellow Bus) to about two minutes at its highest frequency, as well as increasing the quota of cross-boundary coaches to strengthen services. The frequency of local franchised bus B routes connecting various land-based BCPs will also be increased to a level higher than that of normal weekends or Sundays while franchised bus operators concerned will reserve sufficient vehicles and manpower to meet the travel needs of passengers. The MTR Corporation Limited will enhance the train services of the East Rail Line between Admiralty and Lo Wu/Lok Ma Chau at different times from May 1 to May 5 to provide convenience for the travelling public and visitors. It is anticipated that the waiting time for public transport services, including the Gold Bus, may be longer. Passengers should make their journeys during non-peak hours, observe order while queuing and heed advice from on-site Police and staff of PTOs concerned. Passengers of cross-boundary coaches are also advised to reserve their coach tickets in advance.

         Of note, motorists are advised that, subject to actual traffic conditions, special traffic arrangements may be implemented at the Lok Ma Chau Control Point and the Shenzhen Bay Port from May 1 to 5 to allow smooth access of public transport vehicles to the above control points. Cross-boundary private cars may need to queue up for crossing the BCPs. Motorists should pay extra attention to variable message signs and traffic signs along the roads. In case of traffic congestion, they should remain patient and follow the instructions of on-site police.

         For the HZMB, to plan their journeys ahead, members of the public can make use of the TD’s HKeMobility mobile application (hkemobility.gov.hk/en/traffic-information/live/cctv) to access snapshots of traffic conditions at inbound and outbound vehicle plazas of the HZMB Hong Kong Port. They can also check real-time situations of the vehicle clearance plaza of the Zhuhai Port through WeChat official accounts “hzmbzhport” or “zhuhaifabu” (traffic-info.gzazhka.com:5015/#/) (Chinese only), and check the forecasts of peak hours of inbound and outbound vehicles at the HZMB Zhuhai Port through the WeChat official account of the HZMB integrated information dissemination platform (mp.weixin.qq.com/s/PXLza25svheLQZuTXSbwFQ) (Chinese only). Moreover, motorists are reminded to always comply with the traffic control measures implemented by the Zhuhai authority when driving on the HZMB Main Bridge. Vehicles shall not occupy the emergency lane unless instructed by the Zhuhai authority.

         The TD’s Emergency Transport Co-ordination Centre will continue to operate 24 hours to closely monitor the traffic conditions and public transport services of different districts including various BCPs and major stations. The TD will disseminate the latest traffic information through various channels. Members of the public are advised to check the latest traffic news through radio and television broadcasts, and the HKeMobility application.

         The interdepartmental working group on festival arrangements is tasked with holistically co-ordinating and steering the preparatory work of various government departments for welcoming visitors to Hong Kong during the Labour Day Golden Week of the Mainland, as well as strengthening information dissemination to enable the public and visitors to plan their itineraries according to the latest situation.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Eucharistic Celebration on the third day of the Novendiali

    Source: The Holy See

    At 17.00 this afternoon, in the Vatican Basilica, the Eucharistic Celebration was held in memory of the Roman Pontiff Francis, on the third day of the Novendiali.
    The Church of Rome was specially invited to the Celebration.
    The Concelebration was presided over by His Eminence Cardinal Baldassare Reina, vicar general of His Holiness for the diocese of Rome.
    The following is the homily delivered by Cardinal Baldassare Reina during the Holy Mass:

    Homily of His Eminence Cardinal Baldassare Reina
    My meagre voice is here today to express the prayer and suffering of a part of the Church, that of Rome, encumbered with the responsibility that history has assigned to it.
    In these days, Rome is a people that mourns its bishop, a people together with other peoples who have waited in line, finding a space among the places of the city in order to weep and pray, like sheep without a shepherd.
    Sheep without a shepherd: a metaphor that allows us to recompose the sentiments of these days, and to enter in depth into the image we have received from the Gospel of John, the ear of grain that must die in order to bear fruit. A parable that tells of a shepherd’s love for his flock.
    In this time, as the world burns, and few have the courage to proclaim the Gospel translating it into a vision of a possible and real future, humankind appears like sheep without a shepherd. This image comes from the lips of Jesus, resting His eyes on the crowd who followed Him.
    Around Him there are the apostles who tell Him about everything they have done and taught. The words, the gestures, the actions learned from the Master, the proclamation of the kingdom of the coming God, the need for a change of life, joined with signs capable of giving flesh to the words: a touch, an outstretched hand, disarmed conversation, without judgment, liberating, without fear of contact with impurity. In carrying out this service, necessary to reawaken faith, to rekindle the hope that the evil present in the world would not have the last word, that life is stronger than death, they have not even had the time to eat.
    Jesus felt the burden, and this comforts us now.
    Jesus, the true shepherd of the history that needs His salvation, knows the burden that weighs upon each one of us in continuing His mission, especially when we will have to choose the first of His shepherds on earth.
    As in the time of the first disciples, there are achievements and also failures, weariness and fear. The significance is immense, and temptations creep in that obscure the only thing that counts: to wish, to seek, to work in the expectation of “a new heaven and a new earth”.
    And this cannot be the time for manoeuvres, tactics, caution, the time that follows the instinct to turn back, or worse, retaliation and alliances of power; what is needed is a radical willingness to enter into God’s dream, entrusted to our poor hands.
    I am struck at this time by what we are told in Revelation: “I, John, saw the holy city, a new Jerusalem, coming down out of heaven from God, prepared as a bride adorned for her husband”.
    A new heaven, a new earth, a new Jerusalem.
    Faced with the proclamation of this newness, we cannot give in to that mental and spiritual indolence that binds us to the forms of experience of God and ecclesial practices known in the past, and which we would wish to be repeated ad infinitum, subjugated by the fear of the losses attached to the necessary changes.
    I think of the many processes for the reform of the life of the Church undertaken by Pope Francis, and which transcend religious affiliations. People recognized that he was a universal pastor, and the barque of Peter needs this wide navigation that transcends and surprises.
    These people carry disquiet in their hearts, and I seem to see a question in them: what will become of the processes that have been initiated?
    Our duty should be to discern and order what has been started, in the light of what our mission requires, in the direction of a new heaven and a new earth, adorning the Bride for her husband. Whereas we might seek to clothe the Bride according to worldly conveniences, guided by ideological pretensions that tear apart the unity of Christ’s garments.
    To seek a shepherd today means above all to seek a guide who knows how to manage the fear of losses faced with the needs of the Gospel.
    To seek a shepherd who has the gaze of Jesus, epiphany of God’s humanity in a world that has inhuman traits.
    To seek a shepherd who confirms that we must walk together, forming ministries and charisms; we are a people of God constituted to proclaim the Gospel.
    Jesus, looking at the people who follow Him, feels the stirring of compassion within Him: He sees women, men, children, old and young, poor and sick, and no-one who takes care of them, who can quell their hunger from the jaws of a life that has become hard, and hunger for the Word. Faced with those people, He feels He is their bread that does not disappoint, their water that quenches their endless thirst, the balsam that heals their wounds.
    He feels the same compassion that Moses felt at the end of his days when, from the summit of the mountain of Abarim, facing the land he will not be able to cross, looking at the multitude he has led, he prays to the Lord that the people will not be reduced to being a flock without a shepherd, a people he cannot keep with him, a people who must keep moving forward.
    That prayer is now our prayer, that of the entire Church and of all the women and men who ask to be guided and supported in the toil of life, amid doubts and contradictions, orphans of a word that guides amidst siren songs that flatter the instincts of self-redemption; that breaks solitude, gathers together the discarded, does not give in to arrogance, and has the courage not to bend the Gospel to the tragic compromises of fear, complicity with worldly mindsets, and alliances that are blind and deaf to the signs of the Holy Spirit.
    The compassion of Jesus is that of the prophets who manifest the suffering of God in seeing the people lost and abused by bad shepherds, by mercenaries who take advantage of the flock, and flee when the wolf comes. Bad shepherds care nothing for their sheep; they abandon them to their peril, and this is why they are captured and scattered.
    Whereas the good shepherd offers his life for his sheep.
    The page from the Gospel of John, proclaimed in this liturgy, speaks of this radical shepherd’s disposition, and presents us with the testimony of how Jesus is able to see beyond death, when the hour would come that would glorify His mission. The hour of death on the cross that manifested His unconditional love for all.
    “Unless a grain of wheat falls to the ground and dies, it remains just a grain of wheat”. The grain of wheat that has sought the ground with the incarnation of the Word, has fallen to raise those who fall, has come to seek those who are lost.
    His death is a planted seed that leaves us suspended at that time in which the seed can no longer be seen, enveloped by the earth that hides it, making us fear that it has been wasted. A pause that might distress us, but that can become a threshold of hope, a crack in the doubt, a light in the night, the garden of Easter.
    The promised fruitfulness belongs to the willingness to death; it becomes bitten wheat, hostage to the infidelity and ingratitude to which Jesus, the good shepherd who offers His life for His sheep, responds with the forgiveness requested from the Father, while He dies abandoned by His friends.
    The good shepherd sows with his own death, forgiving his enemies, preferring their salvation, the salvation of all, to his own.
    If we want to be faithful to the Lord, to the grain of wheat that has fallen on the ground, we must do so by sowing with our life.
    And how can we fail to recall the Psalm: “Those who sow in tears will reap with cries of joy”!
    There are times such as our own in which, like the farmer to whom the psalmist refers, sowing becomes an extreme act, moved by the radicality of an act of faith.
    It is a time of famine, the seed sown on the earth is taken from the last supply without which one dies. The farmer weeps because he knows that this last act is asking him to put his life at risk.
    But God does not abandon His people: He does not leave his shepherds alone, He will not allow, as with His Son, that He is abandoned in the tomb, in the grave of the earth.
    Our faith holds the promise of a joyful harvest, but one that must pass through the death of the seed that is our life.
    That extreme, total, gruelling gesture of the sower made me think back to Pope Francis’ Easter Day, to that unsparing pouring out of himself in blessing and embracing his people, the day before he died. The last act of his unsparing sowing of the proclamation of God’s mercies.
    Thank you, Pope Francis.
    May Mary, the holy Virgin whom we, in Rome, venerate as the Salus populi romani, who now accompanies and watches over his mortal remains, receive his soul and protect us in the continuation of his mission. Amen.

    MIL OSI Europe News –

  • MIL-OSI Russia: Artificial Intelligence Can Become a Catalyst for Sustainable Development

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Artificial intelligence is transforming all areas of life, expanding our capabilities and boundaries. At the same time, technology is throwing up new challenges to humanity related to safety, ethics, and environmental protection. Today, every neural network leaves behind a large carbon footprint. However, with proper management, AI can benefit the planet and become the key to a sustainable economy of the future. This was explained by the scientific directorLaboratory of Algorithms and Technologies for Network Structure Analysis at the National Research University Higher School of Economics in Nizhny Novgorod Panos Pardalos in the framework XXV Yasinsky (April) International Scientific Conference on Problems of Economic and Social Development.

    Today, the world is experiencing the fourth industrial revolution, the main character of which is artificial intelligence. Like electricity during the last revolution, AI has taken a dominant position among all technologies. Many countries, such as the United States, China, France, Canada, etc., have included the development of machine learning technologies among their national priorities, thereby emphasizing the importance and prospects of this area.

    “We talk a lot about artificial intelligence today. It’s amazing how much technology has expanded our biological capabilities in the field of vision, hearing, our cognitive abilities. I think it would be more correct to call these developments not artificial intelligence, but augmented intelligence,” said Panos Pardalos. “Telescopes, sensors, brain-computer interfaces, the metaverse, ChatGPT — all these impressive achievements are based on complex mathematics and optimization algorithms.”

    According to Professor Pardalos, the widespread adoption of technology and automation, on the one hand, can bring enormous benefits to the global economy and welfare, but on the other hand, it is associated with serious problems in terms of resource use. For example, machine learning technologies are associated with colossal amounts of energy consumption.

    “We often forget the price we pay for technology. Machine learning algorithms have incredible computing power, but they require equally incredible amounts of electricity. The carbon footprint of training a single model is comparable to the emissions of several cars over their entire service life,” the researcher emphasized.

    Other problems highlighted by the scientist include recycling electronic equipment and mining rare earth metals. The metals themselves are necessary for the production of green technologies (electric vehicle engines, wind generators, energy-saving lamps), but their mining is not environmentally friendly and is detrimental to the environment.

    According to dataresearch 2023, the Earth has already crossed 7 of 8 possible boundaries of safe human life on it, including emissions of hazardous substances into the atmosphere, reduction of biodiversity, climate change, etc. At the same time, Panos Pardalos believes that it is artificial intelligence that can become the key to a sustainable economy of the future.

    “We already have all the necessary technologies for developing a sustainable economy, and with the right policy, AI can become a key factor in the transition to it. The use of nuclear and renewable energy, waste recycling, digital twins of enterprises, the creation of energy storage facilities, the development of new materials – all this is possible today. Of course, the price of implementing new solutions is quite high. Political will and a number of educational, enlightening measures are needed to use the opportunities that AI gives us with maximum benefit,” concluded Panos Pardalos.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Fatal crash, Horotiu Road

    Source: New Zealand Police (District News)


    Location:

    Police can confirm one person has died following an earlier crash south of Te Kowhai.

    The single vehicle crash happened at around 4:40pm.

    Sadly, the driver has died at the scene.

    Horotiu Road remains closed.

    ENDS

    Issued by Police Media Centre.

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: Treat for car lovers as Supercar Saturday roars into town

    Source: Northern Ireland – City of Derry

    Treat for car lovers as Supercar Saturday roars into town

    29 April 2025

    Car enthusiasts across the city and district are in for a treat as the Mayor’s popular Supercar Saturday roars into Guildhall Square and Harbour Square on Saturday 24th May from 12-5pm.

    Local car enthusiasts Gary and Stephen McCaul will showcase approximately 35 luxury vehicles including Lamborghini, Ferrari, Porsche, McLaren and Maserati for public viewing.

    Popular local entertainer Micky Doherty will lead this family-friendly event which offers children and big kids the chance to get up close with one of Ireland’s finest collections of supercars. Adding to the festive atmosphere, DJ Lui and DJ Richie Rich will keep the music flowing throughout the day. A mobile gaming truck will provide additional entertainment for younger attendees, while local food vendors will be on site serving delicious refreshments.

    The Mayor of Derry City and Strabane District Council, Cllr Lilian Seenoi Barr, said she was delighted to see this well-supported event return to the city. Supercar Saturday will help to raise funds for The Bud Club, the Mayor’s chosen charity for her year in office. 

    “I’m really looking forward to hosting Supercar Saturday. This event has become a highlight in our community calendar, and for good reason. The collection of Lamborghinis, Ferraris, and other luxury vehicles that Gary and Stephen have arranged is truly world-class. I’ve had the privilege of previewing some of these fantastic vehicles, and they are simply breathtaking.

    “What makes this day so special is that it allows car enthusiasts to explore the spectacular vehicles they have previously only dreamt about. I’m particularly proud that this event will raise funds for The Bud Club, allowing our community’s passion for incredible cars to directly benefit a life-changing organisation for young people with additional needs.”

    Supercar Saturday is part of the Mayor’s One Big Weekend, One Big Cause – Revved Up and Ready to Rock for Bud Club’ extravaganza which will take place on the Bank Holiday weekend of May 24th and 25th and features three incredible events designed to appeal to all ages and interests.

    The fun will begin with Supercar Saturday, followed by a night of music and entertainment with ‘Derry Rocks for Bud Club’ in the Guildhall. This event will feature The Mindbenders with the Ultimate Yacht Rock Show, along with funnyman Black Paddy and musician Ritchie Remo. The weekend will be brought to an epic conclusion with ‘Feel the Beat’ a night of high-energy and infectious Afrobeats at St Columb’s Hall. All three events will raise funds for the Mayor’s chosen charity, The Bud Club, a life-changing organisation for young people with additional needs.

    For more information and to purchase tickets to the ‘Derry Rocks for Bud Club’ and Afrobeats night go to www.derrystrabane.com/OneWeekend. You can also keep up to date with everything that is happening on What’s On Derry Strabane and Council’s social channels.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Drone racing and UAV control: a course for Moscow teachers at the State University of Management

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    The State University of Management held a series of educational events on the management of unmanned aerial vehicles for teachers of comprehensive schools in Moscow.

    The program is being implemented by the State University of Management jointly with the Department of Education and Science of the City of Moscow and the State Budgetary Educational Institution of Additional Professional Education “Moscow Center for Educational Practices”.

    During the 4 days of training, teachers became familiar with the legal basis of UAS, the organization of project activities in the field of UAV management, and the management of a drone racing competition project.

    The students also learned about current trends in the development of unmanned aircraft systems and became familiar with the design and construction of UAVs.

    In addition, the participants tried their hand at controlling an unmanned aerial vehicle in a special cube – a safe airspace.

    Subscribe to the TG channel “Our GUU” Date of publication: 04/29/2025

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI China: China speeding up standard-setting for autonomous driving safety

    Source: People’s Republic of China – State Council News

    BEIJING, April 29 — China will accelerate the development of mandatory national standards in its quest to improve autonomous driving safety, an official document showed.

    The document, released Monday by the Ministry of Industry and Information Technology, outlined key priorities for automotive standardization work for this year.

    Among the plans, the country will advance the approval and implementation of standards for autonomous driving design operating conditions, automated parking systems and simulation testing.

    China will also step up efforts to implement battery safety standards for electric vehicles and speed up relevant standard-setting to enhance the safety of driver-assistance products, the document said.

    MIL OSI China News –

  • MIL-Evening Report: Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon

    Source: The Conversation (Au and NZ) – By Mehdi Seyedmahmoudian, Professor of Electrical Engineering, School of Engineering, Swinburne University of Technology

    The lights are mostly back on in Spain, Portugal and southern France after a widespread blackout on Monday.

    The blackout caused chaos for tens of millions of people. It shut down traffic lights and ATMs, halted public transport, cut phone service and forced people to eat dinner huddled around candles as night fell. Many people found themselves trapped in trains and elevators.

    Spain’s prime minister, Pedro Sánchez, has said the exact cause of the blackout is yet to be determined. In early reporting, Portugal’s grid operator REN was quoted as blaming the event on a rare phenomenon known as “induced atmospheric vibration”. REN has since reportedly refuted this.

    But what is this vibration? And how can energy systems be improved to mitigate the risk of widespread blackouts?

    How much does weather affect electricity?

    Weather is a major cause of disruptions to electricity supply. In fact, in the United States, 83% of reported blackouts between 2000 and 2021 were attributed to weather-related events.

    The ways weather can affect the supply of electricity are manifold. For example, cyclones can bring down transmission lines, heatwaves can place too high a demand on the grid, and bushfires can raze substations.

    Wind can also cause transmission lines to vibrate. These vibrations are characterised by either high amplitude and low frequency (known as “conductor galloping”), or low amplitude and high frequency (known as “aeolian vibrations”).

    These vibrations are a significant problem for grid operators. They can place increased stress on grid infrastructure, potentially leading to blackouts.

    To reduce the risk of vibration, grid operators often use wire stabilisers known as “stock bridge dampers”.

    What is ‘induced atmospheric vibration’?

    Vibrations in power lines can also be caused by extreme changes in temperature or air pressure. And this is one hypothesis about what caused the recent widespread blackout across the Iberian peninsula.

    As The Guardian initially reported Portugal’s REN as saying:

    Due to extreme temperature variations in the interior of Spain, there were anomalous oscillations in the very high voltage lines (400 kV), a phenomenon known as “induced atmospheric vibration”. These oscillations caused synchronisation failures between the electrical systems, leading to successive disturbances across the interconnected European network.

    In fact, “induced atmospheric vibration” is not a commonly used term, but it seems likely the explanation was intended to refer to physical processes climate scientists have known about for quite some time.

    In simple terms, it seems to refer to wavelike movements or oscillations in the atmosphere, caused by sudden changes in temperature or pressure. These can be triggered by extreme heating, large-scale energy releases (such as explosions or bushfires), or intense weather events.

    When a part of Earth’s surface heats up very quickly – due to a heatwave, for example – the air above it warms, expands and becomes lighter. That rising warm air creates a pressure imbalance with the surrounding cooler, denser air. The atmosphere responds to this imbalance by generating waves, not unlike ripples spreading across a pond.

    These pressure waves can travel through the atmosphere. In some cases, they can interact with power infrastructure — particularly long-distance, high-voltage transmission lines.

    These types of atmospheric waves are usually called gravity waves, thermal oscillations or acoustic-gravity waves. While the phrase “induced atmospheric vibration” is not formally established in meteorology, it seems to describe this same family of phenomena.

    What’s important is that it’s not just high temperatures alone that causes these effects — it’s how quickly and unevenly the temperature changes across a region. That’s what sets the atmosphere into motion and can cause power lines to vibrate. Again, though, it’s still unclear if this is what was behind the recent blackout in Europe.

    Atmospheric waves can sometimes be seen in clouds.
    Jeff Schmaltz/NASA

    More centralised, more vulnerable

    Understanding how the atmosphere behaves under these conditions is becoming increasingly important. As our energy systems become more interconnected and more dependent on long-distance transmission, even relatively subtle atmospheric disturbances can have outsized impacts. What might once have seemed like a fringe effect is now a growing factor in grid resilience.

    Under growing environmental and electrical stress, centralised energy networks are dangerously vulnerable. The increasing electrification of buildings, the rapid uptake of electric vehicles, and the integration of intermittent renewable energy sources have placed unprecedented pressure on traditional grids that were never designed for this level of complexity, dynamism or centralisation.

    Continuing to rely on centralised grid structures without fundamentally rethinking resilience puts entire regions at risk — not just from technical faults, but from environmental volatility.

    The way to avoid such catastrophic risks is clear: we must embrace innovative solutions such as community microgrids. These are decentralised, flexible and resilient energy networks that can operate independently when needed.

    Strengthening local energy autonomy is key to building a secure, affordable and future-ready electricity system.

    The European blackout, regardless of its immediate cause, demonstrates that our electrical grids have become dangerously sensitive. Failure to address these structural weaknesses will have consequences far worse than those experienced during the COVID pandemic.

    Mehdi Seyedmahmoudian does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon – https://theconversation.com/did-induced-atmospheric-vibration-cause-blackouts-in-europe-an-electrical-engineer-explains-the-phenomenon-255497

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Death following St Leonards crash on 17 April

    Source: New South Wales Community and Justice

    Death following St Leonards crash on 17 April

    Tuesday, 29 April 2025 – 4:30 pm.

    Sadly, police can confirm a 32-year-old man has died in Southern Tasmania.
    The man was the passenger in a vehicle involved in a crash on Johnston Road at St Leonards on 17 April.
    Following the crash the man was flown to hospital in a serious condition and has since passed away.
    Sadly the 27-year-old woman who was the driver of the vehicle died at the scene of the crash.
    Our thoughts are with everyone affected by the crash.
    A report will be prepared for the Coroner.

    MIL OSI News –

  • MIL-OSI: Annual report and financial statements for the period ended 31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    OCTOPUS FUTURE GENERATIONS VCT PLC

    Annual report and financial statements for the period ended 31 December 2024

    Octopus Future Generations VCT plc (‘Future Generations VCT’ or the ‘Company’) is backing businesses that aim to address some of society’s biggest challenges, providing an opportunity for investors to share in the growth of ambitious, purpose‑driven companies.

    The Company is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

    Chair’s statement

    I am pleased to present the financial report and audited accounts for the Company for the 18 months to 31 December 2024.

    I would like to welcome all of our new shareholders to the Company. Future Generations VCT invests in exciting early-stage companies which aspire to address current environmental and societal issues. In 2023, the Board reviewed and approved a proposal to move the Company’s year end from 30 June to 31 December. As a result, shareholders are receiving this annual report covering an extended 18-month period and will thereafter receive a half-year report as at June, and annual report and audited financial statements for the years ending December thereafter.

    The NAV per share at 31 December 2024 was 88.8p, which represents a net decrease of 5.5p per share from 30 June 2023. In the 18 months to 31 December 2024, we utilised £10.1 million of our cash resources, including £8.2 million which was invested into 16 new and follow‑on opportunities. The cash balance of £20.1 million (excluding cash awaiting allotment) as at 31 December 2024 represents 42% of net assets at that date. The loss made in the period to 31 December 2024 was £2.9 million. This decline is reflective of some company specific performance challenges and the difficult funding conditions in the early-stage space which have led to downward movements in some valuations. Given the Company is still a relatively young VCT, many of its portfolio companies are at the beginning of their journey and will likely require further funding to succeed, so it is to be expected to see under performance or even failures before any growth in value of companies which are ultimately successful. The decline is also accentuated by the running costs of the Company exceeding returns from investments, which is to be anticipated at this stage.

    We look forward to deploying further capital into attractive new investment opportunities, and we ultimately intend the profile of the Company to comprise 80% to 90% in VCT qualifying investments and 10% to 20% in permitted non-VCT qualifying investments or cash.

    Fundraise
    We raised £3.6 million in the fundraise which closed on 31 October 2024. The 2023/2024 VCT fundraise market was highly competitive, ranking as the third highest on record with £882 million raised. In this environment, newer VCTs such as ours faced challenges in raising funds, as we compete with more established funds.

    On 3 February 2025, to further support the Company’s growth, the Board launched an initial offer to raise up to £5 million. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5.0 million.

    As investors will be aware, the intention is to invest in businesses which meet one of three key themes, which we hope will demonstrate excellent investment prospects as well as having the potential to transform the world we live in for the better.

    VCT status
    In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning that VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024 His Majesty’s Treasury brought the extension into effect through The Finance Act 2024.

    Board of Directors
    As announced in the half-yearly report to 31 December 2023, Emma Davies announced her retirement from the Board of Directors with effect from 31 March 2024 and Ajay Chowdhury was appointed with effect from 1 March 2024 and was elected by shareholders at the Annual General Meeting (AGM) held in December. We are already benefiting from his extensive experience in the early-stage venture ecosystem.

    All the other Directors have indicated their willingness to remain on the Board and will be seeking re-election at the AGM.

    Portfolio Manager
    In September 2024, Octopus Titan VCT PLC, a fund which the Company has co-invested alongside to date, announced a review of strategy, due to the ongoing performance issues it has faced. This review (which benefits from independent external advice) is ongoing, and when concluded, the results will be shared with the Board of the Company and via any public announcements that the Board of Octopus Titan VCT PLC may make.

    During this period, the investment team has prioritised much of its resource towards those portfolio companies which they believe have the potential to drive the greatest returns. This has affected your Company’s investment rate into new opportunities.

    In the meantime, there have been a significant number of leavers from the broader Octopus Ventures team which invests capital from both the Company and other funds under management. Simon King, Octopus’ Lead Fund Manager for Future Generations, has unfortunately resigned to pursue a new opportunity after 13 years with Octopus. He will continue to take an active role as Lead Fund Manager of the Company until late summer. I would like to take this opportunity to thank Simon for his contribution and to wish him well for the future. We will provide you with updates in due course regarding his potential successor.

    Erin Platts was appointed as new Chief Executive Officer (CEO) of Octopus Ventures in January 2025. Previously, she was CEO of HSBC Innovation Banking UK, formerly Silicon Valley Bank UK and worked at the heart of the UK and European tech ecosystem. Erin will be looking to scale the Octopus Ventures business, including ensuring there is appropriate investment and portfolio management resource to support the ongoing success of the Company.

    AGM
    The AGM will take place on 4 June 2025 from 10am and will be held at 33 Holborn, London EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of the AGM. We will have a Portfolio Manager’s update at the AGM, supported by a filmed update from the Portfolio Manager which will be available on the website at www.octopusinvestments.com/futuregenvct/.

    Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of the AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

    Outlook
    In the 18-month reporting period, the sharpest decline in NAV was seen in the first half of 2024 with a 7.1% drop. This was reflective of some of the portfolio companies struggling to scale, secure customer wins and successfully fundraise, meaning they were not achieving the milestones set at the time the Company invested. With companies not able to prove their business models, we will unfortunately see some fail. The Board is mindful that such performance is not an unusual outcome for a VCT at this stage of its investment life cycle, with any failures likely preceding valuation growth which is usually expected once the portfolio matures. The portfolio has been operating in a volatile macro environment since the Company launched and global geo-political and economic pressures continue to hamper some of their growth plans. However, we are satisfied to see a stabilisation in the NAV, with the portfolio showing a positive return in the six months from June to December 2024.

    The Mergers and Acquisitions (M&A) environment has started to thaw with startups experiencing the highest annual M&A transaction levels since 2019¹. We are delighted to have been able to realise the Company’s first full and partial exits in the reporting period. These exits within just three years of launch we hope provide validation of Future Generations VCT’s investment strategy, demonstrating the ability of Octopus to identify and back high-potential companies while delivering early returns to the VCT and brings confidence that it is well positioned to generate long-term, sustainable value for shareholders.

    The long-term target is to pay an annual dividend of 5% of the NAV. However, given the expected holding period of target portfolio companies and restrictions imposed on VCTs, it is very unlikely that the Company will be able to pay dividends before 2026. During this time, any growth in value will increase the net asset value of the Company. Dividends are likely to be generated from successful exits, so the Company is unlikely to pay significant dividends until more portfolio companies have time to mature and realisations are secured.

    I would like to conclude by thanking both my Board colleagues and the Octopus team on behalf of all shareholders for their hard work. The Board’s long-term view of early-stage venture capital remains positive, and I am looking forward to seeing what 2025 brings for your Company.

    Helen Sinclair
    Chair

    1 https://carta.com/uk/en/data/state-of-private-markets-q4-2024/#key-trends

    Portfolio Manager’s review

    At Octopus, our focus is on managing your investments and providing investors with clear and transparent communication. Our annual and half-yearly updates are designed to keep you informed about the progress of your investment.

    Focus on Future Generations VCT’s performance
    The NAV per share at 31 December 2024 was 88.8p, which represents a decrease in NAV of 5.5p per share versus a NAV of 94.3p per share as at 30 June 2023. The Company invests in three key areas that we believe demonstrate excellent investment prospects and have potential to transform our world for the better.

    Below is a breakdown of the 36 investments held as at 31 December 2024, showing the proportion and value of the portfolio in each investment theme:

    Proportion by number of portfolio companies in each theme
    Revitalising healthcare: 53%
    Empowering people: 28%
    Building a sustainable planet: 19%

    Value of the portfolio in each theme
    Revitalising healthcare: £13.3m
    Empowering people: £8.0m
    Building a sustainable planet: £5.5m

    The decline in valuation over the 18-month period has been in large part driven by the downward valuation movements across 11 companies which saw a collective decrease in valuation of £7.9 million. The businesses which contributed most significantly to this were Tympa Health, Pear Bio and Elo Health. Tympa Health over‑invested in growth and had to make significant cost cuts and changes to senior management whilst running a fundraise process. It has successfully concluded a further investment round, but at a reduced valuation and the Company’s shareholding now sits behind a large preference stack, meaning that other investors get paid back first before the Company would see any returns. Pear Bio also had to significantly reduce its cash burn but has limited runway and needs to further fundraise, so the valuation has been reduced to reflect the risk to its future. Elo Health struggled to find a market fit and execute on the investment thesis, so to extend its cash runway it had to raise an investment round at a reduced valuation. These three valuation movements account for 86% of the total decline in the reporting period. The total investment cost of these three companies was £7 million.

    Octopus Ventures believes that some of the companies which have seen decreased valuations in the 18 months have the potential to overcome the issues they face and get their growth plans back on track. We will continue to work with them to help them realise their ambitions. In some cases, if a company is achieving its performance milestones, the support offered could include further funding, to ensure a business has the capital it needs to execute on its strategy. At this early stage of the Company’s life cycle, it is to be anticipated that failures will likely precede valuation growth, which takes longer as the portfolio companies must achieve their agreed milestones and mature.

    Conversely, 12 companies saw an increase in unrealised valuation in the period, delivering a collective increase in valuation of £4.4 million. These valuation increases reflect businesses which have successfully concluded further funding rounds, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Apheris and Manual, both of which have shown impressive capital efficient growth. These strong performers demonstrate that there are opportunities available for companies to scale.

    The interest on Future Generation’s uninvested cash reserves was £1.4 million in the 18 months to 31 December 2024 (30 June 2023: gain of £0.4 million), driven by returns on money market funds. The Board’s objective for these investments is to generate sufficient returns through the cycle to cover costs, at limited risk to capital.

    Disposals
    In September 2024, as part of a Series A funding round, Octopus sold a portion of the Company’s shares in Neat. Then in November, Pluxee (a global leader in employee benefits) acquired Cobee. The two exits combined offer the Company a return of 1.5x, including contingent deferred proceeds.

    Overview of investments
    The Company completed 16 investments in the 18 months to 31 December 2024 (comprising a total of £8.2 million) and 4 further investments after the reporting date totalling £2.4 million. More information on some of these businesses can be found below:

    A selection of our completed investments

    Revitalising Healthcare

    Pencil Biosciences is a gene editing technology platform.

    Awell Health automates routine clinical tasks, synchronising data between systems and driving seamless coordination between care teams and patients.

    Cellvoyant is an artificial intelligence (AI) first biotechnology company creating novel stem cell-based therapies for chronic diseases.

    Manual provides easy access to advice and medical support for diagnosis, custom treatment plans and holistic care to induce long-term behaviour change.

    Nanosyrinx has developed a targeted biologic therapeutic delivery platform (a nano-syringe).

    Empowering people

    Correcto is an AI writing and grammar tool for the Spanish language.

    Remofirst is an Employer of Record (EOR) and compliance platform that allows companies to hire and pay employees globally.

    Swiipr has developed a digital payments platform specifically for the airline industry.

    Building a sustainable planet

    Metris Energy has created a platform that allows landlords of multi-unit buildings to monetise modular renewable energy projects through a single billing platform to charge tenants.

    Drift is designing sailing vessels and routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas for transportation back to shore using a fully integrated desalination, electrolysis and storage system.

    Q&A

    Q. How do you value a portfolio company?
    A. Future Generations VCT’s unquoted portfolio companies are valued in accordance with UK Generally Accepted Accounting Practice (UK GAAP) accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines.

    This means we value the portfolio at fair value, with all companies being valued at least twice yearly, for our half-year (June) and annual accounts (December).

    Q. What do you mean by ‘fair value’?
    A. When we say fair value, we mean the price we expect people would be willing to buy or sell an asset for, assuming they understand the asset and market conditions, are knowledgeable parties, act independently, and that the transaction is carried out under the normal course of business (i.e. is not rushed and proper marketing has taken place).

    Q. Who values the portfolio, what is the process and what oversight is there to make sure this is right?
    A. The Octopus Investment Managers involved with the portfolio companies, either in the capacity of a Director or observer on the board, or the primary contact, will provide commentary including, but not limited to, recent developments with the portfolio and the wider market in which they operate, progress towards milestones, management team changes, board dynamics and technical progress. This is combined with the latest available financial accounts and budget provided by the portfolio company which will be summarised into Key Performance Indicators (KPIs).

    From this information, a member of the separate Valuations team drafts the initial proposal. This will highlight any material changes, key asset level assumptions used and KPIs, and discuss portfolio company performance as well as the rationale underpinning the selected valuation methodology. A peer review exercise then takes place, where the proposals are challenged and reviewed. The peer reviewer is an investment professional from the Fund Manager (typically the Lead Fund Manager) who has not been involved in preparing the valuations.

    This will then be reviewed and approved by the Octopus Valuations Committee which comprises individuals with appropriate expertise and experience in valuations. Those individuals are not involved in the investment decisions and as such can independently review and challenge. The Future Generations VCT Board will then meet to discuss them in detail, revise as necessary and ultimately approve them.

    There are also more valuation checkpoints throughout the year in advance of allotments and other share-related transactions, which means that the portfolio’s valuation is reviewed to ensure NAV is fairly represented prior to these corporate actions.

    As part of our continuous improvement processes, we periodically review the actual realised value of our investments compared to their last holding value and refine our valuation methodologies accordingly. This, combined with the high proportion of valuations that are based on the terms of further funding rounds led by new external investors, firmly underpins the robustness of the valuation process.

    Valuations
    The table illustrates the split of valuation methodology (shown as a percentage of portfolio value and number of companies). ‘External price’ includes valuations based on funding rounds that typically completed in the last 18 months to the period end or shortly after the period end, and exits of companies where terms have been agreed with an acquirer. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability weighted ‘scenario analysis’ is considered.

    Valuation methodology By value By number of companies
    Multiples 18% 3
    External price 44% 12
    Scenario analysis 14% 7
    Milestone analysis 24% 10
    Write-off — 4

    Portfolio case studies

    CoMind
    CoMind is building revolutionary brain sensing technologies.

    Their mission is to redefine the way the brain is measured and treated at every stage of care. One of the first applications of CoMind’s core technology is in measuring intracranial brain pressure using an adhesive sensor and advanced signal processing. This will be a step change from the current standard of having to drill through the skull to measure intracranial pressure in patients impacted by traumatic brain injury, stroke, and/or other neurocritical conditions.

    While other companies are trying to create noninvasive technology in this sector, we believe CoMind has a distinct competitive advantage. CoMind has developed an advanced optical sensing technique that has opened up new possibilities in monitoring brain health. Unlike existing methods, CoMind’s technology is more similar to the “LiDAR” (Light Detection and Ranging) systems used in self-driving cars. This allows CoMind’s devices to give a unique, detailed view of brain health, helping doctors deliver more personalised and targeted treatments to patients at every stage of care.

    >250 subjects were measured in 2024.
    Several devices are currently being used in hospitals for clinical trials.

    Swiipr
    Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service.

    When flights are disrupted, compensating passengers is a hassle for both airlines and travellers. Swiipr’s platform simplifies this by automating payment verification and processing through a system designed specifically for airlines. The company provides passengers with virtual and physical prepaid cards, offering instant, flexible spending compared to outdated paper vouchers or slow payments. Swiipr also supports airlines with solutions for crew, operational, and crisis payments, enabling fast, direct payouts to staff. Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service, and retailers benefit from instant payment settlement. Swiipr also integrates with airline Customer Relationship Management systems, making it an essential partner for the industry.

    Octopus Ventures is excited about Swiipr’s travel-focused digital payments solution and its potential to revolutionise how airlines handle pay-outs. Swiipr’s innovative product aims to transform compensation payments and speed up management processes for airlines and beyond. By enabling digital payments, Swiipr seeks to boost efficiency, enhance customer experiences, and provide automated processes that are transparent and compliant with regulations.

    With over 500 million passengers affected by travel disruptions each year, simplifying the path to compensation has the potential to significantly improve customer satisfaction, build trust, and foster loyalty in the industry.

    Only 1–2% of disrupted passengers currently receive compensation.
    Billions of dollars lost by passengers in outdated, inefficient pay-out processes every year.
    Pay360 Payment Award winner: Best B2B Programme and Best Customer Facing Experience at the 2024 awards.

    DRIFT
    DRIFT aims to drive the clean energy transition worldwide with high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and deliver it globally.

    It does this using a unique, AI-enabled vessel routing system that enables the vessels to find and stay in optimum weather conditions. The growing demand for clean hydrogen to accelerate the decarbonisation of sectors such as heavy industry, transportation and manufacturing is sparking innovation in the sector. DRIFT’s solution is mobile, resilient and works outside of existing infrastructure. The company is developing renewable energy partnerships that will benefit coastal and island communities around the world.

    DRIFT is leading the way in developing a truly innovative new class of mobile renewable energy, building the world’s first net-positive ships and unlocking a new era of clean fuel generation capable of covering 70% of the globe. The company’s technology uniquely unlocks the planet’s greatest resource, overcoming supply challenges and enabling a fair and equitable clean energy transition.

    €10 trillion: Goldman Sachs estimates that the green hydrogen market could reach €10 trillion by 2050.

    24%: Bank of America predicts that clean hydrogen could provide 24% of global energy needs by 2050.

    COP 28 winner: DRIFT is a COP 28 award-winning DeepTech company and winner of the Monaco Prize for Innovation in Renewable Hydrogen and Transportation 2024.

    Top 10 investments
    Here, we set out the cost and valuation of the top 10 holdings, which account for over 58% of the value of the portfolio.

    Portfolio company Investment cost Valuation at
    31 December 2024    		 Investment Theme
    1. HelloSelf Limited £2.6m £2.6m Revitalising healthcare
    2. Remofirst, Inc £1.2m £1.7m Empowering people
    3. Infinitopes Ltd £1.6m £1.6m Revitalising healthcare
    4. Neat SAS £0.6m £1.5m Building a sustainable planet
    5. TYTN Ltd (t/a TitanML) £0.5m £1.5m Building a sustainable planet
    6. Apheris AI GmbH £1.5m £1.5m Empowering people
    7. Menwell Limited (t/a Manual) £0.9m £1.5m Revitalising healthcare
    8. Mr & Mrs Oliver Ltd (t/a Skin + Me) £1.0m £1.4m Revitalising healthcare
    9. Intrinsic Semiconductor Technologies Ltd £0.9m £1.2m Empowering people
    10. CoMind Technologies Ltd £0.8m £1.0m Revitalising healthcare

    Top 10 investments in detail1

    1

    HelloSelf Limited
    A digital, personalised psychological therapy and coaching platform.
    www.helloself.com

    Initial investment date: January 2023
    Investment cost: £2.6m
      (2023: £2.6m)
    Valuation: £2.6m
      (2023: £2.6m)
    Last submitted accounts: 31 March 2024
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: £(15.5)m
      (2023: £(9.8)m)
    Valuation methodology: Calibration

    2
    Remofirst, Inc.
    Global payroll and compliance system for remote teams.
    www.remofirst.com

    Initial investment date: February 2024
    Investment cost: £1.2m
      (2023: n/a)
    Valuation: £1.7m
      (2023: n/a)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last Round

    3
    Infinitopes Ltd
    Has built an antigen discovery platform to develop cancer vaccines that provide better treatment outcomes.
    www.infinitopes.com

    Initial investment date: December 2022
    Investment cost: £1.6m
      (2023: £1.6m)
    Valuation: £1.6m
      (2023: £1.6m)
    Last submitted accounts: 31 December 2023
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax Not available2
      (2023: Not available2)
    Net assets: £9.3m
      (2023: £8.1m)
    Valuation methodology: Last Round

    4
    Neat SAS
    An embedded insurance platform that gives merchants the ability to provide insurance bundles to their customers at a competitive rate.
    mobility.neat.eu

    Initial investment date: November 2022
    Investment cost: £0.6m
      (2023: £0.8m)
    Valuation: £1.5m
      (2023: £0.8m)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last round

    5

    TYTN Ltd (t/a TitanML)
    An artificial intelligence company which is developing a one-stop-shop for Natural Language Processing AI Optimisation, allowing enterprises to generate value from their data.
    www.titanml.co

    Initial investment date: February 2023
    Investment cost: £0.5m
      (2023: £0.5m)
    Valuation: £1.5m
      (2023: £0.5m)
    Last submitted accounts: 30 April 2024
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: £1.5m
      (2023: £2.0m)
    Valuation methodology: Last Round

    6

    Apheris AI GmbH
    An end-to-end federated learning platform enabling data scientists to conduct analysis over sensitive data without compromising the privacy or security of the data subjects.
    www.apheris.com

    Initial investment date: November 2022
    Investment cost: £1.5m
      (2023: £1.2m)
    Valuation: £1.5m
      (2023: £1.2m)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last round

    7

    Menwell Limited (t/a Manual)
    Making high-quality healthcare more accessible and stigma-free
    www.manual.co

    Initial investment date: May 2024
    Investment cost: £0.9m
    (2023: n/a)
    Valuation: £1.5m
      (2023: n/a)
    Last submitted accounts: 31 December 2023
    Turnover: £54.7m
    (2023: £22.4m)
    Profit/(loss) before tax: £(7.9)m
    (2023: £(10.6)m)
    Net assets: £11.8m
    (2023: £8.0m)
    Valuation methodology: Last round

    8
    Mr & Mrs Oliver Ltd (t/a Skin + Me)
    A direct to consumer, personalised skin care company.
    www.skinandme.com

    Initial investment date: December 2022
    Investment cost: £1.0m
      (2023: £1.0m)
    Valuation: £1.4m
      (2023: £1.3m)
    Last submitted accounts: 31 August 2023
    Turnover: £28.7m
      (2023: £14.3m)
    Profit/(loss) before tax: £1.8m
      (2023: £(3.3)m)
    Net assets: £12.8m
      (2023: £(0.7)m)
    Valuation methodology: Revenue Multiple

    9
    Intrinsic Semiconductor Technologies Ltd
    Solid state memory technology that is simple to integrate and faster than current alternatives like Flash.
    www.intrinsicsemi.com

    Initial investment date: December 2023
    Investment cost: £0.9m
      (2023: n/a)
    Valuation: £1.2m
      (2023: n/a)
    Last submitted group accounts: 31 December 2023
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
    (2023: Not available2)
    Consolidated net assets: £4.0m
      (2023: £5.5m)
    Valuation methodology: Scenario Analysis

    10

    CoMind Technologies Ltd
    Development of non-invasive brain sensing technology for monitoring of medical conditions.
    comind.io

    Initial investment date: November 2023
    Investment cost: £0.8m
      (2023: n/a)
    Valuation: £1.0m
      (2023: n/a)
    Last submitted group accounts: 31 December 2023
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
    (2023: Not available2)
    Net assets: £17.1m
      (2023: £4.1m)
    Valuation methodology: Milestone Analysis

    1. These are numbers per latest public filings. More recent figures have not yet been disclosed.
    2. Information not publicly available.

    Portfolio engagement
    As part of our strategy, we require portfolio companies to put in place a Diversity and Inclusion policy (D&I) and an Anti-Harassment policy. We also engage with each company to help them understand their greenhouse gas (GHG) emissions and support them to take action to minimise them. You can see how we are progressing with these goals below, as at the date of this report:

    D&I policy status
    Policy in place: 100%

    Engaged in monitoring 2023 greenhouse gas emissions1
    Signed up: 16
    Introduced: 19
    In progress: 1

    1 As of 31 December 2024, only 2023 carbon emissions data was available.

    Outlook
    Despite the declining NAV in the reporting period, we are reassured to see an increase in the NAV per share of the fund in the last six months. This, combined with the two profitable realisations in the period, is offering us early proof points of the Company’s investment strategy to deliver sustainable growth as it moves into its third year of deployment. With a more diversified portfolio, in terms of both stage and sector, this also offers a clearer path for the Company to enter a growth phase.

    As is to be expected at this stage in the Company’s lifecycle, it has started to make its first follow-on investments into portfolio companies which are achieving their agreed milestones and successfully gaining new external lead funders. The Company made two follow-on investments in the reporting period and three after.

    This strategy of reinvesting into existing portfolio companies aims to increase the Company’s stake in portfolio companies that have achieved market fit and are scaling successfully, supporting its overall growth plan. Along with further financial support, Octopus’ resources are directed in the most impactful way, both through Octopus-appointed non-executive Directors or monitors on the boards and our in-house People and Talent team. This team works directly with the portfolio company management teams, offering training and recruitment support to ensure the best talent pool is being explored to help drive success.

    We are excited to have the opportunity to continue to scale the Company, support its ambition to make the world a better place for future generations, and hope to deliver attractive returns to shareholders.

    Simon King
    Partner and Lead Fund Manager for Future Generations VCT

    Risks and risk management

    The Board assesses the risks faced by Future Generations VCT, reviews the mitigating controls and monitors the effectiveness of these controls.

    Emerging and principal risks, and risk management
    The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place. The Board carries out a regular review of the risk environment in which the Company operates.

    Emerging risks

    The Board has considered emerging risks. The Board seeks to mitigate risks by setting policy, regularly reviewing performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

    The following are some of the potential emerging risks management and the Board are currently monitoring:

    • adverse changes in global macroeconomic environment;
    • challenging market conditions for private company fundraising and exits;
    • geo‑political instability; and
    • climate change.

    Detailed below are the principal risks of Future Generations VCT, and the mitigating actions in relation to those risks.

    Principal risks

    Risk Mitigation Change
    Investment performance:    
    The focus of Future Generations VCT investments is into early-stage, unquoted, small and medium‑sized VCT qualifying companies which, by their nature, entail a higher level of risk and shorter cash runway than investments in larger quoted companies. Octopus has significant experience of investing in early-stage unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is appointed to the board of a portfolio company using a risk-based approach, considering the size of the company within the Future Generations VCT portfolio and the engagement levels of other investors. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Future Generations VCT to play a prominent role in a portfolio company’s ongoing development and strategy. Increased exposures reflected in the previous period remain unchanged due to the difficult macro environment and challenging trading conditions for some portfolio companies continuing.
    Risk Mitigation Change
    VCT qualifying status:    
    Future Generations VCT is required at all times to observe the conditions for the maintenance of approved VCT status. The loss of such approval could lead to Future Generations VCT and its investors losing access to the various tax benefits associated with VCT status and investment. Octopus tracks Future Generations VCT’s qualifying status throughout the period, and reviews this at key points, including at the point of investment and realisation. This status is reported to the Board at each Board meeting. The Future Generations VCT Board has also engaged external independent advisers to undertake an independent VCT status monitoring role. VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
    Risk Mitigation Change
    Loss of key people:    
    The loss of key investment staff by the Portfolio Manager could lead to poor fund management and/or performance due to lack of continuity or understanding of Future Generations VCT. The Portfolio Manager has a broad team experienced in and focused on early-stage investing. This mitigates the risk of any one individual with the required skill set and knowledge of venture capital investing, and the portfolio specifically, leaving. Key investment staff are also incentivised via the performance incentive fee. The increase is attributed to the departure of key personnel from the Octopus Ventures team and risk exposure reflects a reduction in performance fees potentially increasing attrition.
    Risk Mitigation Change
    Operational:    
    The Future Generations VCT Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar, depositary and tax advisers. A failure of the systems or controls at Octopus or third‑party providers could lead to an inability to provide accurate reporting and accounting and to ensure adherence to VCT rules. The Future Generations VCT Board reviews the system of internal controls, both financial and non-financial, operated by Octopus (to the extent the latter are relevant to Future Generations VCT’s internal controls). These include controls designed to make sure that Future Generations VCT assets are safeguarded and that proper accounting records are maintained. No overall change in risk exposure on balance.
    Risk Mitigation Change
    Information security:    
    A loss of key data could result in a data breach and fines. The Future Generations VCT Board is reliant on Octopus and third parties to take appropriate measures to prevent a loss of confidential customer information. Annual due diligence is conducted on third parties which includes a review of their controls for information security. Octopus has a dedicated Information Security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence. No overall change on balance, although cyber threat remains a significant risk area faced by all providers.
    Risk Mitigation Change
    Economic:    
    Events such as an economic recession, movement in interest rates, inflation and rising living costs could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions of the sectors in which they operate. This could result in a reduction in the value of Future Generations VCT assets. Future Generations VCT aims to invest in a diverse portfolio of companies, across a range of sectors, which helps to mitigate against the impact on any one sector. Future Generations VCT also maintains adequate liquidity to make sure that it can continue to provide follow‑on investment to those portfolio companies which require it and which are supported by the individual investment case. Increased exposures reflected in the previous periods remain as economic uncertainty persists through high inflation, high interest rates and other economic factors.
    Risk Mitigation Change
    Legislative:    
    A change to the VCT regulations could adversely impact Future Generations VCT by restricting the companies Future Generations VCT can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Future Generations VCT’s ability to raise further funds. The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing early-stage companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation. Risk exposure has reduced following the extension of the sunset clause to 2035 being agreed.
    Risk Mitigation Change
    Liquidity:    
    The risk that Future Generations VCT’s available cash will not be sufficient to meet its financial obligations. Future Generations VCT invests into smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice. Future Generations VCT’s liquidity risk is managed on a continuing basis by Octopus in accordance with policies and procedures agreed by the Board. Future Generations VCT’s overall liquidity risks are monitored on a quarterly basis by the Board, with frequent budgeting and close monitoring of available cash resources. Future Generations VCT maintains sufficient investments in cash and readily realisable securities to meet its financial obligations. At 31 December 2024, these resources were valued at £20,084,000. Risk exposures continue to increase, reflecting the potential knock-on effects of economic uncertainty, impacting fundraising and increasing the risk of disposal failure.

    Viability statement

    In accordance with the FRC UK Corporate Governance Code published in 2018 and provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of Future Generations VCT over a period of five years, consistent with the expected investment holding period of an investor. A fundraise with an initial offer to raise up to £5 million was launched on 3 February 2025. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5 million. Under VCT rules, subscribing investors are required to hold their investment for a five‑year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for Future Generations VCT’s shares, and a five-year period is considered to be a reasonable time horizon for this.

    The Board carried out a robust assessment of the emerging and principal risks facing Future Generations VCT and its current position. This includes risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to the Company’s reliance on, and close working relationship with, the Investment Manager. The principal risks faced by the Company and the procedures in place to monitor and mitigate them are set out above.

    The Board has carried out robust stress testing of cash flows, which included assessing the resilience of portfolio companies, including the requirement for any future financial support.

    The Board has additionally considered the ability of Future Generations VCT to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current Investment policy.

    Based on this assessment, the Board confirms that it has a reasonable expectation that Future Generations VCT will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 December 2029. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to make sure Future Generations VCT has sufficient liquidity.

    Directors’ responsibilities statement

    The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the Financial Statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report and financial statements include information required by the UK Listing Rules of the Financial Conduct Authority.

    Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS 102), United Kingdom accounting standards and applicable law. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

    • select suitable accounting policies and then apply them consistently;
    • make judgements and accounting estimates that are reasonable and prudent;
    • state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
    • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
    • prepare a Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

    The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

    In so far as each of the Directors is aware:

    • there is no relevant audit information of which the Company’s auditor is unaware; and
    • the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

    The Directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. Having taken advice from the Audit Committee, the Directors are of the opinion that this report as a whole provides the necessary information to assess the Company’s performance, business model and strategy and is fair, balanced and understandable.

    The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

    The Directors confirm that, to the best of their knowledge:

    • the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
    • the annual report and financial statements (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

    On behalf of the Board

    Helen Sinclair
    Chair

    Income statement

        18 months to 31 December 2024 Year to 30 June 2023
        Revenue Capital Total Revenue Capital Total
        £’000 £’000 £’000 £’000 £’000 £’000
    Gain on disposal of fixed asset investments   — 1,382 1,382 — — —
    Net loss on valuation of fixed asset investments   — (3,564) (3,564) — (6) (6)
    Investment management fee   (345) (1,035) (1,380) (174) (522) (696)
    Investment income   1,427 — 1,427 424 — 424
    Other expenses   (759) — (759) (500) — (500)
    Earnings/(loss) before tax   323 (3,217) (2,894) (250) (528) (778)
    Tax   — — — — — —
    Earnings/(loss) after tax   323 (3,217) (2,894) (250) (528) (778)
    Earnings/(loss) per share – basic and diluted   0.6p (6.3)p (5.7)p (0.6)p (1.3)p (1.9)p
    • The ‘Total’ column of this statement is the profit and loss account of Future Generations VCT; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
    • All revenue and capital items in the above statement derive from continuing operations.
    • Future Generations VCT has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.

    Future Generations VCT has no other comprehensive income for the period.

    The accompanying notes form an integral part of the financial statements.

    Balance sheet

        As at 31 December 2024 As at 30 June 2023  
        £’000 £’000 £’000 £’000  
    Fixed asset investments     26,769   24,895  
    Current assets:            
    Debtors   1,166   379    
    Applications cash1   100   370    
    Cash at bank   112   152    
    Money market funds   19,972   20,140    
          21,350   21,041  
    Creditors: amounts falling due within one year   (196)   (518)    
    Net current assets     21,154   20,523  
    Net assets     47,923   45,418  
    Share capital     54   48  
    Share premium     51,854   46,461  
    Capital reserve realised     (328)   (640)  
    Capital reserve unrealised     (3,526)   3  
    Revenue reserve     (131)   (454)  
    Total equity shareholders’ funds     47,923   45,418  
    NAV per share     88.8p   94.3p  
    1. Cash received from investors but not yet allotted.

    The accompanying notes form an integral part of the financial statements.

    The statements were approved by the Directors and authorised for issue on 28 April 2025 and are signed on their behalf by:

    Helen Sinclair
    Chair
    Company No: 13750143

    Statement of changes in equity

      Share capital
    £’000    		 Share premium
    £’000    		 Capital reserve realised1
    £’000    		 Capital reserve unrealised
    £’000    		 Revenue reserve1
    £’000    		 Total
    £’000
    As at 1 July 2023 48 46,461 (640) 3 (454) 45,418
    Comprehensive income for the period:            
    Management fees allocated as capital expenditure — — (1,035) — — (1,035)
    Current year gain on disposal of fixed asset investments — — 1,382 — — 1,382
    Net loss on fair value of fixed asset investments — — — (3,564) — (3,564)
    Gain after tax — — — — 323 323
    Total comprehensive loss for the period — — 347 (3,564) 323 (2,894)
    Contributions by and distributions to owners:            
    Share issue 6 5,506 — — — 5,512
    Share issue costs — (113) — — — (113)
    Total contributions by and distributions to owners 6 5,393 — — — 5,399
    Other movements:            
    Prior year fixed asset loss unrealised — — (35) 35 — —
    Total other movements — — (35) 35 — —
    Balance as at 31 December 2024 54 51,854 (328) (3,526) (131) 47,923
      Share capital
    £’000    		 Share premium
    £’000    		 Capital reserve realised1
    £’000    		 Capital reserve unrealised
    £’000    		 Revenue reserve1
    £’000    		 Total
    £’000
    As at 1 July 2022 33 31,572 (118) 9 (204) 31,292
    Comprehensive income for the period:            
    Management fees allocated as capital expenditure — — (522) — — (522)
    Net loss on fair value of fixed asset investments — — — (6) — (6)
    Loss after tax — — — — (250) (250)
    Total comprehensive loss for the period — — (522) (6) (250) (778)
    Contributions by and distributions to owners:            
    Shares issued 15 15,164 — — — 15,179
    Share issue costs — (275) — — — (275)
    Total contributions by and distributions to owners 15 14,889 — — — 14,904
    Balance as at 30 June 2023 48 46,461 (640) 3 (454) 45,418
    1. Reserves are available for distribution, subject to the restrictions.

    The accompanying notes form an integral part of the financial statements.

    Cash flow statement

        18 months to
    31 December     		 Year to
    30 June
        2024 2023
        £’000 £’000
    Cash flows from operating activities      
    Loss before tax1   (2,894) (778)
    Decrease/(increase) in debtors   173 (325)
    Decrease in creditors   (52) (103)
    Gain on disposal of fixed assets   (1,382) —
    Loss on valuation of fixed asset investments   3,564 6
    Outflow from operating activities   (591) (1,200)
    Cash flows from investing activities      
    Purchase of fixed asset investments   (8,162) (23,238)
    Sale of fixed asset investments   3,146 —
    Outflow from investing activities   (5,016) (23,238)
    Cash flows from financing activities      
    Movement in applications account   (270) (1,544)
    Proceeds from share issues   5,512 15,179
    Share issue costs   (113) (275)
    Inflow from financing activities   5,129 13,360
    Decrease in cash and cash equivalents   (478) (11,079)
    Opening cash and cash equivalents   20,662 31,741
    Closing cash and cash equivalents   20,184 20,662
    Cash and cash equivalents comprise      
    Cash at bank   112 152
    Money market funds   19,972 20,140
    Applications cash   100 370
    Closing cash and cash equivalents   20,184 20,662
    1. Loss before tax includes cashflows from dividends of £1.4 million (2023: £0.4 million).

    The accompanying notes form an integral part of the financial statements.

    Notes to the financial statements

    1. Principal accounting policies

    Octopus Future Generations VCT plc (‘Future Generations VCT’) is a Public Limited Company (plc) incorporated in England and Wales and its registered office is at 6th Floor, 33 Holborn, London EC1N 2HT.

    Future Generations VCT has been approved as a Venture Capital Trust by HMRC under Section 259 of the Income Taxes Act 2007. The shares of Future Generations VCT were first admitted to the Official List of the UK Listing Authority and trading on the London Stock Exchange on 5 April 2022 and can be found under the TIDM code OFG. Future Generations VCT is premium listed.

    The principal activity of Future Generations VCT is to invest in a diversified portfolio of UK smaller companies in order to generate capital growth over the long term as well as an attractive tax-free dividend stream.

    The financial statements are presented in GBP (£) to the nearest £’000. The functional currency is also GBP (£). Some accounting policies have been disclosed in the respective notes to the financial statements.

    Basis of preparation
    The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (July 2022)’.

    2. Investment income
    Accounting policy

    Investment income comprises interest earned on money market funds. Dividend income is shown net of any related tax credit. Dividends receivable are brought into account when Future Generation’s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate, provided there is no reasonable doubt that payment will be received in due course.

    Disclosure

      18 months to  
      31 December 2024

        30 June 2023
      £’000 £’000
    Money market funds 1,427 424
    Total investment income 1,427 424

    3. Investment management fees
    Accounting policy

    For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 25% to revenue and 75% to capital, in line with the Board’s expected long-term return in the form of income and capital gains respectively from Future Generations VCT’s investment portfolio.

    Disclosure

      18 months to 31 December 2024 Year to 30 June 2023
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Investment            
    management fee 345 1,035 1,380 174 522 696
    Total 345 1,035 1,380 174 522 696

    The Portfolio Manager provides investment management services through agreements with Octopus AIF Management Limited and Future Generations VCT. It also provides accounting and administration services to Future Generations VCT under a Non-Investment Services Agreement (NISA). No compensation is payable if the agreement is terminated by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided, or the required notice period was given.

    4. Other expenses
    Accounting policy

    Other expenses are accounted for on an accruals basis and are charged wholly to revenue.

    The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

      18 months to Year to
      31 December 30 June
      2024 2023
      £’000 £’000
    NISA fees 213 122
    Directors’ remuneration1 157 77
    Audit fees2 78 63
    Directors and Officers (D&O) insurance 74 15
    Depositary fees 62 57
    Listing fees 46 58
    Registrars fees 28 21
    Director recruitment & expenses 27 —
    Report and account fees 26 38
    Other fees 48 49
    Total 759 500

    1. Includes employers’ NI.
    2. Includes VAT.

    Total ongoing charges are capped at 3.0% of net assets. For the period to 31 December 2024, the ongoing charges exceeded this cap and a rebate was paid from the Portfolio Manager for the amount of £39,000. For the 18 months to 31 December 2024 the ongoing charges were 3.0% (2023: 3.0%) of net assets. This is calculated by summing the annualised expenses incurred in the period (excluding non-recurring expenses) divided by the average NAV throughout the period.

    5. Tax on ordinary activities
    Accounting policy

    Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue return on the ‘marginal’ basis as recommended in the SORP.

    Deferred tax is recognised in respect of all timing differences at the reporting date. Timing differences are differences between taxable profits and total income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

    Disclosure
    The corporation tax charge for the period was £nil.

      18 months to Year to
      31 December 30 June
      2024 2023
      £’000 £’000
    Loss on ordinary activities before tax (2,894) (778)
    Current tax at 25% (2023: 20.5%) (724) (159)
    Effects of:    
    Non-taxable income (357) —
    Non-taxable capital gains 546 1
    Non-deductible expenses 1 —
    Excess management expenses on which deferred tax not recognised 534 193
    Tax rate differences1 — (35)
    Total current tax charge — —

    1. Tax rate difference due to tax charge for the period being calculated at 20.5% and excess management expenses on which deferred tax is not recognised being calculated at 25%.

    Unrelieved tax losses of £3,231,000 (2023: £1,094,000) are estimated to be carried forward at 31 December 2024 (subject to completion of Future Generations VCT’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Future Generations VCT has not recognised the deferred tax asset of £808,000 (2023: £273,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward.

    Approved VCTs are exempt from tax on capital gains. As the Directors intend for Future Generations VCT to continue to maintain its approval as a VCT through its affairs, no current deferred tax has been recognised in respect of any capital gains or losses arising on the revaluation or disposal of investment.

    6. (Loss)/earnings per share

      18 months to 31 December 2024 Year to 30 June 2023
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Earnings/(loss) attributable to Ordinary shareholders (£’000)

    323

    (3,217)

    (2,894)

    (250)

    (528)

    (778)
    Earnings/(loss) per Ordinary share (p) 0.6 (6.3) (5.7) (0.6) (1.3) (1.9)

    The Earnings/(loss) per share is based on 51,727,417 (2023: 40,987,788) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.

    There are no potentially dilutive capital instruments in issue and so no diluted return per share figures are relevant. The basic and diluted earnings per share are therefore identical.

    7. Net asset value per share

      31 December 30 June
      2024 2023
    Net assets (£’000) 47,923 45,418
    Shares in issue 53,941,104 48,138,337
    NAV per share (p) 88.8 94.3

    8. Transactions with the Manager and Portfolio Manager

    Future Generations VCT is classified as a full-scope Alternative Investment Fund under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). Future Generations VCT has appointed Octopus AIF Management Limited to provide the services of an AIFM of a full-scope AIF. In accordance with its power to do so under AIFMD, Octopus AIF Management Limited has delegated investment management to Octopus Investments Limited, whilst retaining the obligations of a risk manager.

    Future Generations VCT paid Octopus AIF Management Limited £1,380,000 (2023: £696,000) in the period as a management fee, after applying a rebate to maintain the total ongoing charges below the 3% cap. The annual management charge (AMC) is based on 2% of Future Generations VCT’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. Once the quarter has ended, an adjustment will be made if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. The Manager will donate 10% of the management fee to the Octopus Giving Charitable Foundation, which was set up in 2014 to help charities make the world a better place and which, since inception, has donated more than £1 million to such worthy causes.

    Octopus also provides Non-Investment Services to Future Generations VCT, payable quarterly in advance. The fee is 0.3% of Future Generations VCT’s NAV, calculated at quarterly intervals. The NISA fee is calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. As with the AMC, an adjustment will be made once the quarter has ended if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. During the period £213,000 (2023: £122,000) was paid to Octopus for Non‑Investment Services. In addition, Octopus is entitled to performance-related incentive fees, subject to Future Generations VCT’s total return at year end exceeding the total return at the previous year end when an incentive fee was paid, or 97p if the first incentive fee has not yet been paid (the ‘Excess’), equal to 20% of the Excess. No performance fee will be paid prior to the financial year ending on 31 December 2025, dividends (paid or declared) being equal to or greater than 10p per Ordinary share and the total return exceeding 120p.

    The cap relating to Future Generations VCT’s total expense ratio, that is the regular, recurring costs of Future Generations VCT expressed as a percentage of its NAV, above which Octopus has agreed to pay, is 3.0%, and is calculated in accordance with the AIC Guidelines.

    Octopus AIF Management Limited remuneration disclosures (unaudited)
    Quantitative remuneration disclosures required to be made in this annual report in accordance with the FCA Handbook FUND 3.3.5 are available on the website: https://www.octopusinvestments.com/remuneration-disclosures/.

    9. Related party transactions

    Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Future Generations VCT’s portfolio companies, but they have no controlling interests in those companies.

    Emma Davies, a Non-Executive Director of Future Generations VCT, previously held the role of co-CEO of Octopus Ventures and she also holds shares in Octopus Capital Ltd. On 24 March 2023, Emma Davies ceased to be employed by Octopus Capital Limited and therefore she is no longer considered a related party. Emma retired as a Non-Executive Director of Future Generations VCT on 31 March 2024. No dividends have been paid to the Directors of Future Generations VCT in the period (2023: £nil).

    10. 2024 financial information

    The figures and financial information for the period ended 31 December 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the period to 31 December 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

    11. 2023 financial information

    The figures and financial information for the year ended 30 June 2023 are compiled from an extract of the published financial statements for the period and do not constitute statutory accounts. Those financial statements have been delivered to the Registrar of Companies and included the Auditors’ report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

    12. Annual Report and financial statements
    The Annual Report and financial statements will be posted to shareholders in early May and will be available on the Company’s website, https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/.
    The Notice of Annual General Meeting is contained within the Annual Report.

    13. General information

    Registered in England & Wales. Company No. 13750143
    LEI: 213800AL71Z7N2O58N66

    14. Directors

    Helen Sinclair (Chair), Joanna Santinon and Ajay Chowdhury

    15. Secretary and registered office   

    Octopus Company Secretarial Services Limited
    6th Floor, 33 Holborn, London EC1N 2HT

    The MIL Network –

  • MIL-OSI New Zealand: Police officer unjustified in driving into and punching a man in Whitianga

    Source: Independent Police Conduct Authority

    8 April 2025

    The Independent Police Conduct Authority has found that a Police officer was unjustified in ramming a man with his patrol car and punching him seven times, after the man used a skateboard to smash the patrol car’s windscreen and window. Both the officer and the man were injured.

    The incident occurred on 9 March 2023, when two officers went to an apartment complex in Whitianga to arrest the man for aggravated robbery. One officer drove to the scene while the second approached on foot from another direction. As the first officer drove into the carpark, the man walked towards him, yelling and raising his skateboard before striking the windscreen and the driver’s window.

    The officer was covered in shattered glass which got into his eyes. He said he feared for his life. Although he initially started driving away, he decided to turn back. He says he did this out of concern that the man would attack the second officer. Upon seeing the man again walking towards him holding the skateboard, the officer rammed him with the patrol car. The man became airborne before landing between the car and a fence. The officer then got out of his car and punched the man seven times in the head area before the second officer arrived and handcuffed the man. The incident was captured on CCTV.

    Police charged the man with intentional damage and intentionally injuring the officer. On 12 June 2023, the man was convicted on both charges.

    Police also charged the officer with common assault and assault with intent to injure. The case was tried before a judge and jury on 16 May 2024, and the officer was acquitted.

    While the Authority accepts that the officer acted in defence of himself and the second officer when ramming the man with his car, we found that the officer’s response was a disproportionate and unjustified use of force, considering that the slightest miscalculation or loss of control could have resulted in a fatality.

    In respect of the punches, the Authority did not accept that the officer genuinely believed the man still posed a threat. This use of force was, therefore, also unjustified.

    Public Report 

    Use of Police vehicle as a weapon and punching in Whitianga unjustified (PDF 408 KB)

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Police breach policy during fatal fleeing driver incident at Manukau

    Source: Independent Police Conduct Authority

    10 April 2025

    The Independent Police Conduct Authority has found that officers at Manukau breached policy when involved in a fleeing driver incident that resulted in a crash and death of a man (Mr Z).

    At about 11.42pm on 17 June 2024, a Police unit in the Manukau CBD stopped and briefly spoke to Mr Z due to his car having stolen number plates. Mr Z drove away at speed. Within a minute, another Police unit signalled Mr Z to stop but he failed to do so. Officers in that second unit failed to comply with policy when they did not abandon a pursuit by way of stopping and turning off their emergency lights.

    Two other officers were a short distance away on Lambie Drive and heard events on the Police radio. They decided to set up road spikes to try to stop the car. The Authority found that these officers breached policy by not informing Comms of their plan, although we acknowledge the event was fast moving.

    When an officer stepped out from behind a signboard to throw the spikes onto the road, Mr Z swerved and lost control of the car, which struck a tree and caught fire. Officers summoned assistance and used fire extinguishers to put out the fire, before assisting Mr Z and his female passenger. Their actions in this respect were commendable.

    Mr Z died at the scene and his passenger was seriously injured.

    It transpired that the car was stolen (separately from the stolen number plates), Mr Z had methamphetamine in his system, he was breaching a court-imposed curfew, and he was driving dangerously. However, we found that if officers had complied with existing Police policy, this crash might have been avoided.

    This case highlights the need for officers to understand the ‘Fleeing Driver’ and ‘Tyre Deflation Devices’ policy requirements and the reasons behind them, which are for their own safety as well as the safety of others. We did not recommend that Police consider charging any of the officers involved with a criminal offence.

    The Authority acknowledges this matter involves the death of a man and injury to a woman and we extend our sympathy to those involved.

    Public Report

    Police breach policy during fatal fleeing driver incident at Manukau (PDF 562 KB)

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Fatal crash following Police pursuit near Otaki

    Source: Independent Police Conduct Authority

    Fatal crash following Police pursuit near Ōtaki

    15 April 2025

    On 26 April 2024, Police began a brief pursuit of a stolen Ford Courier ute traveling south from Levin on State Highway 1, because it had been involved in an aggravated robbery in Ōtaki. The pursuit was abandoned promptly due to the excessive speed.

    Subsequently, the ute was observed driving north in the southbound lane of the expressway. The ute ultimately collided head-on with a Toyota Fortuner SUV north of Ōtaki. The driver of the Ute, 16-year-old Reihana Hawea, was pronounced dead at the scene. Another passenger, Tama Whakarau, later succumbed to injuries at the hospital, while a third passenger sustained serious injuries but survived the incident. The four occupants of the Toyota Fortuner sustained injuries ranging from serious to moderate, but all survived.

    The Authority conducted an independent investigation, which concluded that, overall, the Police managed the fleeing driver incident appropriately. Notably, the Police considered closing the road to minimise risks to other road users. However, this option was ultimately deemed unfeasible given the circumstances.

    We identified some minor breaches of the ‘Fleeing driver’ policy, including:

    • Officer B, who was a crew member in the leading pursuit vehicle, should have managed the radio communications;

    • Officer D should not have followed the fleeing vehicle with his warning lights activated, as this briefly recommenced the pursuit; and

    • Officer A should not have activated his warning lights without first obtaining permission from the pursuit controller.

    The Authority is recommending that Police amend their ‘Fleeing driver’ policy to specify that when a Police vehicle is carrying crew members, those crew members are responsible for managing Police communications during pursuits.

    Public Report

    Fatal crash following Police pursuit near Ōtaki (PDF 625 KB)

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Custody officer uses unjustified force in Manukau Custody Unit

    Source: Independent Police Conduct Authority

    Custody officer used unjustified force in Manukau Custody Unit

    17 April 2025

    The Independent Police Conduct Authority has found that a custody officer used unjustified force on a male prisoner in the Counties Manukau Custody Unit.

    On 14 November 2023, a 19-year-old man was received into the District Custody Unit at Manukau. While in a holding cell, he began banging his head backwards against a concrete wall. Custody officers told him to stop and warned him that he would otherwise be placed in a restraint chair. However, the man banged his head a further three times.

    While a restraint chair was being prepared, Custody Officer A went into the cell alone and pulled the man to his feet. The man resisted and moved into a corner of the cell, where Custody Officer A struck him while attempting to restrain him.

    Two other custody officers entered and assisted in removing the man from the cell. As they escorted him towards the door, Custody Officer A punched the man in the face, saying that he believed the man was about to spit at him.

    We found that custody officers should have made further attempts to stop the man from banging his head before looking to use a restraint chair, which should only be used as a last resort. Custody officers also failed to seek authority from a supervisor before using the restraint chair, as is required by Police policy.

    We found that Custody Officer A should not have intervened on his own as there was no immediate threat to the man’s safety, and that it was unreasonable and unjustified for him to strike the man while in the corner of the cell.

    Custody Officer A was justified in using force to stop the man from spitting at him. However, by punching him in the face, he used excessive force to do so.

    Police completed their own investigation. They concluded it was not in the public interest to charge Custody Officer A but conducted a disciplinary process regarding his use of excessive force. We agree with this process and outcome.

    The Authority completed its investigation in July 2024 but was obliged to wait for Police processes before publishing its report.

    Public Report

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Horotiu Road closed, serious crash

    Source: New Zealand Police (District News)

    Horotiu Road south of Te Kowhai is blocked due to a serious crash.

    Police were called to the crash, in which a single vehicle hit a power pole, about 4:40pm.

    Traffic is being diverted at Woolrich Road.

    Initial indications are that there are critical injuries.

    The Serious Crash Unit has been advised and contractors are on site for the power pole.

    ENDS

    MIL OSI New Zealand News –

  • MIL-OSI Australia: New Home Energy Empowerment Program aims to help local residents

    Source: New South Wales Ministerial News

    The City in collaboration with the Central Victoria Greenhouse Alliance (CVGA) and Bendigo Sustainability Group have developed a Home Energy Empowerment Program to help local homeowners and renters to improve the energy efficiency of their homes.

    City of Greater Bendigo Climate Change and Environment Manager Michelle Wyatt said the Home Energy Empowerment Program has been developed to support local households to improve the comfort and energy efficiency of their home, plan for the short and long term, and save on their energy bills.

    “Everyone is feeling the impact of rising energy costs and the City and our partners want to empower residents with the information they need to know to make their homes energy efficient and to ultimately save money,” Ms Wyatt said.

    The program is free and will commence on Sunday May 4, 2025 with an in-person home energy efficiency planning session at the Old Church on the Hill 36 Russell Street, Quarry Hill from 10.30am to 12pm.

    It will then continue through to October with fortnightly short webinars on:

    • Energy Efficiency for renters
    • Draught proofing
    • Efficient heating and cooling
    • Insulation
    • Hot water heat pumps
    • Solar panels
    • Windows and blinds for comfort and efficiency
    • Electric vehicles and e-bikes

    To register, visit:

    MIL OSI News –

  • MIL-OSI New Zealand: Appeal to witness who made Mangakino driving complaint

    Source: New Zealand Police (District News)

    Please attribute to Sergeant Shane McNally, Taupo Serious Crash Unit:

    Police need to urgently speak with a caller who made a driving complaint before a fatal crash near Mangakino last week.

    The female caller was following a black Toyota RAV4 along State Highway 47 towards Turangi, at approximately 2.45pm on Monday 21 April.

    She has made a report to Police about this vehicle cutting corners and crossing the centre line.

    This RAV4 has shortly afterwards been involved in a fatal crash on Waipapa Road, north of Mangakino.

    The driver of this vehicle has since pleaded guilty to careless driving causing death, and the 64-year-old man is due to be sentenced in the Auckland District Court on 6 May.

    Police would like to speak further to the female who made the driving complaint to get more information, as their phone number appears to be a “roaming number” which does not connect when called back.

    It is believed the female and another male in the car were travelling from Whanganui towards Turangi at the time.

    If this was you, or you know who this pair are, please contact Police online at 105.police.govt.nz, clicking “Update Report” or by calling 105 and quoting file number 250421/4930.

    ENDS

    Issued by the Police Media Centre
     

    MIL OSI New Zealand News –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for April 29, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on April 29, 2025.

    Why are political parties allowed to send spam texts? And how can we make them stop?
    Source: The Conversation (Au and NZ) – By Tegan Cohen, Postdoctoral Research Fellow, Digital Media Research Centre, Queensland University of Technology Ti Wi / Unsplash Another election, another wave of unsolicited political texts. Over this campaign, our digital mailboxes have been stuffed with a slew of political appeals and promises, many from the new party

    The Oscars have rolled out the red carpet for generative AI. And surprisingly, viewers don’t seem to mind
    Source: The Conversation (Au and NZ) – By Paul Crosby, Senior Lecturer, Department of Economics, Macquarie University The Oscars have entered the age of artificial intelligence (AI). Last week the Academy of Motion Picture Arts and Sciences explicitly said, for the first time, films using generative AI tools will not be disqualified from the awards.

    Echidna ancestors lived watery lifestyles like platypuses 100 million years ago – new study
    Source: The Conversation (Au and NZ) – By Sue Hand, Professor Emeritus, Palaeontology, UNSW Sydney Mary_May/Shutterstock As the world’s only surviving egg-laying mammals, Australasia’s platypus and four echidna species are among the most extraordinary animals on Earth. They are also very different from each other. The platypus is well adapted for a semi-aquatic lifestyle, spending

    ‘Do something about it before it gets worse’: young people want government action on gambling reform
    Source: The Conversation (Au and NZ) – By Hannah Pitt, Senior Research Fellow – Institute for Health Transformation, Deakin University David P. Smith/Shutterstock Do something about it before it gets worse. This was a response from a 16-year-old boy in one of our recent studies when asked what he would say to the prime minister

    ‘I’m always afraid for the future of my family’: why it’s too hard for some refugees to reunite with loved ones
    Source: The Conversation (Au and NZ) – By Mary Anne Kenny, Associate Professor, School of Law, Murdoch University When refugees flee their home country due to war, violence, conflict or persecution, they are often forced to leave behind their families. For more than 30,000 people who have sought asylum in Australia since arriving more than

    Major survey finds most people use AI regularly at work – but almost half admit to doing so inappropriately
    Source: The Conversation (Au and NZ) – By Nicole Gillespie, Professor of Management; Chair in Trust, Melbourne Business School Matheus Bertelli/Pexels Have you ever used ChatGPT to draft a work email? Perhaps to summarise a report, research a topic or analyse data in a spreadsheet? If so, you certainly aren’t alone. Artificial intelligence (AI) tools

    1 billion years ago, a meteorite struck Scotland and influenced life on Earth
    Source: The Conversation (Au and NZ) – By Chris Kirkland, Professor of Geochronology, Curtin University Stoer Head lighthouse, Scotland. William Gale/Shutterstock We’ve discovered that a meteorite struck northwest Scotland 1 billion years ago, 200 million years later than previously thought. Our results are published today in the journal Geology. This impact now aligns with some

    Arsenic is everywhere – but new detection methods could help save lives
    Source: The Conversation (Au and NZ) – By Magdalena Wajrak, Senior Lecturer in Chemistry, Edith Cowan University Arsenic is a nasty poison that once reigned as the ultimate weapon of deception. In the 18th century, it was the poison of choice for those wanting to kill their enemies and spouses, favoured for its undetectable nature

    Forming new habits can take longer than you think. Here are 8 tips to help you stick with them
    Source: The Conversation (Au and NZ) – By Ben Singh, Research Fellow, Allied Health & Human Performance, University of South Australia SarahMcEwan/Shutterstock If you’ve ever tried to build a new habit – whether that’s exercising more, eating healthier, or going to bed earlier – you may have heard the popular claim that it only takes

    ‘Complaining is career suicide’: the hidden mental health crisis turning our screen industry upside down
    Source: The Conversation (Au and NZ) – By Peter Hegedus, Associate Professor, Griffith Film School, Griffith University Shutterstock The Australian screen industry is often associated with fun, creativity and perhaps even glamour. But our new Pressure Point Report reveals a more troubling reality: a pervasive mental health crisis, which could see the screen industry lose

    New survey shows business outlook is weakening and uncertainty rising as the trade war bites
    Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University Vivid Brands/Shutterstock Uncertainty is everywhere these days. There is even uncertainty about the uncertainty. The Reserve Bank of Australia, for example, noted in the minutes from its April 1 meeting: The most significant development in the period leading up

    How ICE is becoming a secret police force under the Trump administration
    Source: The Conversation (Au and NZ) – By Lee Morgenbesser, Associate Professor, School of Government and International Relations, Griffith University Secret police are a quintessential feature of authoritarian regimes. From Azerbaijan’s State Security Service to Zimbabwe’s Central Intelligence Organisation, these agencies typically target political opponents and dissidents through covert surveillance, imprisonment and physical violence. In

    Democracy on display or a public eyesore? The case for cracking down on election corflutes
    Source: The Conversation (Au and NZ) – By Andrew Hughes, Lecturer in Marketing, Research School of Management, Australian National University In my time researching political advertising, one common communication method that often generates complaints is the proliferation of campaign corflutes. Politicians love them. Not so, many members of the general public. People are so fed

    Here’s how to make your backyard safer and cooler next summer
    Source: The Conversation (Au and NZ) – By Pui Kwan Cheung, Research Fellow in Urban Microclimates, The University of Melbourne Varavin88, Shutterstock Our backyards should be safe and inviting spaces all year round, including during the summer months. But the choices we make about garden design and maintenance, such as whether to have artificial turf

    Five ways to make cities more resilient to climate change
    Source: The Conversation (Au and NZ) – By Paul O’Hare, Lecturer in Human Geography and Urban Development, Manchester Metropolitan University John_T/Shutterstock Climate breakdown poses immense threats to global economies, societies and ecosystems. Adapting to these impacts is urgent. But many cities and countries remain chronically unprepared in what the UN calls an “adaptation gap”. Building

    Politics with Michelle Grattan: pollster Kos Samaras on how voters are leaving the major parties behind
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra As we enter the final days of campaigning, Labor leads with its nose in front on most polls, but the devil is in the detail of particular seats. To help get a read on what the voters are feeling at

    Vanuatu communities growing climate resilience in wake of Cyclone Lola
    Communities in Vanuatu are learning to grow climate resilient crops, 18 months after Cyclone Lola devastated the country. The category 5 storm struck in October 2023, generating wind speeds of up to 215 kmph, which destroyed homes, schools, plantations, and left at least four people dead. It was all the worse for following twin cyclones

    Election Diary: Labor to slash more consultant costs and increase visa charges to pay for fresh election commitments
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The government has dug out last-minute savings of more than A$7 billion, to ensure its election commitments are more than offset in every year of the forward estimates. Its costings, released Monday, include savings of $6.4 billion from further reducing

    Big and small spending included in Labor costings, but off-budget items yet to be revealed
    Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra The federal budget will be stronger than suggested in last month’s budget, according to Treasurer Jim Chalmers who released Labor’s costings on Monday. Many of the policies included in the costings were already detailed in either the 2025 Budget

    How much do election promises cost? And why have we had to wait so long to see the costings?
    Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra With the May 3 federal election less than a week away, voters have only just received Labor’s costings and are yet to hear from the Coalition. At the 2022 election, the costings were not released for nearly two months

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: False plates, real discovery

    Source: New Zealand Police (National News)

    A firearm and ammunition have been seized after a vehicle was detected travelling through Manurewa with false plates.

    A van had been travelling along Rowandale Avenue at around midnight.

    Counties Manukau Central Area Prevention Manager Inspector Warrick Adkin says the vehicle raised suspicions of frontline staff.

    “Their suspicions were raised further as the van’s registration details were not stored in the database,” he says.

    “A traffic stop was carried out and it was quickly established the vehicle was bearing false plates and was actually stolen from Takanini last week.”

    The driver and passenger were both placed under arrest.

    “Further information was provided to the staff that there was ammunition in the vehicle, and a further search was invoked,” Inspector Adkin says.

    Officers located shotgun cartridges as well as a cutdown shotgun concealed inside, which were seized.

    The 38-year-old driver has been charged with unlawful possession of a shotgun, unlawful possession of ammunition and unlawfully taking a motor vehicle.

    He is appearing in the Manukau District Court today.

    “It’s a great result from our staff who remain vigilant and continue to work to make our community a safer place,” Inspector Adkin says.

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Northland Regional Council News 29/04/25

    Source: Northland Regional Council

    Climate Resilient Communities Fund open for applications
    Northland Regional Council is inviting applications to the Climate Resilient Communities Fund.
    The fund aims to build community resilience to the effects of climate change by focusing on local needs and community-led solutions. Council has $600,000 to invest in projects that meet the funding criteria, and eligible groups can apply for between $5,000 and $40,000 plus GST.
    Applications must be for projects in Te Taitokerau and from a legal community entity, such as hapū or iwi groups, community or neighbourhood groups, education providers, social enterprises and not-for-profit businesses.
    The fund will support projects focusing on: Food resilience (Te Kai); Water resilience (Te Wai); Energy resilience (Te Ngao); Nature-based resilience (Te Taiao); Planning for resilience (Ngā mahi Whakamahere).
    Applications close 3 June 2025.
    For more information and to apply, visit www.nrc.govt.nz/climateresiliencefunding
    Free open day event at award-winning, sustainable Northland farm
    Anyone interested in sustainable farming is invited to attend the Rob and Mandy Pye – Mangere Falls Farm, Ballance Farm Northland Regional Supreme Winner Open Day in Kōkopu (Whangarei) on May 7.
    The special free event hosted by New Zealand Farm Environmental Trust will include an overview from Rob and Mandy Pye about striking a balance between profitability, environmental stewardship and farm efficiency, a farm tour, presentations from Alison Whiteford (B+LNZ), Northland Regional Council, Kaipara Moana Remediation and Silver Fern Farms, followed by lunch.
    Anyone wishing to attend must ensure all vehicles and footwear are clean (to comply with biosecurity requirements), with 4WDs required to take part in the farm tour (carpooling is recommended where possible).
    For catering purposes, please send your RSVP to Ellie Ball at: northland@bfea.org.nz
    The event will be held from 10am and finish with a lunch at 1pm at Mangere Falls Farm, 638 Knight Road, Kōkopu, Whangarei. 

    MIL OSI New Zealand News –

  • MIL-Evening Report: The Oscars have rolled out the red carpet for generative AI. And surprisingly, viewers don’t seem to mind

    Source: The Conversation (Au and NZ) – By Paul Crosby, Senior Lecturer, Department of Economics, Macquarie University

    The Oscars have entered the age of artificial intelligence (AI). Last week the Academy of Motion Picture Arts and Sciences explicitly said, for the first time, films using generative AI tools will not be disqualified from the awards.

    It’s a timely decision. As generative AI becomes more integrated into filmmaking, debates over creativity and authorship are intensifying. Writers’ strikes and fears of artistic displacement have dominated recent industry discussions.

    But how do audiences feel about the use of AI in films? Our research suggests they may be more open to it than the industry might expect.

    What the new rules say

    The updated Oscars guidelines make it clear the use of generative AI will neither help, nor hinder, a film’s chances of nomination.

    What matters is the degree to which people remain at the centre of the creative process. While AI tools can be part of the workflow, the judges will scrutinise the standard of human creative authorship in a given work.

    This reflects broader shifts taking place in the film industry. AI tools are now embedded in many stages of production, including for high-profile and award-nominated films.

    At this year’s Oscars, Adrien Brody won best actor for his performance in The Brutalist, which used generative AI to enhance the actor’s Hungarian dialogue. Emilia Pérez – the most nominated film, with 13 nods – also used AI-powered voice cloning in post-production.

    The Oscars update isn’t introducing AI to Hollywood. It’s simply acknowledging the extent to which it is already in use.

    Do audiences mind?

    To understand how audiences respond to AI’s creative role in film, we conducted an experiment testing people’s reactions to AI-generated film ideas.

    For our study, published in the Journal of Cultural Economics, we asked 500 US-based participants to rate AI-generated film “pitches” in terms of their anticipated enjoyment and likelihood of watching the film across different formats (such as cinema, online rental, or streaming).

    Half of the participants were explicitly told the ideas were generated by AI, while the other half were not. Each AI-generated pitch included a synopsis, director, top-billed cast, genre, rating and runtime.

    The results were clear. There was no systematic bias against AI-generated pitches. Ratings of anticipated enjoyment and likelihood of watching the films were broadly similar, regardless of whether the participants knew AI was involved.

    AI-assisted versus AI-produced

    It’s important to note our research focused on audience reactions to ideas – the initial pitch for a film – and not the final product. This distinction matters.

    AI’s role was limited in our experiment. Human directors and cast members were implicitly part of each pitch, and there was no suggestion AI had written the full screenplay or contributed in other ways to the production of the final film.

    As we note in our paper, AI’s limited involvement likely shaped participants’ responses. There was an implicit understanding that human creativity would remain central to the final product.

    This aligns with broader evidence from other creative sectors. In the case of music and visual art, audiences tend to respond less favourably when they believe a work has been fully AI-generated.

    Together, these findings suggest the middle ground may be the best approach. While audiences may be accepting of AI’s contribution to creative tasks such as idea generation, editing, and visual and audio effects, they still value human authorship and authenticity in the final product.

    That is also the balance the Academy Awards seems to be aiming for. The new rules do not disqualify films for using AI. However, they emphasise that awards will go to works where humans remain at the heart of the creative process. For now, audiences appear to be comfortable with that approach, too.

    What it means for the industry

    Generative tools are becoming part of the mainstream production toolkit. And this raises important questions about creative labour, credit and compensation.

    While our research suggests audiences may be open to AI-generated content, this doesn’t mean the industry can move forward without careful deliberation. The question is no longer whether AI will shape the future of film, but how – and who gets to decide the terms.

    If AI is to complement, rather than diminish, the filmmaking process, it will be important to maintain clear standards and ethical guidelines around AI use, as well as a clear role for human authorship.

    This includes transparency around how AI tools are used, and appropriate recognition for creative contributions – including for those whose work has been used to train generative AI systems.

    The real test will be whether the industry can embrace AI without losing sight of the creative values that define it.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. The Oscars have rolled out the red carpet for generative AI. And surprisingly, viewers don’t seem to mind – https://theconversation.com/the-oscars-have-rolled-out-the-red-carpet-for-generative-ai-and-surprisingly-viewers-dont-seem-to-mind-255120

    MIL OSI Analysis – EveningReport.nz –