029 Group SE Reports Financial Outcomes for the Year 2023

029 Group SE, a global hospitality and lifestyle company, disclosed its annual financial report from 2023, ending the year with a net loss of EUR 5.6 million. This figure widened significantly from a previous loss of EUR 0.7 million in accordance with HGB accounting standards. The net loss primarily came from a EUR 4.9 million write-down on the investment in Conscious Good. This led to the company halting operations due to severe financial market conditions and operational challenges in the UK. The Group maintains a portfolio encompassing five investments in hospitality, enabling technologies, and consumer categories.

Despite the financial downturn, certain portfolio companies showcased robust performances. Limestone Capital expanded in the European hospitality landscape, acquiring Hotel Axel in Madrid and preparing to launch a luxury resort in Sardinia. Additionally, CBD beverage firm TRIP continued to excel, gaining accolades and recognitions as one of the fastest-growing UK companies and securing a major industry award.

Lorin Van Nuland, the CEO of 029 Group, despite admitting the year's losses, highlighted the adaptability and resilience of their portfolio companies amidst tough market conditions. The investments focused on sectors believed to be aligned with sustainable consumer trends and innovations, which have presented selective opportunities despite the overall negative financial outcome.