Latest news with #MarkPreston
Yahoo
22-07-2025
- Business
- Yahoo
Llusern Scientific Announces Key Appointments to Strengthen its Executive Team
CTO, CMO and CFO appointments to advance the commercial launch of its precision point-of-care diagnostic Lodestar DX for UTIs worldwide CARDIFF, United Kingdom, July 22, 2025 (GLOBE NEWSWIRE) -- Llusern Scientific, a point-of-care diagnostics company, today announces the appointments of Bob Yang as Chief Medical Officer (CMO), Maddy Kennedy as Chief Financial Officer (CFO), and Mark Preston as Chief Technology Officer (CTO). These strategic appointments strengthen Llusern's leadership team as the company builds on its recent ISO 13485 certification and progresses towards IVDR certification, positioning Lodestar DX for upcoming commercial launches across Europe for treatment-directing diagnosis of urinary tract infections (UTIs). Bob Yang joins Llusern Scientific as Chief Medical Officer. A highly accomplished urology consultant, Mr. Yang brings extensive expertise in complex and recurrent UTIs and male and female incontinence. He has made significant contributions to antibiotic-free treatment options for recurrent UTIs and has been pioneering research in sub-lingual UTI vaccines and male incontinence devices. His expertise will directly complement Llusern's mission to revolutionize UTI diagnostics and support antimicrobial stewardship through the Lodestar DX system, a rapid diagnostic platform designed to enhance clinical decision-making. He is Lead Editor for Springer Nature academic textbooks on Urinary Tract Infections and Male Incontinence, solidifying his standing as one of the global leaders in urological research and practice. Mr. Yang continues to pioneer in his field as a urology consultant at the Royal Berkshire NHS Foundation Hospital and an Associate Lecturer at Oxford University. 'Joining Llusern Scientific is an exciting opportunity to contribute to the growth of innovative diagnostic solutions that will improve patient outcomes globally,' said Bob Yang, Chief Medical Officer of Llusern Scientific. 'The Lodestar DX system offers clinicians a powerful tool to make precise treatment decisions in a single visit, thereby enabling them to combat antimicrobial resistance through improved antibiotic stewardship.' As Chief Financial Officer, Maddy Kennedy brings over 25 years of experience in financial strategy, investor relations, and corporate governance to Llusern Scientific. She will play a crucial role in supporting Llusern's fundraising activities and steering its expansion into global markets. Known for her ability to translate complex development programs into clear financial plans, Maddy has successfully guided life sciences and technology businesses through strategic growth, M&A, IPOs, and exit planning. Her leadership roles at companies such as Maxwellia, Kesmalea Therapeutics, and Psioxus Therapeutics have equipped her with expertise in scaling operations and securing funding. She brings strong governance expertise from Non-Executive Director roles at Nuformix plc, Heartbeat CIC, and Tetris Pharma. She is currently also CFO at PBD Biotech and Fermtech. 'I am excited to join Llusern Scientific at this crucial stage of its development,' said Maddy Kennedy, Chief Financial Officer of Llusern Scientific. 'With its innovative Lodestar DX system poised for expansion into new markets, I look forward to supporting Llusern's growth and overseeing the financial operations needed to achieve its global ambitions.' Mark Preston joins Llusern Scientific as Chief Technology Officer, bringing extensive expertise in biotech, data analytics, and cloud technologies. As CTO, Mark will lead the development of Lodestar DX overseeing technological innovation, scalability, and compliance. Mark's early career includes experience in embedded systems and devices at Sony and Panasonic, working on networking hardware, mobile phones, and microscopes. His later work in app development, AI-driven insights, and workflow optimization enabled him to deliver scalable, secure, and compliant solutions for start-ups and global organizations, including vaccine manufacturers. As a Founder and Managing Director of consultancy firm Prismea, Mark helps biotech companies innovate with data analytics, cloud systems, and regulatory compliance as well as navigating medical regulatory frameworks with organizations such as the MHRA. 'I've been impressed by the Lodestar DX system and its ability to deliver treatment directing diagnosis of UTIs at the point of care,' said Mark Preston, Chief Technology Officer. 'I look forward to supporting the company's efforts to bring precision diagnostics to healthcare settings worldwide.' Emma Hayhurst, Co-founder and CEO of Llusern Scientific, commented:'We are thrilled to welcome Bob, Maddy, and Mark to our executive leadership team. Their deep expertise in urology, finance, and technology will be instrumental in ensuring Llusern remains at the forefront of providing precise, accessible diagnostic solutions that deliver improved outcomes for patients suffering from UTIs.' Notes to Editors About Llusern ScientificLlusern Scientific is a treatment-directing molecular diagnostics company, developing fast, accurate, and accessible tools to guide real-time clinical decision-making at the point-of-care. Our flagship solution, Lodestar DX, is a portable diagnostic device that delivers lab-accurate results for urinary tract infections (UTIs) in around half an hour. It is based on isothermal LAMP technology (not PCR) without the need for DNA extraction or centralized lab infrastructure. With industry-leading sensitivity and specificity, Lodestar DX empowers clinicians to diagnose and treat specific microbial infections with precision in a single visit, thereby improving patient outcomes. As well as providing guidance on the best treatment option based on the specific microbial infection, Lodestar DX also provides a clear 'rule-out' decision where antibiotics are not necessary, helping to reduce antimicrobial resistance through antibiotic stewardship. Building on success in the UK, Llusern is preparing for commercial launches across India and the MENA region in 2025 and the US in 2026. Llusern is committed to transforming diagnostic pathways and making precision medicine equitable, portable, and fast. Due to its small size and ease of portability Lodestar DX is particularly suitable for resource limited and decentralised healthcare settings including care homes, mobile diagnostics, and community diagnostic centres. Additionally Lodestar DX has uses within paediatrics, urology, and other secondary care settings. The Lodestar DX UTI testing system has been independently evaluated in studies by University of Oxford, Norfolk and Norwich University Hospital, Southampton University, and Public Health Wales. The company was established in 2020 as a spin-out from the University of South Wales, UK. For more information, visit and follow us on LinkedIn. Media Contacts Llusern ScientificMartyn Lewis +44 (0) 7825 708936martyn@ Scius CommunicationsKatja Stout +44 (0) 7789435990katja@ Daniel Gooch +44 (0) 7747875479daniel@ in to access your portfolio
Yahoo
28-05-2025
- Business
- Yahoo
Mayfair landlord Grosvenor delivers rise in profits to £86.4 million
The Duke of Westminster's family business Grosvenor, owner of swathes of Mayfair and Belgravia, has reported a sharp rise in profits. But the boss of the 350 year old privately owned property company of a possible further fall in London commercial property values this year if interest rates continue to stay higher because of inflation. The business, one of central London's biggest landlords with a total of around 300 acres, also revealed that it paid a record £52.4 million dividend to its shareholders, UK trusts set up for the benefit of the Grosvenor family. Underlying profits in 2024 rose 16.5% from £74.1 million to £86.4 million, a performance CEO Mark Preston described as 'solid' in a challenging market. The occupancy rate was 97% up from 95%. The more volatile revenue profit measure, which includes one-offs such as development sales, almost doubled to £82.1 million. The value of the London portfolio, which includes landmarks such Grosvenor Square and Belgrave Square, rose 3.3% to around £4.5 billion, with offices and retail up 2.6%, retail rising by 4.4% and hotels by 10%. The London portfolio accounts for around 90% of Grosvenor's UK property holdings. Globally Grosvenor's properties were valued at £8.2 billion, down from £8.6 billion in 2023 and a peak of £9 billion in 2022. Grosvenor's main London development South Molton, is the West End's largest mixed-use scheme. Preston said there were 'good early signs' of strong demand from occupiers Over recent years Grosvenor's London team have been focussed on 're-animating' Mayfair and Belgravia, two exclusive districts that critics said exemplified a 'lights out London' rarely visited by locals. Earlier this year Grosvenor sold a 25% stake in a £1.2 billion portfolio of Mayfair properties estate to the Norwegian sovereign wealth fund Norges Bank Investment Management . The portfolio of 175 buildings around Mount Street and Grosvenor Street included the Connaught hotel. CEO and executive trustee Mark Preston, said: 'Against a challenging year for the global economy, marked by mediocre growth and rising geopolitical tensions, our business has delivered a strong set of financial results. 'New joint ventures with Norges in our Mayfair portfolio and with a Canadian pension fund and family office in Vancouver will help us to sow the seeds of future growth. 2The injection of fresh capital will enable us to further invest in the long-term success of London's West End and deliver a significant portion of over 6,100 homes we plan to create in North America. Grosvenor also announced a leadership shake up with James Raynor appointed to the role of Grosvenor Property CEO, with responsibility for the international property business. He will retain his current role of CEO of Grosvenor's UK property business until a successor is in place. Debbie Lee is also appointed Grosvenor's CFO, succeeding current CFO Rob Davis, from July 2026.
The Guardian
28-05-2025
- Business
- The Guardian
Trump's tariff war will cause global damage, says Grosvenor boss
Donald Trump's global tariff trade war is 'nonsense and stupid' and will damage every country in the world, including the US, the boss of one of Britain's most powerful property companies has said. Mark Preston, chief executive of the 348-year-old Grosvenor Group, controlled by the Duke of Westminster, said he was 'convinced' that the president's sweeping tariff policies would ultimately be removed. The head of the multibillion-pound company, which owns swathes of Mayfair and Belgravia in central London, said Trump's trade war had not 'materially' affected the business but suggested it was causing significant wider economic damage. 'It is entirely negative for everybody, including the United States,' Preston said. 'But, at the same time, I'm so convinced that it's nonsense and stupid that eventually that'll become obvious and it'll right itself. 'And therefore, as a long-term organisation we're not jumping up and down and panicking about it.' The executive trustee of the company, which in addition to its London property portfolio has an international business ranging from housebuilding in North America to student accommodation in Brazil and Australia, said tariffs had 'fundamentally failed to work' in the past. 'It] ended up with the Gatt [general agreement on tariffs and trade],' he said, referring to the postwar deal involving the US and other major countries to reduce tariff rates to increase international trade. Preston's comments came as Grosvenor reported a jump in profits on the back of cost-cutting and higher rental growth, including from more companies moving into its office properties in central London. Underlying profits climbed by 16.5% to £86.4m last year, and the occupancy rate at its properties rose by 2% to 97%. Its UK offices were 97.5% full (99% in Mayfair), and its homes and shops were 95% occupied. The group paid out dividends of £52.4m to the duke's family and its trusts, up from £51.1m in 2023. Owned by the duke, Hugh Grosvenor, 34, one of Britain's richest men and godfather to Prince George, the company paid taxes of £107.4m globally, including £71.7m in the UK. This compares with £112.2m global taxes in 2023, including £61.9m in the UK. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Amid a return to office-working after the height of the Covid pandemic, Preston said that hybrid working was here to stay, but that he would not put money on it. 'It feels like a new normal is being found, with people coming back a bit more to the office environment, but not five days a week. 'We've actually been the beneficiary of companies who, perhaps historically, wouldn't have taken space in this part of London … now wanting smaller space and being prepared to pay pretty good rents for all these additional amenities which we can provide.'
Times
27-05-2025
- Business
- Times
Duke of Westminster's Grosvenor Group returns to profit
The Duke of Westminster and his family saw their dividends increase for a tenth consecutive year in 2024 as their vast property empire returned to profitability. Grosvenor Group, which runs a multibillion-pound portfolio of assets including its 300-acre estate in the West End of London, posted a pre-tax profit of £24 million for the 12 months to the end of December, having sunk to a loss of £175 million in 2023. 'That's a big shift relative to a difficult market environment and a significant movement from last year but I think it's fairly easily explained,' Mark Preston, chief executive of Grosvenor, said. 'Strong rental growth, a very high level of occupancy — 97 per cent; a testament to the quality and the attractiveness of what we're offering, and also that valuations have held up very well.' In 2023 the value of Grosvenor's buildings was written down by £141 million as higher interest rates dented values which weighed on its profitability. However, the underlying valuation of its portfolio was broadly stable last year as an increase in the value of its offices, shops, flats and hotels in the UK was offset by some lingering weakness in North American valuations. Underlying profits increased by 17 per cent to £86.4 million from £74.1 million. Grosvenor has been a beneficiary of the 'flight to quality' in the commercial property market since the pandemic, which has pushed up rents for its offices, shops, restaurants and flats, most of which are clustered to the north and west of Buckingham Palace. Such is the competition for space that it has next to no units sitting empty in London and its West End offices are fetching dearer rents than ever. Its leasing team believes they could have let out 65 Davies Street, which sits above the Bond Street Elizabeth Line station and which was completed at the end of 2023, 'several times over'. 'This polarisation is now such a feature, particularly of the office market,' Preston, 57, said. 'Well-located [buildings] with amenities and that are energy-efficient and close to parks, theatres, restaurants and so on, that's where people want to be and we, very fortunately, have that in abundance on the London estate.' Grosvenor Group owns 300 acres of land in Mayfair and Belgravia that have been under the control of the Grosvenor family since the late 1600s. It also owns billions of pounds worth of property outside the UK and almost half of its portfolio is now overseas, including student housing in Brazil and warehouses in Poland. The group is almost entirely owned by trusts, one of the ultimate beneficiaries of which is Hugh Grosvenor, the 7th Duke of Westminster, who inherited the title when his father died in 2016. Dividends of £52.4 million were paid last year, a small increase on the £51.1 million that the family received in 2023. They have seen their annual payouts increase every year since 2014. Despite the underlying value of its UK buildings having increased in 2024, the absolute value of the portfolio declined by £400 million to £8.2 billion, which reflected Grosvenor's decision to sell its 23 per cent stake in the Liverpool ONE shopping centre as well as a slice of its Mayfair portfolio to Norway's sovereign wealth fund. Grosvenor will use the money to fund its development pipeline, which stands at £6.6 billion. A big chunk of that is at South Molton Lane, the largest mixed-use development being built in the West End, which comprises offices, retail and hospitality units, leisure space and a new five-star hotel. In addition to property, Grosvenor Group also has a portfolio of investments in food and agriculture technology businesses, including Gousto, the meal kit delivery company. The value of those investments increased by a fifth to £469.6 million. Some of the growth reflected the additional £48.5 million of investments that Grosvenor made during the year, including into Ostara, which makes eco-friendly fertilisers. Investing in the US The commercial property market in the United States is likely to remain challenging 'for a bit yet', but that is not deterring Grosvenor Group from investing heavily across the Atlantic (Tom Howard writes). Mark Preston, chief executive of Grosvenor, warned a year ago that the commercial property market in the US and Canada was struggling more than in the UK, in part because of landlords' extra indebtedness there, and his view has not changed over the past 12 months. 'It's definitely a bit tougher over there than here,' Preston said. 'The UK does still have a very strong attraction for the international investor, lender, shopper, resident, tourist. It is a reliable and predictable and safe place to be and invest, whereas things are different now in the US. I suspect that [the weak property market] in the US that we talked about last year, and which is certainly still the case this year, will be much the same next year.' He expects President Trump 's 'liberation day' trade war to harm the world's largest economy by hindering growth and increasing inflation. Worryingly for landlords, whose buildings' values closely track interest rates, Preston believes central banks will respond by keeping rates higher than most people anticipate. Despite his near-term concerns, he remains convinced by the 'long-term attractiveness' of the US and Canada, where Grosvenor owns £2.6 billion of property. Along with two other Canadian investors, Grosvenor has committed to building several blocks of flats in Vancouver that will deliver 1,730 homes, most of which will be rentals. 'If we were in the business of making short-term bets then we wouldn't be excited about [North America],' Preston said. 'But we're in the business of making long-term decisions and we still find the demographics and the overall growth story in the longer run attractive.'
