Scottish Business Summary - Week ending Friday 18th October 2024
Mike Watson
Publisher of Scottish Business Summary and Scottish Marketing News. All the essential Scottish headlines curated and summarised and delivered to you via LinkedIn or directly to your Inbox.
Canadian heating tech firm Noventa Energy?buys three heat-from-wastewater plants from Scottish Water
Canadian heating technology firm Noventa Energy has acquired three heat-from-wastewater plants from Scottish Water, located in Glasgow, Stirling, and Campbeltown. These plants will be upgraded using Noventa’s technology to increase heat generation and reduce emissions. The deal is backed by infrastructure manager Ancala, allowing Scottish Water Horizons to reinvest capital into further renewable energy projects. The plants will supply heating to district heat networks and generate energy to power wastewater treatment plants, with a potential annual output equivalent to powering 5,000 homes.
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Growth in equity deals among smaller businesses
Equity deal activity for smaller businesses in Scotland grew by 6% in the first half of 2024, making it one of only two UK regions to see an increase, following a decline in 2023. Scotland also saw improved borrowing intentions, though businesses remained less optimistic about obtaining finance. The British Business Bank ’s ￡150 million Investment Fund for Scotland is helping smaller businesses access funding, with high-growth companies like Carcinotech and Calcivis benefiting from equity investments.
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Four female-led firms to receive angel funding
Investing Women Angels (IWA) is supporting investment rounds worth over ￡4.5m for four female-founded Scottish companies. This adds to the ￡6m raised by eight female-led businesses backed by IWA in the last 18 months. Companies benefiting from IWA’s support include Cytochroma , a life sciences company. Marking its 10th anniversary, IWA has supported 26 female-led businesses, helping them leverage over ￡55m in investment, aiming to bridge the equity investment gap.
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Deeside Timberframe expands into Warrington
Deeside Timberframe has opened a new office in Warrington to meet growing demand for timber frame construction in England. The expansion supports the company’s commitment to sustainable and efficient building practices across private housing, commercial, and affordable housing sectors.
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CJ Lang & Son pre-tax profits grow 8% to ￡4 million on net turnover rise of 14.2% to ￡253 million?
Dundee-based SPAR wholesaler CJ Lang & Son Ltd reported a 14.2% rise in net turnover to ￡253m and an 8% increase in pre-tax profits to ￡4m for the year ending April 2024. The family-owned business expanded by acquiring 12 new stores, now being converted to SPAR Scotland. CEO Colin McLean expressed cautious optimism, citing rising operational costs and changing consumer habits as challenges. The company is investing in store modernization, supply chain improvements, and customer experience upgrades.
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Eden Mill and MiAlgae partner to turn whisky waste into sustainable omega-3s
Eden Mill distillery has partnered with MiAlgae , a Scottish biotech firm and Earthshot Prize finalist, to repurpose whisky by-products into microalgae, a sustainable source of omega-3s. This initiative aims to reduce overfishing by providing an eco-friendly alternative to fish-derived omega-3s. MiAlgae’s process uses nutrients from Eden Mill’s distillation waste to grow algae, promoting a circular economy. Eden Mill plans to complete its distillery in 2025, continuing its sustainability efforts.
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Aberdeen Airport sales rise to ￡51.9 million with profits rising to ￡6.8 million
Aberdeen Airport saw a 12% increase in revenue to ￡51.9 million for 2023, driven by nearly 300,000 additional passengers. Profits surged from ￡266,000 to ￡6.8 million, with passenger numbers reaching 2.3 million. International flights increased by 24%, while domestic flights rose 9.3%. The airport invested ￡2.6 million in upgrades, and expects further growth, supported by a positive outlook in the oil and gas sector and a shift toward renewables.
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Aurora Energy Services to launch integrated services division and hire 30 people in Aberdeen
Aurora Energy Services has launched an Integrated Services division targeting both oil, gas, and renewable sectors. The division, led by project managers Josh Winton and Kane Winton, will focus on offering cost-effective, full-lifecycle project services, including engineering design, installation, and decommissioning. The company plans to hire 30 specialists over the next six months to support this initiative, aiming to eventually grow the division to 80 personnel. The Winton brothers have also taken a stake in the business.
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Graham’s posts ￡153.1 million turnover with ￡2.8m pretax profit
Graham’s Family Dairy reported a slight turnover increase to ￡153.1 million for the year ending March 2024, with pre-tax profits at ￡2.8 million. Continued growth in both traditional dairy and high-protein products, driven by investments in new product lines, was key. The family business invested ￡5 million to modernize production plants, and its high-protein range overtook conventional milk sales in major supermarkets. Graham’s also expanded into new markets in Ireland and the UAE.
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Whyte & Mackay profits rise to record ￡96m
Whyte & Mackay has reported a pre-tax profit increase to ￡96 million for 2023, alongside a turnover rise to ￡370 million, up from ￡321 million in 2022. The whisky giant credits the surge to growth in its core brands like Dalmore , efficient cost control, and increased production. The company employs around 700 people across its five Scottish distilleries and holds total assets exceeding ￡1 billion, with liabilities just under ￡244 million.
Tinto expands to Glasgow with new office and key appointment
Architecture and interiors firm TINTO has opened a new office in Glasgow and appointed Ciara McInnes as Associate Architect to lead the team. TINTO’s move is part of its growth strategy, following successful projects in the central region. The firm is focused on sustainable design, retrofitting, and revitalizing older buildings. Alongside McInnes, Lizzi Nutt will serve as Associate Interior Designer, contributing expertise in functional and eco-friendly designs. The team aims to support Glasgow’s transformation with their architectural and interior design services.
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Skyscanner pre-tax profit soar to ￡95.2 million for 2023
Skyscanner’s 2023 profits soared following the lifting of Covid-19 restrictions, posting a pre-tax profit of ￡95.2m, up from ￡31.5m in 2022. Revenue also rose to ￡349.4m, driven by flight commissions (￡271.2m), car hires (￡11.5m), and advertising (￡56.9m). The company saw a 33% increase in site visits, with 110 million users monthly. Skyscanner’s growth, backed by increased headcount and global recovery, marked a return to pre-pandemic levels, significantly outperforming its 2019 results.
CX Services opens new office on Isle of Bute to create up to 25 jobs
CX Services has opened a new office in Rothesay, on the Isle of Bute, to address increased demand across the UK. The expansion is part of the company’s strategic growth plan, enabling them to better service clients nationwide. The Rothesay office will help the company enhance its customer support capabilities and respond to market demand for its services, which include CX design, consultancy, and implementation for businesses in various sectors and will accommodate up to 25 staff.
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Blue Energy secures $45 million to make nuclear power commercially viable
Edinburgh-based Blue Energy has secured $45 million in funding to accelerate the commercialisation of its clean, reliable nuclear power technology. The company’s focus is on using innovative approaches to make nuclear energy safer, more cost-effective, and a viable option in the global clean energy market. With this investment, Blue Energy aims to scale up its operations and bring its nuclear power solutions to the mainstream energy market.
The fundraise co-led by?Engine Ventures ?and?At One Ventures , with investment from Angular Ventures , Tamarack Global , Propeller Ventures , Starlight Ventures , and Nucleation Capital .
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Twelve top Scottish startups head for Singapore showcase
Twelve Scottish startups showcased their innovative products at the Singapore Week of Innovation and Technology (SWITCH) 2024. These startups, ranging from tech and AI solutions to sustainability-focused ventures, aim to expand into Southeast Asian markets. The event offered these Scottish companies the opportunity to connect with international investors and partners, accelerating their global growth ambitions.
The visit is part of plans to give start-up companies taking part in the Scottish Government’s Techscaler programme – run by the Incubator Codebase as part of a three-week programme, developed in collaboration with the Singapore Government, they will operate out of BLOCK71, which houses more than 1,000 of the city’s start-ups.
Techscaler participants heading to Singapore include:
Scottish entrepreneurs featured in LDC Top 50 Most Ambitious Business Leaders 2024
Several Scottish entrepreneurs have been named in the LDC Top 50 Most Ambitious Business Leaders 2024 list , which celebrates individuals leading fast-growing businesses across the UK. The list highlights their impressive business growth, innovation, and potential for future success. Entrepreneurs featured include those from sectors such as tech, renewable energy, and food production, recognising their efforts in driving Scotland’s economy forward.
The Scotland-based business leaders named as Ones to Watch are:
Winners of Scotland Food & Drink Excellence Awards 2024
Scotland Food & Drink has revealed the winners of the Excellence Awards 2024, voted for by a panel of the country’s most high-profile and influential industry leaders.?
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