The Summary: week ending 12 April 2024

Author

Mike Watson
April 12, 2024

It’s early Friday afternoon and time for your favourite summary of this week’s best Scottish business news stories.

Let’s go…..

Advanced Traditional Screeding plans 25% workforce increase

Advanced Traditional Screeding (ATS) plans to increase its workforce by over 25% within the next year to meet the growing demand for its flooring services, amid a busy project schedule for 2024. The Fife-based company, established in 2014, specializes in pre-construction and construction flooring, including pourable, non-combustible insulation.

Read full article here.

Authority approves £80 million Scottish Event Campus expansion in principle

An £80 million plan to double the size of the Scottish Event Campus (SEC) in Glasgow has been agreed in principle, aiming to enhance its capacity for hosting large-scale events. This expansion is expected to attract "blockbuster" events and encourage private investment, including a hotel operator. The new facility will not only increase the SEC's event capacity but also generate significant gross value added (GVA), benefiting tax revenues.

Read full article here.

EDC Group transitions to employee ownership

EDC Group, comprising EDC Scotland, EDC Air Compressors, and EDC North East, has transitioned to an Employee Ownership Trust (EOT). This move involves selling 100% of the company shares to the trust, aiming to offer benefits like employment protection for employees and allowing outgoing owners a flexible exit strategy.

Read full article here.

Knowvate Hub launches to support minority ethnic entrepreneurs

Knowvate Hub has launched a digital platform to support minority ethnic entrepreneurs in Scotland, offering resources and networking to bridge enterprise support gaps. It debuted alongside the "Include and Inspire" event series, backed by the Scottish Government and Scottish Enterprise, targeting inclusivity and economic growth.

  • Nigel Henderson, Chair, Black Professionals Scotland

  • Onyinye Igbokwe, Co-founder and Director of Programmes and Initiatives at Knowvate Hub

  • Nick Murray, Co-Director at Startup Grind Scotland

Read full article here.

Drilling to begin on biggest oil field to be discovered in 20 years

EnQuest plans to drill the largest oil field found in the North Sea in two decades, with potential reserves of 600 million to one billion barrels across the Bressay and Bentley sites. The project aims to extract 200-300 million barrels from Bressay and more from Bentley, leveraging gas for cleaner operations. The venture has sparked political debate over new exploration licenses and the Energy Profits Levy, affecting the UK's energy supply and job market.

Read full article here.

BioAscent reports strong growth on tenth anniversary

BioAscent, marking its tenth anniversary, reports significant growth amid high demand for its drug discovery services. Despite 2023's market challenges, the company experienced revenue growth across its services, including a 20% increase in compound management and a 27% rise in in silico discovery. Originating as a compound management service, BioAscent has expanded into a comprehensive drug discovery CRO. It has invested £3.5 million in facilities and delivered over 150 assays, among other achievements, growing from eight staff members in 2018 to over 85 today.

Read full article here.

Clyde Hydrogen Systems raises £1 million pre-seed funding

Clyde Hydrogen Systems, a spin-out from the University of Glasgow, has raised £1 million in a pre-seed funding round, combining equity and grants. The investment, supported by Zinc, the university, and angel investors, will further develop their decoupled electrolyser technology for producing green hydrogen efficiently and at low cost. This funding will help expand the R&D team and forge strategic partnerships in the energy sector.

Read full article here.

Gluten-free bread may rise from Edinburgh start-up

Prozymi Biolabs, an Edinburgh startup, is pioneering a new enzyme technology to make gluten-safe foods that maintain the taste and texture of traditional products. This innovation could revolutionize gluten-free options, starting with bread. The technology, which degrades gliadin without altering other gluten components, is backed by the Industrial Biotechnology Innovation Centre and Scottish EDGE funding. Talks are underway with a British baker to create the first gluten-safe loaf.

Read full article here.

Drager celebrates 16% growth over previous year

DRÄGER Marine & Offshore celebrated a record-breaking financial year in its hire division, with a 16% increase in revenue from the previous year, contributing to a 60% revenue growth for the wider organization over two years.

  • David Head, Head of Safety Marketing – UK & Ireland, DRÄGER Marine & Offshore

Read full article here.

iomart seeking acquisitions after posting 10% revenue growth

Scottish cloud computing firm Iomart reveals solid financial results with a 10% revenue growth to £127m and a 4% increase in adjusted EBITDA to £37m. The company is eyeing acquisitions to enhance its market presence and capabilities.

Read full article here.

Seaweed alternative to plastic launched by researchers

Mercel, a new company spun out from Edinburgh Napier University, has developed a biodegradable alternative to plastic made from seaweed waste. Founders Mark Dorris and Dominic O'Rourke created a nanomaterial from brown seaweed extract that promises to replace synthetic plastics in various applications, including as binders and waterproof coatings. This innovation aims to address environmental concerns associated with 'forever chemicals' and utilize sargassum seaweed, known for its problematic blooms in the Atlantic Ocean.

Read full article here.

Beam Suntory claim first hydrogen-powered whisky distilling

Beam Suntory and Supercritical Solutions have achieved a world-first by using hydrogen as a fuel source for direct-fired distillation, marking a significant step towards decarbonizing whisky production. The "WhiskHy" project, funded by the UK Government, conducted the trial in Japan, with plans to assess the spirit's quality as it matures in Scotland.

Read full article here.

John Lawrie Metals sees surge in profits but turnover decline

John Lawrie Metals, based in Aberdeen, reported a pre-tax profit of £2.4 million, recovering from a previous year's loss of £9.7 million due to an inter-group loan write-off. Despite a decrease in turnover from £54 million to £48 million, attributed to fluctuating steel, oil, and gas prices, the company saw improved profitability. This performance was influenced by commodity prices, and the firm closely monitors these markets. Staff numbers also decreased from 42 to 35 in 2023, following a significant investment by ArcelorMittal.

Read full article here.

Shetland construction company chooses employee ownership

DITT, a Shetland-based construction company with significant local projects and around 95 employees, has transitioned to an Employee Ownership Trust. The decision, stemming from a desire by the current shareholders (Gibbie Irvine, Roy Leask, George Smith, and Peter Tait) for a succession solution that ensures job security and the company's future, has led to this significant shift. Peter Tait will stay on as Managing Director during the transition, with three new board appointments made.

Peter Tait, MD of DITT

Read full article here.

Tekmar Group wins contracts worth £6 million

Montrose-based Tekmar Group has won contracts totalling £6 million, complementing £17 million in new business secured this year. The contracts are primarily for subsea pipeline support products and offshore wind cable protection systems. Pipeshield International, a Tekmar subsidiary, won contracts worth over £4 million for concrete mattresses and other products, with delivery due within the current financial year. Another £2 million contract for offshore wind cable protection systems is set for delivery in September 2025, contributing to a £23 million order intake for the financial year.

Read full article here.

UK job posting growth topped by Outer Hebrides

The Outer Hebrides topped the UK for job posting growth with a 25.5% increase, leading Scotland's notable presence in this category, with six regions in the top ten. This data from the Recruitment & Employment Confederation and Lightcast Labour Market Tracker highlights Scotland's recent spike in job market activity, driven mainly by new job postings. The overall UK job market showed a modest overall growth of 1.1%, despite varying sector performances.

Read full article here.

US TV executive arrives to discuss Motherwell FC investment talks

American TV executive Erik Barmack is in talks to become the majority shareholder of Motherwell FC, potentially reducing the Well Society's stake below 50%. His interest is based on the unique fan-owned model of the club, though this could effectively end with his majority ownership. Barmack emphasised his investment as passion-driven, aiming to respect the fan community and not just seek financial gains.

Read full article here.