Scottish Business Briefing – October 25th 2012
WELCOME to scotsman.com’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.
Scottish manufacturers hit at home and abroad
THE weak economy has taken its toll on Scottish manufacturing firms in recent months, with official figures showing a decline in exports and a key survey revealing a sharp slowdown in domestic orders.
ENERGY & UTILITIES
ScottishPower chief Galan hits out at Cameron over price controls
WESTMINSTER plans to force big power firms to offer their cheapest price plans to customers were branded anti-competitive by Ignacio Galan, chairman of ScottishPower parent firm Iberdrola, yesterday.
Paradigm wins cash to develop tools
Scottish firm Paradigm Drilling Services said yesterday it had secured £250,000 of funding through the Technology Strategy Board for its drilling tool solutions. The Smart development-of-prototype grant will allow the expanding business to develop rotary traction systems for use in extended-reach horizontal drilling and in completion applications.
Hunter acts over retail debts as he switches investment focus
SIR Tom Hunter’s West Coast Capital has absorbed £151 million of debts owed by its retail investment subsidiary, and appears poised to do a similar deal to relieve pressure at its property arm. Accounts filed for West Coast Capital (WCC) reveal that it completed a debt-for-equity swap after net debt reached £239.6m by the close of the financial year to 31 January.
Debenhams sees annual profits rise
Department store chain Debenhams has reported a rise in full year profits despite “challenging trading conditions”. Pre-tax profits for the year to 1 September rose 4.2% to £158.3m. Debenhams said that the warm, dry autumn and cold, wet spring had hit demand for seasonal products, especially clothing.
IndigoVision founder sells his £8m stake
INDIGOVISION founder Oliver Vellacott, who tried unsuccessfully to engineer a management buyout of the stock market-listed technology company, has sold his £8 million stake to institutional investors.
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Wednesday 19 June 2013
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