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.
ENERGY & UTILITIES
BP urged by SLI to simplify executive pay policy
STANDARD Life Investments has called on BP to “raise its game” and simplify its executive pay plans, which it said had the potential to reward bosses for meeting “unchallenging” targets. The fund manager, which owns 1.33 per cent of the oil giant, made the demand at BP’s annual meeting yesterday, where almost 6 per cent of shareholders voted against the group’s remuneration policy.
Aggreko reports strong start to year
Temporary power firm, Aggreko, has reported trading in the first three months of the year as expected with underlying revenues up by 8%. The Glasgow company said its local business division had a “very strong” start to the year, with 17% more power on rent than a year ago
Havelock Europa slashes its losses
SHOPFITTER Havelock Europa has assured investors it is making good progress to recovery as a jump in revenues helped sharply reduce full-year losses. The Dalgety Bay-based firm posted a pre-tax loss from continuing operations of £500,000 for 2012, down from a £2.9 million loss the previous year.
Firstcall is buoyed by targeting the green revolution
A Scottish company is reporting a significant surge in work following a decision to restructure its business to target the Government’s Green Deal campaign. Firstcall Home Assist says it has booked more than 500 Green Deal assessments since February’s launch of the scheme that allows homes or businesses to pay for energy-saving improvements through savings on their fuel bills.
MEDIA & LEISURE
Scotbet profits up despite sales dip
THE closure of unprofitable shops and lack of a major football tournament last summer took their toll at gambling group Scotbet. The company, acquired in a management buyout in 2011, saw sales drop by 11 per cent to £65.1 million in the year to 30 July. But it swung back into the black with a slim pre-tax profit of £83,000 compared with losses of £10.3m the previous year.
Edinburgh’s Wolfson to supply Samsung Galaxy parts
WOLFSON Microelectronics yesterday unveiled a key partnership deal with South Korean giant Samsung, which will see it supply components for the latest Galaxy smartphones and tablets. Shares in the Edinburgh technology company rose after the announcement of the multi-year agreement, which makes Wolfson a “primary audio partner” to Samsung.