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.
ROYAL Bank of Scotland was struck a double blow yesterday as it was fined £5.6 million by Britain’s financial regulator for reporting lapses, and snubbed by a leading contender to replace Stephen Hester as chief executive. The Financial Conduct Authority, which regulates financial markets, said that RBS failed to properly report 44.8 million transactions in the wholesale money markets between November 2007 and February 2013.
There has been a “significant slowdown” in business failures over the last year despite an increase in recent months, according to accountants. Two separate accountancy reports have recorded falls in corporate insolvencies of about 50% in the year to June 2013, although the trend reversed slightly in the final three months.
FOOD, DRINK & AGRICULTURE
Soft drinks group AG Barr today said it was on track to deliver strong sales growth for the first half of the year, with the heat wave boosting demand in recent weeks. The Cumbernauld-based maker of Irn-Bru expects to report revenues of about £127.5 million for the six months to 28 July, an increase of 4.9 per cent over the same period last year.
TRANSPORT & INDUSTRY
The Future of the UK Aerospace Industry, 5 Sept, Prestwick
Join expert speakers including: Michael Moore MP & Secretary of State for Scotland; Scott McLarty of Spirit AeroSystems; Gavin Campbell of Bombardier and Murdo Morrison of Flight International as they discuss the big issues facing the UK aerospace industry. For full details see The Scotsman Conferences website.
Scottish manufacturers see bright outlook for 2013
Scotland’s manufacturing sector is in rude health, with confidence on the rise despite weak domestic demand. CBI Scotland’s latest industrial trends survey, released yesterday, showed an improvement in exports in the past three months, as well as a pick-up in business optimism. The report coincided with official figures showing a rise in the country’s manufacturing export sales in the opening three months of the year.
The family-owned group behind waste-management specialist Taylors Industrial Services (TIS) and several other north-east businesses has posted profits of more than £10million. Adria Group, which was named among Scotland’s top 10 small businesses last year, is the parent of TIS plus landfill site operator Easter Hatton Environmental (Waste Away), property firm Deedream and the Cairnton Estate.
MEDIA, TECH & LEISURE
THE Scottish Exhibition and Conference Centre in Glasgow held underlying profits broadly steady in the 12 months to March, and predicts a slight dip in earnings this financial year ahead of a sharp Commonwealth Games-related spike in 2014/15. The SECC achieved a pre-tax trading profit of more than £300,000 in the 12 months to March 31, broadly in line with about £350,000 in 2011/12, and enjoyed an underlying 4% rise in revenues.
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