BANKING & INSURANCEBalfour nets £109,000 from GIM takeoverGlasgow Investment Managers chief executive Mike Balfour netted a £109,000 profit from its takeover by Aberdeen Asset Management last year thanks to an un
usual share option arrangement, it emerged yesterday (
Herald).Balfour is thought to have attempted a management buy-out of the company controlled by founder David Williams but was outbid by the north-east company. Accounts obtained by The Herald from Companies House reveal that on August 21, 2007, the day before Aberdeen's takeover was announced, Balfour was granted options over 4375 shares that he could exercise at £75. He did this on August 24, immediately before Aberdeen formally acquired the company in a £6.25m offer that valued the shares at £96 each, reaping him a profit of £109,375.
Read all today's banking news from scotsman.comINDUSTRYIndigoVision is a picture of successINDIGOVISION cheered investors yesterday as the digital CCTV company gave a bullish outlook, with sales well ahead of last year despite a slowdown in the economy (
Scotsman). The Edinburgh-based firm unveiled a 37 per cent rise in revenue in the year to 31 July to £18.4 million, with pre-tax profits rising three-fold to £2.04m. Chairman Hamish Grossart said yesterday that, "at a time when many organisations experience d reductions in performance, IndigoVision achieved record sales, profits, margins and earnings per share". Its shares plunged in August when it revealed that, despite hitting its target for a pre-tax profit of £2m, revenues would be around £2m below its broker's forecasts for £20m.
Delay in what appeared to be a dead Cert hits SuperglassSHARES in Superglass, the roof and wall insulation manufacturer, took a hammering yesterday as it braced investors for weaker profits amid "uncertain" economic conditions (
Scotsman). Chief executive John Smellie said the Stirling-based company was "battening down all the hatches" as it grapples with the housing slump, soaring energy costs and delays in the government's carbon emissions reduction target (Cert) scheme, which requires energy firms to improve efficiency in customers' properties by such means as loft and cavity-wall insulation. The firm expects profit for the year to August 2008 to meet market expectations, currently averaging about £7.5 million. However, it warned investors that it cannot be sure of matching City hopes for the financial year just started, given the more uncertain economic outlook.
Read all today's industry news from scotsman.comRETAILStore revamp pays off for Scotmid CONVENIENCE store chain Scotmid has reported a 60 per cent increase in operating profit to £4.5 million in the first half, driven by growth in the retail and wholesale business (
Scotsman). Chief executive John Brodie told The Scotsman yesterday that investment in store renovation over the past couple of years was starting to pay off. He added he was confident that the convenience store format, along with its SemiChem discount health and beauty retailer brand, would prove resilient in the economic downturn. But Scotmid said it had felt the impact of price inflation on products such as milk and bread, as well as rises in energy bills. It added that petrol prices for distribution vehicles had also risen, saying that the effects of the cost increases had hit even harder in the six weeks since the half-year ended. And a slowing death rate also had an impact on its funerals business, prompting the firm to launch a trial marketing drive to raise awareness of its privately-branded funeral homes.
Read all today's retail news from scotsman.comTECHNOLOGYClyde sells systems for Turkish satellites Clyde Space, Scotland's only space industry business, has struck a £150,000 deal to supply two flight model power systems to Turkey's fledgling satellite programme (
Herald). The deal with the Scientific and Technological Research Council of Turkey (Tubitak) will see Glasgow-based Clyde provide two flight model battery charge regulator systems for the launch of Rasat, the first Earth-observation satellite to be built and developed in Turkey. The 120kg spacecraft is to be launched into a "700km sun-synchronous orbit" in late 2009. Clyde Space, one of the world's leading suppliers of small satellite power systems, has been capitalising on the growing demand for so-called nano and miniature satellites.
Read all today's technology news from scotsman.comTRANSPORTArnold Clark drives up sales as founder sees his salary rise 30% SIR Arnold Clark was awarded a 30 per cent pay rise last year, taking his annual earnings to more than £1.3 million as his eponymous car dealership grew sales but suffered a fall in profits (
Scotsman). Newly-filed accounts for his company reveal that the firm's highest-paid director, assumed to be octogenarian Clark, received £1,354,000 in 2007, up from £1,047,000 the year before – one of the largest boardroom pay packets in Scotland. In 2005, the highest-paid director banked nearly £1.7m. The company – Scotland's biggest private firm by turnover – revealed earlier this year that annual sales in 2007 had jumped 11.2 per cent to almost £2.1 billion, boosted by a string of acquisitions. However, pre-tax profits slipped 8.2 per cent to £70.1m after the 2006 result was affected by a one-off gain. Operating profits held steady. According to the accounts, total boardroom pay at the group, which operates more than 140 showrooms across the UK, amounted to £3,083,000 last year, up from £2,322,000 in 2006.
Read all today's transport news from scotsman.com
The full article contains 955 words and appears in scotsman.com newspaper.
