Business news in brief 09/05/2012

SMS chief Foy wins 44% rise in pay

GAS meter operator Smart Metering Systems (SMS) awarded chief executive Alan Foy a 44 per cent pay rise during the firm’s first year as a listed company.

Glasgow-based SMS, which joined the Alternative Stock Market in July, rewarded Foy with a total package worth £329,000 for 2011, compared with £228,000 in 2010.

Last month the firm – which installs “smart” gas meters to help commercial and industrial clients to manage their energy bills – posted a 29 per cent rise in revenues to £16 million, with underlying pre-tax profits jumping to £5.7m from £2.9m.

Anderson in return to Swip global team

KENNETH Anderson, the former investment director of European equities at BlackRock International, is joining the global strategy team of Edinburgh-based rival Scottish Widows Investment Partnership (Swip).

He will report to head of global strategy, Ken Adams, who said: “Kenneth is an experienced fund manager with a strong analytical background and has a wealth of practical experience in bridging the link between the macro-economy and markets.”

Anderson had earlier worked at Swip between 1989 and 1999.

Macfarlane hails growing margins

PACKAGING company Macfarlane yesterday said it has made a good start to 2012, with revenues from its packaging distribution business up 2 per cent on last year.

Although revenues at its manufacturing operations were down 2 per cent, the Glasgow-based group said margins and profits at the division were growing.

Meanwhile, Greenock-based British Polythene Industries (BPI) appointed Hilary Kane, a partner at law firm Maclay Murray & Spens, as its new company secretary. She replaces Ray Brooksbank, who is retiring.

Election time at top Scots law firm

SCOTLAND’S largest law firm yesterday unveiled the timetable for the election of both its next managing partner and chairman.

Dundas & Wilson said nominations will close on 8 June, with partners voting on 20 June and the result being made public on the following day.

Partners will select a chairman to replace David Hardie and a managing partner to take over from Caryn Penley and Allan Wernham, who have held the position on an interim basis since Donald Shaw announced in March he was stepping down from the post.