Ian Suttie’s firm swings into profit

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THE investment company owned by one of Scotland’s richest businessmen has swung back into profit, boosted by its principal moorings subsidiary.

First Tech, which is owned by Aberdeen-based oil tycoon Ian Suttie, posted a pre-tax profit of £1.5 million for the year to 30 April, compared to a loss of £555,000 in the previous 12 months.

Turnover dipped to £14.9m from £16.6m at the firm, which consolidates figures from its subsidiaries.

Some of the firms in First Tech’s eclectic portfolio include moorings supplier First Subsea, property developer First Construction, Scotch dealer First Whisky and pub operator First Inn, as well as a stake in Strathclyde University spin out Nautricity, which is developing a tidal turbine.

Suttie – who also owns First Oil, the largest British privately-owned firm operating in the North Sea – has helped invest more than £2m in Nautricity.