Scottish Business Briefing - Monday 1 October, 2012
BANKING
Financial services sector suffers bloody nose in summer months
BRITAIN’S financial services sector has seen business volumes slide unexpectedly in a “tough quarter” in the three months to September, triggering the first fall in profitability in more than three years, a new survey has revealed (Scotsman).
FOOD, DRINK & AGRICULTURE
Matthew Algie benefits from tight rein on costs
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Hide AdVENERABLE Scottish coffee firm Matthew Algie managed to increase profits despite “difficult” conditions thanks to efficiency savings at its Glasgow plant. The 148-year-old business saw a slight decline in turnover last year, down £100,000 to £33.1million (Scotsman).
INDUSTRY
Industry lobby group says goodbye to man who recast Scottish engineering
TRADE body Scottish Engineering will come under new leadership next year after revealing long-standing chief executive Peter Hughes is to step down. The support group for the engineering industry in Scotland said yesterday that former Bausch & Lomb director Bryan Buchan will take over the top job on 1 January (Scotsman)
HQ expansion paves way for jobs increase
A Moray engineering business is targeting new markets and plans to grow its workforce after expanding its headquarters. AJ Engineering and Construction Services invested £700,000 in extending its Forres offices and workshop and has now set its sights on serving the oil and gas industry in future (P&J).
MEDIA & LEISURE
Heavy rain, Olympics and poor economy blamed for visitors fall in Scotland
TOURISM leaders have admitted visitor numbers to Scotland are set to plummet this year – with prolonged bad weather and the struggling economy being blamed for a “challenging” 2012 (http://www.scotsman.com/news/scottish-news/top-stories/heavy-rain-olympics-and-poor-economy-blamed-for-visitors-fall-in-scotland-1-2556604|Scotsman|Scotsman}).
RETAIL
Spending on stores hits profit at Fraser Hart
FRASER Hart, the Glasgow-based jewellers established by the reclusive Hill family, saw pre-tax earnings fall 26.8% to £3.7 million as increased spending on its stores more than offset rising sales (Herald).