Scottish Business Briefing – Monday 29 April, 2013
BANKING
Strong markets help push AAM profits up 37%
Aberdeen Asset Management (AAM) has unveiled a 37 per cent jump in half-year profits, driven by a strong performance across global stock markets and “healthy” new business sales. Despite the positive market conditions during the first half, the fund manager said the volatility seen this month meant it was taking a “cautious” approach to the outlook for the rest of the year (Scotsman).
ECONOMICS
Get Britain building projects ‘unrealistic’
A FLAGSHIP £310 billion coalition government drive to get Britain building and revive the flatlining economy has been branded “unrealistic” by an influential committee of MPs. The Scottish Government has previously criticised the coalition government’s approach to infrastructure spending (Scotsman).
FOOD, DRINK & AGRICULTURE
Greggs bakery in profits warning after sales fall
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Hide AdHigh Street bakery Greggs has warned of lower than expected profits this year after reporting falling sales. The chain said like-for-like sales, which exclude newly-opened outlets, were down 4.4% so far this year. It blamed bad weather and “under pressure” consumers, and said it did not expect market conditions to improve in the short term (BBC).
INDUSTRY
Angel investors buy up Border Precision
A SYNDICATE of angel investors has raised a “significant” six-figure sum to buy Kelso-based Border Precision out of administration. Investor network Tri Cap confirmed it has supported a management buy-out from administrator Grant Thornton. Border Precision has operated in Kelso since 1976 and currently has a workforce of 80 people – just over half of the 150 it employed in 2011 (Scotsman)
SCOTSMAN CONFERENCE
Defence Policy: Protecting Scotland and Preserving Jobs – 14 June, Edinburgh
Book today and secure 20% early bird discount at this unmissable event. Ends 30 April. Top speakers including Angus Robertson MP; Jim Murphy MP and Prof Hew Strachan of Oxford University will debate the big issues facing the defence industry today.
TRANSPORT
Allied move to bricks and mortar
ALLIED Vehicles, the Glasgow-based maker of taxis and wheelchair-accessible cars, is to open a mobility retail outlet on its large Possilpark site as the first step in building what could become a nationwide retail network. The £750,000 store, branded Mobility Solutions, will offer equipment including wheel chairs, scooters and walking sticks and is a rare example of a company seeking to take on internet retailers with a bricks-and-mortar launch (Herald).