SCOTLAND’S economy is continuing to gather momentum, with businesses reporting the strongest rise in turnover for the past six years, a key report today shows. The research also reveals that expectations are high for the coming six months, adding to recent evidence of increasing activity levels
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FOOD, DRINK & AGRICULTURE
LEES Foods, the Coatbridge-based confectionery and bakery business, has posted record turnover and operating profits in a year that saw it de-list from the Alternative Investment Market (AIM). The company, whose management team led by Clive Miquel paid £5.6 million to buy out shareholders in June 2012, has seen operating profits rise by just under 27% to £1.27m for the year ended December 31, 2012.
SCOTMID has cast doubt on the nascent economic recovery in Scotland claiming signs of an uptick were “not evident” for retailers and consumers in its key trading areas, which also include Northern Ireland and the north of England. The venerable retail and funerals business said yesterday that it would continue to be cautious as “the erosion of real terms disposable income is the everyday reality for our customers”, despite reporting “stronger than anticipated” sales over the summer months.
TRANSPORT & INDUSTRY
ONE of Scotland’s largest urban regeneration schemes has changed hands in a “multi-million pound” deal. The Quartermile development, on the site of the former Edinburgh Royal Infirmary, has been sold by Lloyds Banking Group-backed developer Gladedale Capital to property investor Moorfield.
SCOTTISH detergent, toiletries and aerosol products manufacturer Sanmex International experienced a dip in profits in its last financial year, but owner Steven Groden highlighted his satisfaction with his company’s performance relative to that of its competitors. Accounts recorded a dip in pre-tax profits to £491,815 in the year to January 30, from £615,084 in the prior 12 months
MEDIA, TECH & LEISURE
CCTV systems maker IndigoVision has reported a 13 per cent fall in annual profits as a squeeze on margins offset higher sales, but shareholders will benefit from a hike in its dividend. The Edinburgh-based firm said revenues for the year to 31 July grew 6 per cent to £32 million, but gross margins fell to 56.7 per cent, from 59 per cent a year ago, because of a shift away from encoders towards lower-margin “intelligent cameras”.
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