Scottish Business Briefing - Thursday December 13

HMV: warnings of "probable" breach of banking agreements
HMV: warnings of "probable" breach of banking agreements
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WELCOME to’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.


Wood Group sees “good growth” ahead

Wood Group says conditions in the energy markets it provides services to remain “favourable” and it should deliver “good growth” this year. In a pre-close trading update, the Aberdeen-base firm said its engineering division should increase its underlying profits by more than 30 per cent in 2012. (Scotsman)

Turner & Co enjoys a historic year amid profits lift

Turner & Co, Glasgow’s family-owned industrial conglomerate, has marked its centenary year with a strong rise in pre-tax profits, according to accounts just lodged at Companies House. But the group which does 90% of its business in the UK sees little sign of any improvement in the economy.


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Profits at Food firm Macphie increase to £2m

MACPHIE of Glenbervie, the family-owned Scottish food company, achieved a sharp rise in underlying trading profit from £1.6 million to £2m in its last financial year to March as turnover edged higher. (Herald)

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HMV warns it may breach bank agreements

HMV has warned of a “probable” breach of its current banking agreements next month, as continuing tough trading conditions mean the business faces “material uncertainties”. The troubled music, films and games retailer gave the warning as it reported another fall in sales. Its sales for the six months to 27 October were £288.6m, down 13.5% from a year earlier. The pre-tax loss was £37.3m, compared with a £48.1m loss last year. (BBC)

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Stagecoach vows to fight break up of New York tour operation

SHARES in Sir Brian Souter’s Stagecoach transport group slipped into reverse on Wednesday after the firm vowed to fight a law suit seeking to break up its sightseeing bus company in New York City. (Scotsman)

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Omega gets £1m to expand factory

Medical testing kit maker Omega Diagnostics has secured £1 million from its bankers to expand its manufacturing capabilities.

The Alva-based firm said it would extend its overdraft to £1.7m, on the same terms as a £700,000 facility agreed in May.


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