Scottish Business Briefing - Tuesday 30 October, 2012
INSURANCE
Direct Line bosses head for exit door as it looks for £100m cuts
INSURANCE giant Direct Line is axing 70 senior roles in an effort to meet a pledge to cut £100 million in costs. The insurer, part owned by Royal Bank of Scotland, said the move would reduce costs in its central functions and would result in the closure of its office in Teesside (Scotsman).
ENERGY & UTILITIES
BP profits fall but dividend is raised
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Hide AdOil giant BP has reported a fall in profits for the past three months. Replacement cost profit, which strips out the effect of oil price movements, was $4.69bn (£3bn), down from $5.27bn for the quarter last year. However, chief executive Bob Dudley said the figures showed “strong progress” at BP, which is raising the quarterly dividend by 12.5% (BBC).
Skills boost for energy industry
Energy industry bodies Subsea UK and Opito are getting awards from a £2million fund aimed at attracting vital new entrants into the industry and helping people to diversify their skills. Diver training facility the Underwater Centre at Fort William and Orkney College have also secured a share of the Energy Challenge Fund, set up to help tackle the skills shortage in the oil and gas industry (P&J).
INDUSTRY
Mactaggart posts ‘sound’ figures as homes market remains in doldrums
Glasgow housebuilder Mactaggart & Mickel has reported lower annual sales and profits but pointed to growth in a number of areas three years after launching a “diversification strategy”. The family-owned firm said group turnover in the year ended 30 April had fallen to £38.5 million from £48.1m (Scotsman).
Scotshield wins hospital fire system contract
LANARKSHIRE-based Scotshield Fire & Security Systems has won a multi-million-pound contract for the new South Glasgow Hospitals campus at Govan, which will involve installation of more than 16,000 fire detection devices (Herald).
TECHNOLOGY
Hi-fi manufacturer Linn promises research increase to target web content
LINN Products, the Scottish hi-fi manufacturer, will raise its investment in research and development this year as it adapts to a converging marketplace with more audio and visual content delivered via the web. The firm said R&D investment in the current year was likely to exceed the £2.1 million spent in the past 12 months as it widens its product line-up (Scotsman).