Ten Scottish business high flyers to watch in the year ahead

The Scottish oil and gas sector's King Midas of 2010, Cross made fortunes for many investors in Dana Petroleum which went from stock market tiddler to a company its South Korean buyers were prepared to pay 1.8 billion for.

The share price performance at his new berth, Parkmead, has also been breathtaking since he was named as its executive chairman in November. Despite making no significant business announcements, Parkmead shares have risen from 1p to more than 30p as investors bet on Cross replicating the success he delivered at Dana.

Cross knows managing investor expectations is crucial and he will need to make his mark on the 2.3 million turnover company soon for it to justify its heady market value.

2 Martin McAdam

Chief executive of Aquamarine Power

Irishman Martin McAdam was the most high-profile figure in Scotland's wave energy industry during 2010 as his Edinburgh-based wave energy company announced a string of fundraisings, equity investments and further milestones in the development of its Oyster device. The year ahead already promises much in the way of newsflow with Aquamarine's next-generation device being built in Scotland by Burntisland Fabrications ahead of testing at the European Marine Energy Centre near Stromness in Orkney.

McAdam's progress to date has been impressive but taking wave energy devices through to commercialisation requires serious cash and he'll need to continue his charm offensive with investors to attract further support.

3 Hywel Ball

Managing partner for Scotland, Ernst & Young

Although he has been Scottish managing partner for Ernst & Young since 2007, Hywel Ball is expected to really stamp his mark on the market in 2011 when he carries out major expansion plans north of the Border.

As revealed by Scotland on Sunday, Ball is planning to create a further 140 jobs at E&Y's Scottish offices in Edinburgh, Glasgow and Aberdeen over the next three years as he sets up a separate business consultancy unit to help firms improve their financial performance and IT.

Ball says demand for consultancy services has grown since the recession as firms are under constant pressure to improve efficiciency and keep costs low. He also believes the looming government spending cuts will drive demand for this kind of advice in the public sector as well. Ball, who is on the board of Scottish Financial Enterprise, is hoping the new consultancy business will win business from competitiors in Scotland - others who currently operate in this area include Accenture, Capgemini and other "big four" accountancy firms such as Deloitte.

4 Rabinder Buttar

Chief executive of Clintec International

After selling a near-30 per cent stake in her company for 8m, Rabinder Buttar is on course to expand her life sciences business in India and move into the Asia-Pacific region.

Buttar - who founded the business in 1996 and grew it using her own funds - has enlisted the help of James Hauslein, a former chief executive and chairman of Sunglass Hut, and Dr Anand Burman, chairman of giant Indian food and healthcare group Dabur, to help grow the business.

The pair now sit on the Clintec board, alongside Gaurav Burman, managing partner of Aim-listed Elephant Capital, the India-focused private equity firm that bought nearly one-third of the company.

5 Jayne-Anne Gadhia

Chief executive of Virgin Money

If last year was frustrating for Sir Richard Branson and the head of his banking empire Jayne-Anne Gadhia, then this year may prove more fruitful. Virgin Money, which is headquartered in Edinburgh, was pipped in the sale of over 300 RBS branches by Spanish rival Santander. But there is more to come in this vein - Lloyds Banking Group must sell double that amount of branches by 2013, or even more depending on what Sir John Vickers' Independent Commission on Banking decides in September.

All indications look like the commission will be even tougher on the big UK banks than Europe was, forcing more of a break up to increase competition - a trend from which Gadhia can only benefit after acquiring a banking licence in January. Even if 2011 is not the big year for Virgin Money, Gadhia has confirmed her ambition to grow the business organically and soak up banking talent available in Scotland. She is also toying with the idea of stepping the bank's civic role by looking at sponsorship of events such the Festival fireworks as incumbents have let it fall by the wayside.

6 Richard Smith

Chief executive of Xcite Energy

Aberdeenshire-based Xcite Energy has proved to be an aptly-named company for shareholders who have enjoyed 1,000 per cent-plus gains in 2010. Smith, an industry veteran who helped establish Xcite after a career with Halliburton, has himself amassed a 20m paper fortune on the back of its dramatic share price rise.

The company employs a handful of people at its Banchory HQ but has a market capitalisation of more than 500m thanks to better than expected test results from its Bentley field in the North Sea. Production from the field is expected to start this year and some analysts are predicting much more could be to come with price targets of double the current share price.

7 Billy Walker

Managing director of BenRiach distillery

Could 2011 be the year in which Billy Walker buys his third distillery? After taking over Pernod Ricard's Newbridge bottling plant near Edinburgh last year, his firm is on course to turn over 20m, with profits of about 4m.

The former Burn Stewart operations director snapped up the BenRiach distillery on Speyside in 2004, adding Aberdeenshire's GlenDronach in 2008.

While he says the purchase of the bottling plant "probably came two years too early", Walker has a keen eye for an opportunity and, if the right distillery came on to the market, his business partners in South Africa have said they would back another purchase.

8 Ellis Watson

Former Syco chief

"Mercurial" describes both Ellis Watson's temperament and his quicksilver series of career moves in the last six years. The former managing director of media group Trinity Mirror first arrived in Scotland in 2005 to shake up the Menzies Distribution business before he moved on to First Group as its marketing director and stated heir apparent to chief executive Sir Moir Lockhead.

Having vowed not to be "Scotland's tallest dwarf", Watson abandoned the good ship First Group when X-Factor impresario Simon Cowell lured him away to run his entertainment empire, Syco, in March.

But the strain of the commute between London, LA and Watson's farm outside of Carnoustie took its toll. Watson resigned his post with Cowell in December, saying he was "gutted" that he could not reconcile his family needs in Scotland with the demands of being in the US. "Rodeo Drive isn't quite ready for my Highland cattle," he quipped. But there is little chance that this charismatic and high flying global maverick will be limiting his ambitions to being home on the range in 2011.

9 David Ferguson

Chief executive of Nucleus Financial

The aim of David Ferguson's business is not easily explained to maiden aunts at tea parties. But he set up wrap platform provider Nucleus in 2006 with a modest ambition to revolutionise the 500bn life insurance market and how its products were sold. Last year the firm took great strides, including a move to bigger offices, a 15 million rights issue which cleared its balance sheet debt and hit 2bn of assets under management. Ferguson also got married.

There may be no startling changes this year but Ferguson believes that growth is assured. He expects the firm to hit 3bn of AUM this year in a rapidly growing market.

10 James Watt and Martin Dickie

Founders of brewer BrewDog

Never strangers to controversy, BrewDog founders Martin Dickie and James Watt will no doubt be stoking the fires of publicity again this year.

The 20-something Fraserburgh-based brewers plan to open a second bar - in Edinburgh's Cowgate - in April, following the success of their first pub in Aberdeen.

When the Portman Group, the drinks industry body that promotes responsible drinking, censured the firm for its high alcohol beers such as Tokyo and Sink The Bismarck, it produced a low-alcohol beer called Nanny State.

But will the dynamic duo go further in 2011? Having brewed a 55 per cent beer last year - and dressed the bottles up in dead animal furs - could the 60 per cent mark be within sight this year?

The pair's antics always grabs the headlines - and their rising sales will no doubt attract the interest of potential suitors too.

After recently selling shares in the company to their dedicated fans, could Dickie and Watt sell the business too?