Scots SMEs see export revenues reach £1.2bn

Scottish SMEs have generated about £1.24 billion in revenue from exports over the last year, according to a new report from challenger bank Aldermore.

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The latest Future Attitudes report from the lender found that four-fifths of UK SMEs trading overseas expect to see their exporting business revenues increase by an average of 9 per cent over the next 12 months.

It also revealed that a third of all SMEs currently export overseas, with 18 per cent expecting to do so within five years.

The study also found that about seven in ten firms believe Europe is their greatest prospect for growth in the short term, and it ranked the most favourable destination in the medium and long term.

Carl D’Ammassa, group MD, business finance at Aldermore, said the next five years could see strong progress for the SME sector. “We hope that small businesses can make the most of the opportunity to export to new markets and continue to deliver vital support to the wider UK economy.”