Scottish Financial Review

The British pound and UK government bonds rose on Monday after new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss’s economic plan — reversing…

By Mark McSherry — Scotland exported £8.8 billion of financial and related professional services in 2020, 7.4% less than in 2019 but 86% more than in…

By Mark McSherry UK prime minister Liz Truss fired her finance minister Kwasi Kwarteng on Friday — and scrapped parts of their economic package that…

Glasgow-based Smart Metering Systems plc (SMS) announced that Gavin Urwin will step down as chief financial officer (CFO) and as an executive director of SMS…

Former Schroders fund manager Katherine Davidson has joined Edinburgh-based investment giant Baillie Gifford as an investment manager in its Global Stewardship Strategy. Baillie Gifford said its…

Morningstar has reported that outflows from UK-domiciled funds hit a new record in September as investors withdrew £11.25 billion – the biggest outflow in 10…

Murray Capital Group has reported that its turnover from continued operations for the year to June 30, 2022, rose 11% to £92.8 million “driven primarily by…

Iceland offers its population the best pension provisions, followed by the Netherlands, Denmark, Israel, Finland, Australia, Norway, Sweden and Singapore, according to the 2022 Mercer CFA…

Martin Gilbert’s fast-growing asset manager AssetCo announced that Gary Marshall has been appointed as its Chief Financial and Operating Officer (CFOO) and has joined its…

Shares of Glasgow-based cloud computing firm Iomart Group fell about 8% on Tuesday after it warned in a trading update that its profit for the…

Abrdn European Logistics Income plc, a fund that invests in modern continental European warehouses, said on Tuesday that Evert Castelein has resigned from Abrdn and…

The Bank of England, the UK’s central bank, announced on Tuesday that it will “widen the scope” of its daily gilt purchase operations to include…

By Mark McSherry UK finance minister Kwasi Kwarteng needs to make £62 billion of spending cuts or tax rises to stop the UK’s public debt…

SNP leader Nicola Sturgeon told the party’s conference on Monday that investment of £20 billion would be delivered by a new fund in the first…

Glasgow-based fashion firm Quiz plc said on Monday its revenues rose 37.2% to £49.4 million in the six months to September 30, 2022, marginally ahead…

Beeks Financial Cloud Group plc, the Glasgow-based connectivity provider for financial markets, announced the signing of “two multi-year private cloud contracts with global asset management…

Business activity across Scotland’s private sector contracted again in September, according to the latest Royal Bank of Scotland Purchasing Managers Index (PMI) data. However, companies…

Edinburgh-based investment giant Abrdn has joined the governing council of distributed ledger technology (DLT) firm Hedera, becoming the first buy-side finance and asset management company…

The chief executive of Loganair has confirmed in a LinkedIn post that the company is up for sale. Loganair CEO Jonathan Hinkles wrote that shareholders…

The UK’s Department for Transport (DfT) said on Friday it has placed FirstGroup’s Avanti West Coast on a short-term contract and challenged it “to deliver…

Scotland’s First Minister Nicola Sturgeon said on Friday the Scottish Government will publish a new paper next week setting out its plans for the creation of…

Shares of Thurso-based battery cell developer AMTE Power plc rose about 12% on Thursday after it announced it signed a contract to manufacture its Ultra High…

Edinburgh’s Filmhouse Cinema and Café Bar, the Edinburgh International Film Festival and the Belmont Filmhouse in Aberdeen will all cease trading with immediate effect. The…

Scotland’s economy is likely to contract in the second half of 2022, according to the Fraser of Allander Institute’s quarterly Economic Commentary. In the Deloitte-sponsored commentary,…

Active loans and investments at responsible finance provider Social Investment Scotland (SIS) reached more than £41 million across 201 social enterprises, community organisations and impact-led…

By Mark McSherry — The £200 million Baillie Gifford China Growth Trust plc said “the risk of a Lehman’s style moment in China is very low” as…

Weir Group, the Glasgow-based global engineering and mining giant, announced that it has hired Maersk Container Industry CEO Sean Fitzgerald as president of Weir’s ESCO Division….

By Mark McSherry — The Scottish National Investment Bank published its first full year accounts on Tuesday and said it has made “clear progress” in its…

UK finance minister Kwasi Kwarteng has scrapped his plan to cut taxes for high earners following the brutal backlash from global financial markets. “We get…

Wood Mackenzie, the Edinburgh-based consultancy for the energy, chemicals, metals and mining industries, could soon be sold by its New Jersey owner for up to £2.5 billion….

Alliance Trust plc, the £3.2 billion Dundee investment trust company which uses external fund managers Willis Towers Watson (WTW), announced that Vicky Hastings and Milyae Park have…

Edinburgh-based Capricorn Energy said on Thursday it is withdrawing its intention to recommend an all-share merger with Tullow Oil and said instead it will recommend to shareholders…

By Mark McSherry — The UK central bank announced on Wednesday morning it will “carry out temporary purchases of long-dated UK government bonds from 28 September”…

Aberdeen-based global engineering and consulting giant John Wood Group said it has been awarded a multi-region engineering services contract by BP “to support efficient and…

By Mark McSherry — Grant Thornton’s Scotland Limited report for 2022 shows that Scotland’s top 100 private limited companies make aggregate turnover of £28 billion, employ 132,000…

SSE plc, the Perth-based renewable energy and power networks giant, said on Tuesday it is committed to reinvesting “any additional profits derived from market variability” directly back into…

By Mark McSherry — Assets under management held by the 250 member firms of the UK’s Investment Association (IA) reached a milestone £10 trillion in 2021, according…

Elgin-based Springfield Group, which is building a number of new communities throughout Scotland, announced it will gift its own National Insurance savings to its 898…

Weir Group, the Glasgow-based global engineering and mining giant, announced a new alliance with Swiss Tower Mills Minerals AG (STM) in which Weir will market…

Sky Sports has announced it will broadcast more Scottish Professional Football League (SPFL) matches than ever before under a new agreement with the league —…

A.G. Barr, the Cumbernauld-based maker of Irn-Bru, Rubicon energy drinks and Funkin cocktail mixers, said on Tuesday that its revenue rose 16.7% to £157.9 million in…

Virgin Money and Skipton Building Society on Monday temporarily withdrew their mortgage ranges for new customers because of the volatility in sterling funding markets, according…

Attempts by the UK central bank and Treasury on Monday to steady the pound failed to reassure markets — as sterling fell to record lows and…

The rising cost of living has caused bills in the average Scottish household to rise by £167 per month during 2022, according to new research…

By Mark McSherry — Consumer products giant Unilever announced that its Scottish CEO Alan Jope has informed the board of his intention to retire from the…

Almost half of Scottish workers are spending at least one day a week working at home, new figures have revealed. In a UK government survey…

Student startup firms from the University of Edinburgh have secured over £30 million in combined investment over the last year, nearly three times the amount…

Former Scottish Enterprise CEO Lena Wilson will become the new chair of NatWest Group’s Performance and Remuneration Committee. In a stock exchange statement NatWest, formerly…

Jim Higgins, Tax Director at Deloitte in Scotland: “A number of the UK Chancellor’s changes announced today will not automatically apply to Scotland. “Earlier this…

The UK pound hit a new 37-year low against the US dollar and UK government bonds sold off sharply on Friday as markets prepared for…

By Mark McSherry The debt of the UK government was £2.427 trillion at the end of August 2022, an increase of £195.2 billion compared with…

Shares of Glasgow-based fashion firm Quiz plc rose about 5% on Thursday after former JD Sports Fashion Plc executive chairman Peter Cowgill purchased 410,000 ordinary shares…

Scottish Rugby has published its Financial Statements 2021-22 ahead of the second part of the organisation’s AGM on September 28, 2022. Scottish Rugby said its…

In a move to strengthen energy security, the UK government has confirmed its support for a new oil and gas licensing round, expected to be…

The UK’s central bank raised its key interest rate to 2.25% from 1.75% on Thursday and said it will continue to “respond forcefully, as necessary” to…

Abrdn’s £1 billion Murray Income Trust has increase its dividends per share 4.3% to 36p despite its net asset value (NAV) falling 4% in the year ended June…

The board of Edinburgh-based investment giant Abrdn plc announced that Cecilia Reyes will not seek a second term at the conclusion of her three-year term…

Shares of Aberdeen-based global engineering and consulting giant John Wood Group rose as much as 8% on Wednesday as it announced it completed the sale of…

Evelyn Partners, the wealth management and professional services group created from the merger of Tilney and Smith & Williamson, has agreed terms for new landmark…

Celtic plc announced that its revenue increased 45.2% to £88.2 million in the year to June 30, 2022, and profit before taxation was £6.1 million…

Shares of Edinburgh-based Craneware, a provider of software for the US healthcare market, rose 7% on Tuesday after it published results for the year ended…

Elgin-based Springfield Properties, which is building a number of new communities throughout Scotland, said its revenue increased 18.6% to a record high of £257.1. million…

Glasgow-based Virgin Money announced the appointment of Sarah Wilkinson as chief operating officer. Wilkinson will join Virgin Money from Thomson Reuters, where she is the…

By Mark McSherry Aberdeen-based bus and rail giant FirstGroup plc announced the sale by its subsidiary FirstGroup Services, Inc. of all but two of its remaining Greyhound…

The UK’s Financial Conduct Authority (FCA) has warned consumers against dealing with Bahamas-based FTX, the cryptocurrency exchange run by billionaire Sam Bankman-Fried. “We believe this firm…

Edinburgh investment giant Abrdn is considering a plan to return up to £500 million to shareholders to placate investors following its relegation from the FTSE…

The British pound fell on Friday to a fresh 37-year low on the US dollar — and a 17-month low on the euro — as…

Macfarlane Group, the Glasgow-based packaging, design and distribution firm, announced the appointment of former John Lewis executive Laura Whyte as a non-executive director with effect from…

The proposed all-share merger of Edinburgh-based Capricorn Energy and London-based Tullow Oil is facing increasing opposition from shareholders of Capricorn, formerly called Cairn Energy. Capricorn shareholder Schroders this week became…

New York-based Stellex Capital Management, a mid-market private equity firm, announced that former Abrdn global head of private equity Mark Redman has joined its senior…