Reacting to the Chancellor’s Budget, Shevaun Haviland, Director General of the BCC, said:

“Following the Autumn Statement this Budget was always set to deliver less for business although changes to National Insurance will provide some momentum.

“However, beyond this there were no major announcements to help shift the dial on conditions for business.

“The clock is now ticking to the General Election – and this Budget could be the last fiscal event before voters go to the polls.

“Business confidence is improving but the coming months will remain challenging for many companies. It is vital that the economy remains front and centre of the campaign to come.”

On jobs, Shevaun said:

“The prospect of an additional 200,000 entering into the workforce, due to cuts in National Insurance would make a significant dent in the job vacancies holding back our economy. It will also provide a welcome boost to economic growth.

“Combined with the increased child benefit threshold, this should help business find the staff they so desperately need.”

On the VAT threshold change, she added:

“Increasing the VAT threshold to £90,000 from April will help SMEs in our Chamber network to grow and invest but a more fundamental review is required. We will continue to engage with Government to push for this.”

Responding to news of new funding to train planners, Shevaun, said:

“We are pleased the Chancellor has joined forces with the BCC and our founding partner Aviva, by committing £3m of matched funding to our business-led programme to unlock the planning system. This is a clear signal from Government about working in partnership with business to solve problems. We now have a real opportunity to make the system quicker and more efficient for everyone. It is all about investing in talent and building communities.”

On the new Growth Guarantee Scheme she said:

“It’s also good news that the Chancellor has listened to our calls for the Recovery Loan Scheme to be extended. Under its new name, the Growth Guarantee Scheme will continue to be a financial lifeline for thousands of businesses to get back on track after recent economic shocks and plan for future growth.”

On tax free shopping she added:

“There will be huge disappointment that a new internationally competitive tax-free shopping scheme was not mentioned by the Chancellor. We will review the OBR’s evidence and continue to make the case for this.”

The deal will enable large-scale loans by UniCredit Bank Serbia to support solar and wind projects

 The firm’s Banking and Finance team has advised GGF (an impact fund advised by Finance in Motion, a world-leading impact asset manager with specialist experience in generating positive change in emerging markets around the world) on its recent financing to UniCredit Bank Serbia.

Burges Salmon has advised the Green for Growth Fund on a €50 million financing for UniCredit Bank Serbia. The facility is to be used to enable UniCredit Bank Serbia to make large-scale loans to renewable energy projects in Serbia, particularly focusing on solar and wind projects. The financing aligns with the Serbian government’s renewable energy strategy, as outlined under the National Energy and Climate Plan, and demonstrates GGF’s continued support for initiatives aimed at improving energy efficiency and renewable energy in southeast Europe, the Middle East and North Africa. The Burges Salmon team was led by Rachael Ruane and Luke Addison, supported by Thomas Papke.

Rachael comments: “We are delighted to have worked with the Green for Growth Fund on this latest financing which we hope will catalyse investment in renewables in Serbia, a country which has been historically dependent on coal.”

Finance in Motion is an impact asset manager, overseeing impact funds which invest public and private capital in emerging markets in order to combat climate change, conserve biodiversity, advance renewable energy, foster entrepreneurship and expand financial inclusion. Burges Salmon has supported Finance in Motion on more than 10 transactions in the last 8 months, advising on a series of social impact and sustainability focused facilities to financial institutions in Montenegro, Kosovo, North Macedonia, Bosnia, Kenya and Tanzania (among others). These transactions include loans intended to finance female-led businesses, renewable energy projects, and agricultural development in southeast Europe and Africa. The Burges Salmon teams advising on these instructions have included Rachael Ruane, Richard Leeming, Luke Addison, Thomas Papke and Amelia Turner.

As a fundamental, the UK Equality Act (2010) provides an imperative for organisations to protect employees from discrimination.

However, the substantive evidence is clear that diversified and more inclusive organisations are more productive, including creative, efficient, effective and/or profitable.

To assist you, we are excited to launch a new series of inclusion and wellbeing courses to help you with the following questions:

  1. How can I recruit and retain a more diversified workforce?
  2. How can I promote employee awareness of the equality necessity?
  3. How can I reduce bias in the organisation for more effective inclusive working?
  4. How can I promote more competent cross culture working with clients?
  5. How can I enable my staff to reduce stress and promote better mental wellbeing?

If you would like a free inclusion audit of your organisation and to discuss the best options for workforce development, please email:  enquiries@wellbeinginsight.org.uk or call 0131 564 1646

Duck & Waffle Edinburgh returns with its annual Waffle Week, taking place from Monday, 25th March until Friday, 29th March. Kicking off on International Waffle Day, the week-long waffle tribute will showcase a variety of new and signature dishes curated by Corporate Chef Maxwell Terheggen and Duck & Waffle Edinburgh’s Executive Chef Lucia Gregusova.

 

Guests will be treated to an array of delicious homemade waffles topped with culinary creativity. This year’s lineup features the savoury Mascarpone & Wild Garlic Pesto Waffle with balsamic vinegar, roasted grapes, and a dusting of dukkah, the Chicken & Waffle (a playful twist on the American classic) made with crunchy fried chicken and served on a cornbread waffle complete with pickles, coriander, and Frank’s RedHot sauce butter. On the sweeter side, the cloud-like homemade Tiramisu Waffle and the rich Knickerbocker Glory await, boasting layers of millionaire’s shortbread, velvety vanilla ice cream, fluffy whipped cream, decadent dark chocolate, and delicious buttermilk waffle squares, sure to satisfy every craving.

“As the home of the waffle, Waffle Week is one of our most cherished brand celebrations. It offers endless possibilities for creativity and indulgence and inspires us to push the boundaries of flavour and imagination,” says Corporate Chef Maxwell Terheggen. “The process of curating the Waffle Week menu involves a collaborative culinary team effort.  We look forward to showcasing this year’s innovative menu creations and invite our guests to join us in savouring the unique flavours and experiences that only Duck & Waffle can deliver.

 

DUCK & WAFFLE EDINBURGH

WAFFLE WEEK MENU

 

MASCARPONE & WILD GARLIC PESTO (v) 15

balsamic, roasted grapes, dukkah, buttermilk waffle

 

CHICKEN & WAFFLE 26

fried chicken, pickles, coriander, cornbread waffle,

Frank’s RedHot sauce butter

 

KNICKERBOCKER GLORY (v) 10

millionaire’s shortbread, vanilla ice cream, whipped cream,

dark chocolate, buttermilk waffle squares

 

TIRAMISU (v) 14

coffee, mascarpone, Bowmore single malt whisky,

cocoa powder, buttermilk waffle

 

Waffle Week at Duck & Waffle Edinburgh will take place from Monday, 25th March, to Friday, 29th March 2024. For more details and to book visit: https://duckandwaffle.com/edinburgh/whats-on/waffle-week/

 

Reservations: https://duckandwaffle.com/edinburgh/reservations/. The restaurant accepts bookings up to two months in advance.

First Ministers, MSPs, pollsters and pundits will be marking the 25th anniversary of Scottish devolution by taking part in a unique podcast later this month.

Jack McConnell, Henry McLeish, Alex Salmond, journalists Brian Taylor and Bernard Ponsonby are just some of the names joining the Holyrood Sources podcast – hosted by Geoff Aberdein, managing partner of chamber member True North, Calum Macdonald and Andy Maciver – which will be recorded in front of a live audience in Edinburgh on 21 March.

Audience members will have the chance to ask questions and share your own thoughts on devolution throughout the evening.  As part of the night, we’ll reveal the results of exclusive polling assessing how people across Scotland view devolution, 25 years since the establishment of The Scottish Parliament.

To buy tickets, go to holyroodsources.com/live.

Group discount available if purchasing 10 or more tickets. Email calum@shortbreadmedia.com for more information.

About the Holyrood Sources podcast:

The Holyrood Sources podcast has become the leading space for conversation about politics and policy in Scotland. Hosted by Calum Macdonald (journalist and broadcaster), Geoff Aberdein (former Chief of Staff to First Minister Alex Salmond) and Andy Maciver (former Director of Communications for the Scottish Conservatives), Holyrood Sources takes you inside Scottish politics. We hear from politicians, journalists, advisers and others to shape the conversation in the interests of the people of Scotland.

DWF, the global provider of integrated legal and business services, has announced 14 promotions across its Glasgow and Edinburgh offices.

This includes promotion to partner for construction litigator Katherine Doran and insurance lawyer Lindsay Ogunyemi.

Five colleagues were also promoted to the position of director; real estate lawyers Emma Frizzle, Louise Harkness and David McNeish and insurance lawyers Debbie Connor and Justine Reilly. Meanwhile, commercial lawyer Orla Kerr and commercial litigator Nichola McAtier were promoted to senior associate and Lucy Carmichael and Fergus Douglas were promoted to lead paralegal in insurance.

Executive partner for DWF in Scotland, Caroline Colliston, was promoted to a more senior level in the partnership this year, as was commercial litigator Ricky Cannon and insurance lawyer Jill Sinclair.

Commenting on the recent promotions, Caroline Colliston said: “I’m thrilled to extend my congratulations to those who have earned well-deserved promotions at DWF in Scotland and to see so many senior promotions this year. It is a testament to the talent and professionalism within our team. I look forward to witnessing their continued success as they assume their new roles.”

The full list of promotions are:

Caroline Colliston, Executive Partner in Scotland

Ricky Cannon, Partner

Jill Sinclair, Partner

Katherine Doran, Partner

Lindsay Ogunyemi, Partner

Emma Frizzle, Director

Louise Harkness, Director

David McNeish, Director

Debbie Connor, Director

Justine Reilly, Director

Orla Kerr, Senior Associate

Nichola McAtier, Senior Associate

Lucy Carmichael, Lead Paralegal

Fergus Douglas, Lead Paralegal

Full-service legal firm Gilson Gray has further strengthened its position in Edinburgh with the acquisition of MHD Law.

The deal represents the group’s second takeover deal of 2024. MHD has a 100-year history and, over that time, has established a strong local reputation for delivering legal services across property, estate agency and conveyancing; private client services; and family law, including associated court work. A team of 17, including Kieran Fitzpatrick, Chris Benson and Raymond Fairgrieve, will now join Gilson Gray’s Edinburgh office.

The deal will see MHD’s clients gain access to the full spectrum of legal, property and financial services offered by Gilson Gray across the UK, including corporate and family business support, litigation, debt recovery, lettings, as well as the expertise provided by its financial services arm, Gilson Gray Financial Management.

Last month, the firm boosted its footprint in Dundee and Angus with the takeover of Bowmans Solicitors and added a further 11 staff to its team in the Tayside area. With offices in Glasgow, Edinburgh, Dundee, East Lothian, Aberdeen, Lincoln, and Forfar, Gilson Gray is one of the fastest-growing law firms in the UK.

Glen Gilson, Chair and Managing Partner of Gilson Gray, said: “MHD is a firm of rich tradition and a long-established feature of the Scottish legal market. We are honoured to welcome the MHD team and their loyal client base to Gilson Gray. The takeover is aligned to our ambitions for growth during 2024, as we look to consolidate and capitalise upon the multi-regional expansion of recent years.”

Kieran Fitzpatrick, Partner at MHD, added: “Joining forces with Gilson Gray marks the start of an exciting new chapter for MHD and our clients. For them, the only thing that will change is the ability to access new legal services under the same roof. The working practices, culture and attitude of the staff and leadership at Gilson Gray are well aligned with the business we have built at MHD and we see it as a perfect opportunity. The firm has achieved significant growth but still retains the welcoming, personal, client-first values.”

STV Group plc (“STV” or the “Company”) today announces that Simon Pitts has informed the Board of his decision to step down from his role as Chief Executive Officer over the next twelve months to take up a new appointment beginning in Q1 2025.

Until his departure Simon will remain focused on the delivery of the Company’s strategy and targets and on ensuring the effective transition of his responsibilities.

The Board has commenced a process to appoint a successor and a further update will be issued in due course.

This announcement is made pursuant to Listing Rule 9.6.11.

Paul Reynolds, Chairman, said:

Simon has been an outstanding leader of STV over the past six years.  As the architect of our diversification strategy, he has successfully led the transformation of STV from a linear broadcaster into a resilient content creation and digital streaming business with an exciting future.

On behalf of the Board, I would like to thank Simon for his significant achievements to date and his ongoing commitment to implement the next phase of our growth strategy until he steps down over the next twelve months.”

Simon Pitts said:

It has been a huge privilege to lead STV. Since 2018 we have become the most-watched peaktime TV channel in Scotland and retained that position for 5 years in a row, transformed STV Player into a high- growth streaming service, and created one of the UK’s leading TV production groups, and we have today set out further ambitious growth plans for the future.

With STV’s latest diversification targets fully achieved, now is the right time to plan a smooth and orderly succession. Our leadership team is very strong, our strategy is clear and it’s delivering. Our STV colleagues are doing a fantastic job producing world class programmes, news and digital & commercial products every day of the year, staying ahead of the competition and creating strong foundations for the future.

I’d like to express my sincere thanks to Paul, former chair Margaret Ford and the rest of the Board, as well as all my STV colleagues for their unstinting support, drive and creativity over 6 extremely enjoyable years.”

Highlights

  • Diversification strategy continues to accelerate:
    • Group revenue growth of 22%
    • Studios revenue and adjusted operating profit trebles
    • Digital revenue +6% and operating profit +16%
    • 75% of Group adj. operating profit outside broadcasting, well ahead of 50% target
  • Adjusted Group operating profit of £20.1m down 22%, impacted by linear advertising revenue and cost inflation and related to broader UK macro uncertainty, as expected
  • Strong on-screen performance, with STV Player streams + 28% and STV the most-watched peak time TV channel in Scotland for the 5th year in a row
  • Advertising outlook improving; Q1 total advertising revenue expected to be up around 5%
  • Board proposes final dividend of 7.4p and a full year dividend of 11.3p, in line with 2022
  • New 3-year targets set to drive STV’s profitable growth
  • CEO Simon Pitts to step down over the next 12 months to take up a new appointment beginning in Q1 2025

Financial Summary

2023

2022

Change

Revenue

£168.4m

£137.8m

+22%

Total advertising revenue

£97.3m

£110.0m

-12%

Adjusted operating profit*

£20.1m

£25.8m

-22%

Adjusted operating margin*

11.9%

18.7%

-680bps

Statutory operating profit

£6.4m

£25.3m

-75%

Profit for the year

£5.3m

£17.3m

-69%

Adjusted basic EPS*

28.2p

42.3p

-33%

Statutory basic EPS

9.7p

38.3p

-75%

Net debt+

£32.3m

£15.1m

£17.2m

Dividend per share (full year)

11.3p

11.3p

flat

*

For reconciliation of adjusted to statutory measures see note 6

+

Excluding lease liabilities

Greenbird Group contribution post acquisition (from 6 July 2023) was revenue £15.0m, operating profit £3.2m.  Greenbird Group proforma full year FY23 result was revenue £27.4m, operating profit £3.2m

Financial highlights

  • Total revenue of £168.4m, +22% on 2022: Studios and Digital growth more than offset expected linear advertising revenue declines
  • Studios revenue of £66.8m, +182% and adjusted operating profit of £5.2m, +280%, due to organic growth and H2 impact of Greenbird acquisition
  • Digital revenue of £20.2m, +6% (VOD revenue +7%), with digital operating profit up 16% to £9.9m
  • Regional advertising revenue down 9% to £15.1m (excluding Scottish Government spend, regional down only 1%)
  • Group adjusted operating profit £20.1m, down 22% on 2022, reflecting expected impact of declines in higher margin linear advertising revenue and inflationary cost pressure
    • Savings realised to offset broadly half the inflationary increases, as guided
  • Total advertising revenue of £97.3m, down 12%
  • Non-recurring costs (included within adjusting items) of £5.5m incurred in the period relating to the new agreement with ITV for digital content and national VOD sales representation (2023: £3.1m; 2022: £0.5m) and Greenbird acquisition and integration costs (2023: £2.4m; 2022: £nil
  • Net debt of £32.3m, up £17.2m on 2022 and reflecting the consideration paid to date for Greenbird of £21.9m.  Leverage of 1.2x at year end, in line with guidance (2022: 0.5x)

Another year of strong audience performance

  • STV & STV Player combined still the clear number 1 for commercial audiences in Scotland
  • 20% share of total peak audience in 2023 (vs Netflix 12%, C4 11% and Sky 9%)
  • 486 of top 500 commercial audiences were on STV in 2023 (97%)
  • STV was the most watched peaktime TV channel in Scotland for the 5th year in a row with a viewing share of 21.8%
  • STV’s lead over BBC1 in peak widened to nearly 3 share points
  • Highest lead over ITV Network (2.3 share points) since records began
  • Most watched commercial TV channel on 361 days out of 365 in 2023
  • STV Player delivered another record streaming performance, with growth across all key metrics:
  • Online streams +28% and online consumption +25%
  • Registered users up 17% to 5.7m, beating 5m target
  • Active registered users +20% and STV Player VIP users +33%

Continued strategic momentum and new targets

  • Studios: STV Studios now a leading UK production group:
  • 58 new commissions in 2023, up 28 on 2022
  • 68 series produced in 2023 delivering 620 hours of new television, +154%
  • Transformative Greenbird acquisition delivered £15.0m revenue and £3.2m operating profit post acquisition on 6 July 2023
  • Jan 2024 consolidation of Two Cities further evidence of successful investment model:
    • £55m+ future revenues secured; acquisition is materially earnings-enhancing3 new drama series commissions confirmed last month
  • Major Apple drama Criminal Record launched in 100+ countries to widespread acclaim
  • Digital: STV Player continuing to deliver strong viewing and commercial growth:
  • Digital targets all exceeded for users, streams and revenues
  • Year 1 of new ITV digital deal has driven increased viewing and advertising yield
  • Long-term partnership in place until 2029 on a variable cost basis
  • 18 programmes delivered 1m+ streams, up from 12 in 2022
  • Continued strong performance of STV 3rd party content, with over 14m Brookside streams since launch
  • UK Government Media Bill continues to progress through Parliament and should guarantee prominence for STV Player on all major digital platforms
  • New 3 Year strategy and targets: Next-phase plan announced to drive STV’s profitable growth; strategic objectives will focus on four key areas:
    • CONTENT: Accelerate UK and international Studios growth
    • AUDIENCE: Drive streaming growth and maximise total STV viewing
    • MONETISATION: Maintain advertising leadership and grow new revenues
    • ORGANISATION: Modernise and simplify business for digital-first world
  •  In terms of financial targets, by the end of 2026 STV will:
    • Double Studios revenues to £140m with a target to achieve a 10% margin
    • Grow Digital revenues by a further 50% to £30m* at a margin of at least 40%
    • Increase international revenues to 15% of Group / 25% of Stud
    • Achieve a further £5m p.a. savings in STV’s cost base

* before commission

Improving outlook

  • Advertising market showing resilience and growth so far in 2024
  • Total advertising revenue (TAR) expected to be up around 5% in Q1 year on year
  • Digital VOD advertising, before commission, expected to be +12% in Q1
  • Scottish advertising down 4% in Q1 reflecting Scottish Government declines (underlying SME advertising +6-8%)
  • Q2 will include live coverage of UEFA Euro 2024
  • Studios forward order book stronger than ever
  • £87m secured future revenue as at March 2024, £30m+ ahead of a year ago
  • Multiple new drama commissions secured for Sky, BBC and others
  • 2024 will see full year of Greenbird consolidated performance and 11 months of Two Cities Television
  • 3-year cost savings plan in place with £1.5m identified for delivery in 2024 and £5m p.a. expected by end of 2026
  • As in previous years, revenue and operating profit expected to be H2 weighted reflecting Studios delivery schedules

Dividend

  • The Board proposes a final dividend of 7.4p per share for 2023, giving a full year dividend of 11.3p per share, in line with 2022, after considering all relevant factors including ongoing macroeconomic uncertainty.
  • The Board remains committed to a balanced approach to capital allocation across investing for growth, fulfilling our pension obligations, and paying a sustainable dividend to shareholders.

Simon Pitts, Chief Executive, said:

“2023 was another year of strong strategic progress for STV as we delivered revenue growth of 22% and exceeded the stretching 3-year diversification targets we set ourselves to double the size of our digital business and quadruple our Studios business, ending the year with 75% of our profit coming from outside traditional broadcasting, well ahead of our 50% target.

Despite the challenging commissioning environment, STV Studios had a standout 2023, with revenues almost trebling and operating profit up 280%, propelled by fantastic dramas like Criminal Record for AppleTV+ and Screw for C4 and the transformative acquisition of Greenbird.

Our audience position remains unrivalled, with STV the most-watched peaktime TV channel in Scotland for the 5th year in a row in 2023, ahead of BBC1, and nearly double the commercial audience of Netflix. STV Player growth also continued to accelerate, with streams up a further 28%, driving digital profit up 16%.

Our overall financial performance was impacted by weak linear advertising and cost inflation, as expected and related to the challenging UK macro environment, although the start of 2024 has been more encouraging. Q1 total advertising is expected to be up around 5% and we have a strong H1 schedule to come, culminating in live coverage of UEFA Euro 2024 featuring both Scotland and England. In January we also increased our stake to a majority in leading drama producer Two Cities, who have already secured £55m of future revenues across 3 high-end drama series.

Over the last 6 years STV has been successfully transformed into a digital-first media company with a high-growth streaming service and one of the UK’s leading production groups, and we have today set out further ambitious targets for the next phase of profitable growth. With STV’s latest diversification targets fully achieved, now is the right time to plan a smooth and orderly succession. As such I have informed the Board that I will step down as CEO over the next 12 months to take up a new appointment beginning in Q1 2025.

The Board has proposed a final dividend of 7.4p per share, giving a full year dividend of 11.3p, in line with 2022.”

There will be a presentation for analysts today, 5 March 2024, at 12.30 pm, via Zoom.  Should you wish to attend the presentation, please contact Angela Wilson, angela.wilson@stv.tv or telephone: 0141 300 3000.

Read the full report here.

At Clan Gordon, we pride ourselves on being the best we can for both our landlords and our tenants. We’ve been looking after properties and finding rental homes in the city since 2007. We founded the business because we were frustrated at the poor service we’d received ourselves, and we were determined to do things differently.

Years Of Experience In The Property Letting Industry

Over the past 16 years, we’ve learned a lot about the Edinburgh property market and have been passing on that knowledge to our clients. We’ve built up a lot of resilience too – we survived the Covid pandemic, quickly adapting our business so our advisors could continue to provide the same great service from their homes instead of our offices.

Training And Development

And we’ve consistently invested in training and development, ensuring all our advisors are registered with ARLA, the leading membership body for the lettings sector. All our employees undergo regular training to keep their knowledge and skills updated so we can be confident they are equipped to provide exceptional customer service.

Award-Winning Property Letting Service In Edinburgh

We’ve won numerous awards over the years, being named Edinburgh and Scotland’s best letting agent, and we’re Regulated by the Royal Institution of Chartered Surveyors. We’re one of only a handful of letting agents in Edinburgh to have our own in-house surveyors.

So what are the benefits of using Clan Gordon for landlords and tenants and why do our clients stick with us year after year?

For Landlords

We offer a complete management service so landlords can relax in the knowledge that we’ve got everything covered. This is especially valuable for those who live overseas or elsewhere in the country.

We manage everything from start to finish, finding reliable tenants and managing their move:

  • Setting a realistic rent
  • Advertising the property on all the leading websites
  • Vetting prospective tenants
  • Writing the tenancy agreement
  • Carrying out safety checks and issuing certificates
  • Keeping a careful photographic inventory
  • Supervising move-in day
  • Organising repairs and emergency call outs 24/7
  • 24-7

For Tenants

If you’re a Clan Gordon tenant, we work our hardest to ensure you feel safe and happy in your home. We never organise group viewings, giving the time and space you need to ask questions and make a decision on your new home.

Our expert advisors are at the end of the phone if you have any problems, and we use reputable and reliable local tradespeople to carry out our maintenance and repairs.

We only work with landlords who share our ambition and whose properties exceed the Scottish Government’s Repairing Standard. Our experienced and professional team is always on hand to help to make sure your move is as straightforward as possible and you know who to contact if you have an issue.

Our research shows that 97% of our tenants are happy with the service they receive from us – we’re still working on the other 3%.

If you have an Edinburgh property to let or you’re looking for a new home, talk to us first. There’s a reason we’re multiple award winners! To schedule a call with one of our experienced property managers, click here.