• Deloitte’s Technology Fast 50 awards recognise and rank the 50 fastest growing technology companies across the UK;
• Scotland has ranked 143 times over the awards’ history, including two top spots;
• Awards to highlight excellence in various categories, including Women in Leadership, CleanTech, Regional, and Rising Star;
• Last year’s Fast 50 companies generated a combined revenue of £801 million in 2022/23 and employed nearly 15,000 people.

There are just a couple of weeks left to apply to Deloitte’s 27th annual technology Fast 50 awards, with Scotland-based technology firms encouraged to apply.

The awards recognise and rank the 50 fastest growing technology companies in the UK, based on the last four years of revenue growth. The awards provide technology businesses with an opportunity to showcase their growth and innovation on a national stage.

Beyond the Fast 50 ranking, awards will also be given in the Women in Leadership, CleanTech, Regional and Rising Star categories.

Last year’s network of UK Fast 50 companies generated cumulative revenues of £801 million in 2022/23, employed nearly 15,000 people and had an average growth rate of 5,473%. The ranking included four Scottish companies from across Aberdeen, Glasgow, and Edinburgh, with Glasgow-based Utopi Ltd also securing the CleanTech award for its outstanding contribution to sustainability.

Garry Tetley, tax partner and Deloitte Private leader in Scotland at Deloitte, said: “The Technology Fast 50 celebrates the best and most innovative of businesses across the UK, with eleven winners hailing from outside of the capital since the inception of the awards. The economic and business landscape is fast-moving and changing, so it’s important that we take the time to stop and recognise the importance of start-ups for regional economies. The value of the jobs, investment and growth generated from these companies cannot be understated. We look forward to seeing all of this year’s Scottish nominations.”

Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, commented: “As the UK aims to position itself as a global leader in technology and innovation, the hard work and tenacity of tech start-ups and scale-ups is helping to create jobs, value for the economy, and exciting new products and services.

“The 27th year of our annual Technology Fast 50 awards will showcase the businesses that are making a real influence in their sectors. We look forward to viewing this year’s entries and celebrating the growth and entrepreneurship of the UK start-up scene.”

FPM, an AAB Group Company, hosted over 450 guests at the AABIE Charity Ball, held for the first time in Newry on Saturday night (June 8)

Held in the city’s Canal Court, the Ball raised a remarkable  £100,369 for the AABIE Charitable Initiative (known as ‘AABIE’) with all funds going directly to the charity.

Feargal McCormack, FPM Managing Partner commented, “We are incredibly grateful to everyone who played a part in making the AABIE Ball such a success. To our connections who made such generous donations, our table hosts and guests who joined us on the night and to every person that made our event possible, thank you so very much.

“One of the driving forces behind FPM joining AAB Group back in 2022 was the synergy across both our teams. Being active members of our local communities and giving something back through AABIE is key to this. We are truly thrilled, and incredibly proud, of what we have achieved together for AABIE this weekend.”

Formed in 2016, AABIE is AAB Group’s very own charity, and is the platform which enables everyone across AAB Group, including FPM team members, to invest in their local communities through grant funding and volunteer time. This approach means that the support AABIE provides is varied and widespread, and the charity is well-placed to help many people.

To date, AABIE has supported over 180 charities across the United Kingdom and Island of Ireland. The latest grant round (ended 31 March 2024) saw AABIE pledge over £38,000 to 28 different charities, the largest amount the charity has ever pledged in a single grant round.

Some of the charities supported as part of this grant round include the Edinburgh Food Project, enabling them to cover the cost of mental health and wellbeing workshops, Leeds Baby Bank who are now able to purchase 42 buggies and prams because of the funding, and Befriend a Child who now have the costs of running activities for the next 12 month covered by AABIE. Down Right Brilliant were able to provide an overnight residential trip to an outdoor activity centre for adult members of DRB and to provide a workshop for siblings of members with Down Syndrome. The charity also issued top-up funding to six team members across its offices in the United Kingdom and Ireland to support their own fundraising activities.

Following these donations, AABIE reached the milestone of pledging over £300,000 of vital grant funding since the charity was launched. Another recent milestone achieved by AABIE was reaching over 6,000 hours of volunteer time delivered. All AAB Group team members are entitled to a day of volunteer leave each year to support community projects and causes close to their hearts.

Sheena Anderson, AABIE Chair said, “When we launched AABIE in 2016 we only had one community we worked within, which was Aberdeen, and it is fantastic to see how we have managed to increase the reach and impact AABIE has in new and different communities as the AAB Group has grown.

“Raising over £100K is a wonderful result and will enable AABIE to continue to support so many charities and worthy causes across the United Kingdom and Island of Ireland. It is a privilege to work with my fellow AABIE Trustees and see what a significant impact grant funding and volunteer time can have on the lives of so many people.”

Emma Lancaster, AAB Group Chief Executive, added, “AABIE is a very special charity, and the way we operate is that bit different. Everyone across AAB Group is involved with AABIE, and it is our team members who truly make the work AABIE does possible through volunteering and raising almost all money donated through grant funding.

“We are very proud of AABIE, and proud of the work our teams do to ensure AABIE is successful. But we know there is so much more we can do to continue to support the communities we operate in, and we can only do that if AABIE has the funds available to support the charities and worthy causes who need our help. Achieving what we have this last weekend will enable this amazing charity to continue to carry out its great work, and we are so thankful to everyone for their support and generosity.”

The current AABIE grant round closes on 30 June 2024. More information on how to apply for funding or volunteer time can be found at aab.uk/about/aabie.

https://youtu.be/z-9dRiCBI98

The Granton Project CIC (GP CIC), a social enterprise set up by two of the former Pitt Market directors to support new and emerging food traders, has secured a £350,000 investment from the Catalyst Fund and £150,000 from Foundation Scotland to operate a larger version of the market at a new location in the Granton Waterfront.

The investment will allow GP CIC to lease and fit out the new venue at 20 West Shore Road. The space will offer a permanent outdoor street market, a 700-capacity multi-purpose event space, and a temporary indoor and outdoor pop-up market space for start-up traders and community groups.

The team behind the Granton Project CIC will build on the pioneering model developed at The Pitt, introducing aspiring food traders, performing artists and other creative businesses to the market, enabling them to test their concepts, progress quickly and move on. The Pitt’s alumni include some of Edinburgh’s best-known street food vendors, such as Pizza Geeks, Junk, and Moo Pie Gelato.

The new site, owned by the City of Edinburgh Council and operated by Edinburgh Palette (EP), forms part of the Granton Waterfront Regeneration Programme, which aims to create a new coastal town, home to around 8,000 people on Edinburgh’s waterfront. The plans include around 3,500 net zero carbon homes, a primary school, a health centre, commercial and cultural space and a new coastal park.

GP CIC hopes to contribute to the regeneration efforts by developing vital enterprise and community infrastructure for existing residents and the new residents who will join the area when the planned new homes are completed.

As a social enterprise, GP CIC is committed to supporting new and emerging food traders and other small businesses, operating inclusive sites and offering signposting, support and mentoring to people seeking pathways into business or employment. For example, the market will provide opportunities to catering students from the nearby Scran Academy and space for charities and social enterprises to run events or provide support services to residents.

Hal Prescott, Director of the Granton Project CIC, said: “Securing these investments has been one of the proudest moments of my life. Our dedication and passion for this project have paid off, and having funders who share our vision makes it even more rewarding. We are eager to start making a difference and developing this part of the city.

“The support and interest from budding entrepreneurs and community partners have been overwhelming, and we are thrilled to finally move forward. A special thanks to the Firstport team for their financial commitment and extensive support over the past 18 months, which has been invaluable in getting us here.”

Daisy Ford-Downes, Head of Group Investment Programmes at Firstport, said: “We are incredibly excited to support Hal and his team to deliver a project of this scale, replicating their innovative model in an area rich in community action and in the early stages of an ambitious regeneration programme.

“The Granton Project CIC is the single largest Catalyst Fund investment to date, which shows that flexible and patient social investment products have a strong role to play in helping pioneering projects like this, which would struggle to secure finance from other sources, one to get off the ground.”

Ali Kennedy, Social Investment Executive, Foundation Scotland, said: “We are delighted to be able to support Granton Project CIC as we believe it will have a profound and positive impact on the ambitious development plans for the community, including creating pathways into the hospitality sector and the numerous opportunities that can bring.  Our Social Investment offering is a blend of grant and loan, and this type of support to Hal and his team has certainly helped the viability of the venture, which we’re really pleased about.”

The Catalyst Fund, delivered by social enterprise agency Firstport, offers loans starting at £50,000.  It uses an innovative revenue-based repayment model that provides social enterprises with flexible finance without compromising their social mission. Foundation Scotland’s Social Investment support uses a unique model of blended grant and loan, meaning that only 75% of the investment is repayable, with 25% given as a non-repayable grant.

The Pitt in Granton is running three pop-up events in June. For tickets and updates, visit The Pitt’s website.

Deloitte in Scotland has announced the promotion of three of its directors to partner, all three of whom started their careers as graduates with the firm. They have been promoted alongside 11 of the firm’s people to directors, and 215 promotions across Scotland in total.

Claire Robb, Alex Armstrong and Andrew Stirling have been promoted to partner. The appointments are part of Deloitte’s nationwide round of promotions which has seen 81 new partners promoted across the UK.

A third (33%) of Deloitte’s new partners are women, increasing the overall percentage of women partners in the UK to 30%, while close to a quarter (23%) are from an ethnic minority background, increasing the overall percentage in the UK to 12%.

Robb joined Deloitte’s tax team in 2006 after graduating from the University of Edinburgh. Based in Edinburgh, she advises privately owned businesses throughout their life cycle. With a particular focus on scale-ups, she has played a leading role in Deloitte’s Fast 50 Technology Awards programme, which recognises the fastest growing technology companies across the UK.

As a partner, Robb will drive further growth in Deloitte’s tax practice in Scotland and the firm’s national emerging growth tax team.

Armstrong joined Deloitte’s Jersey office in 2008 after studying German at the University of Nottingham. He spent three years working in audit, before specialising in treasury accounting and valuation work.

A qualified chartered accountant, Armstrong has held multiple roles throughout his career at Deloitte, including a secondment to London to join the Financial Instruments team. He relocated to Glasgow in 2016 and took over the lead for the UK Regions Treasury Audit & Assurance team.

In his new role as partner, and with expert knowledge of the implementation of financial risk management strategies and hedge accounting solutions, Armstrong will focus on growing this side of Deloitte’s business, specialising in treasury assurance and advisory services for the corporate, retail banking and investment management sectors.

After studying politics and business at the University of Glasgow, Stirling joined Deloitte’s financial services audit team in 2008. His time at Deloitte, which included a secondment to the firm’s Sydney practice, has seen him specialise in technology-led wealth and investment management, with a particular focus on investment platforms.

In his new role, and in recognition of the fast-growing market of investment and wealth management, Stirling will continue to grow a national team overseeing operations from his base in Edinburgh.

Angela Mitchell, senior partner for Deloitte in Scotland, said: “I’d like to congratulate Claire, Alex and Andrew on their well-deserved promotions to partner. It’s fantastic to see three of our former graduates ascend to this level, which reflects their many years of dedication and hard work and reinforces the career pathway available to Deloitte graduates and Brightstart apprentices.

“At Deloitte, we take great pride in nurturing talent from within, and Claire, Alex and Andrew’s recent success is a testament to the diverse range of expertise talent we’re lucky to have across Deloitte’s Scottish practice.

“I’d also like to extend my congratulations to all our promotes in Scotland, especially to our 11 colleagues across Aberdeen, Edinburgh and Glasgow who have been promoted to director.”

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Total Advertising Revenue up in Q1 with momentum continuing into Q2

• Total Advertising Revenue (TAR) up 5% in Q1 and expected to be up 15-20% in Q2 driven by Euro 2024
• Overall, H1 TAR expected to be up around 10-12%
• Current orderbook of secured future revenues in STV Studios of £86m
• 3-year cost savings plan on track to deliver £1.5m this year as guided
• UK Media Act now law, guaranteeing prominence for STV Player 

Simon Pitts, STV Chief Executive, said:

“STV continues to make strong strategic progress and remains on track to deliver its ambitious growth plans out to 2026.

Total advertising revenue grew 5% in Q1, in line with guidance, and there is good advertising momentum in Q2 which we expect to be up 15-20%, driven by Euro 2024.

STV Studios continues to perform strongly, securing major new orders from Netflix, Sky and Discovery in the first half despite the challenging commissioning environment, and is on track to hit target revenues of £140m in FY26.

We have a fantastic programming line-up for the rest of 2024, kicking off next week with live and exclusive coverage of the opening game of Euro 2024 between Germany and Scotland on STV and STV Player.”

STV is holding a site visit for institutional investors at its Glasgow head office today and ahead of this is pleased to provide the following trading update:

• Total advertising revenue is expected to be up around 10-12% for H1 on the back of an improving advertising market driven by Euro 2024. Q1 TAR is confirmed as up 5%, in line with previous guidance, with Q2 forecast to be up 15-20%. Within that, each of STV’s advertising segments – national, regional and digital (pre sales commission) – are all expected to deliver growth in the first half of the year:
  • National advertising up c.15%
  • Regional advertising up c.2% (with SME customers up c.10%)
  • VOD advertising on STV Player up c.10%

• STV Studios continues to perform well in a challenging commissioning market.  Secured future revenues are £86m at the end of May, with new commissioning wins of c.£11m and programme deliveries of c.£12m since the previous reported orderbook of £87m in March.  New dramas The Witness (Netflix) and Amadeus (Sky) are both now confirmed for 2025 delivery, changing the phasing of our revenue recognition over FY24 and FY25, and we remain on track to reach our target of £140m in FY26. These commissioning wins follow the critical and ratings successes of Criminal Record (AppleTV+) and Blue Lights series 2 (BBC) in recent weeks.
• STV’s 3-year cost savings plan is on course to deliver c.£1.5m of savings in 2024, which will increase to a run rate of £5m p.a. by 2026 as previously guided, and as we modernise and simplify the business for a digital-first world.
• STV welcomes the new Media Act which received Royal Assent on 24^th May. This is the most significant legislation in the media sector in over a decade – it updates regulation for the digital age, and includes guaranteed prominence for STV Player online, similar to STV’s presence on broadcast platforms.

The British Chambers of Commerce (BCC) Quarterly Economic Forecast has slightly upgraded growth expectations for 2024 and 2025, following a stronger start to the year. However, the forecast for 2026 remains unchanged.

UK Economic Outlook  

The UK economy is expected to continue its recovery after the short recession at the end of 2023, but long-term growth is unlikely to be strong. After a weak 2023, growth for 2024 and 2025 has been revised upwards for the second forecast running, to 0.8% and 1.0% respectively, with 2026 remaining at 1.0%.

But the overall profile remains flat, as a poor outlook for exports acts as a drag anchor and high interest rates continue to limit investment. This comes as BCC surveys continue to show most SMEs are still not increasing their investment.

While CPI inflation should dip below the Bank of England’s 2% target this year, it is expected to rise again to 2.3% across Q4 2024. It is also forecast to be slightly above target in Q4 2025 at 2.1% and 2.2% in Q4 2026.

Small upwards revision to quarterly GDP

Growth in the first half of 2024 is now expected to be comparatively strong, as the economy improves back after the short recession. The ONS has estimated growth of 0.6% for Q1 and the BCC is forecasting 0.4% for Q2. However, this is not expected to last, with growth slowing to 0.3% in Q3, and 0.2% for the next five quarters after that. Overall, the expectations for 2024 and 2025 are both up by 0.3%, to 0.8% and 1.0% respectively.

But with global headwinds remaining, interest rates falling slowly and only a gradual expansion in consumer spending, the BCC expects growth to remain subdued – holding at 1.0% for 2026.    

Outlook for trade remains very weak

The poor outlook for trade is also holding the economy back, with both imports and exports contracting in 2024 by -1.9% and –1.7% respectively, before a gradual bounce back in 2025 and 2026.

However, with CPI inflation set to stay low and interest rates slowly falling, the BCC does expect business investment to steadily increase across the three years of the forecast. There will be a rise of 0.8% in 2024, 1.3% in 2025 and 2.0% in 2026.

Average earnings will continue to perform strongly

Average earnings are expected to continue to grow more strongly than inflation across the forecast period, with annual growth of 3.0% to Q4 2024, followed by 4.0% to Q4 2025 and 4.5% at the end of 2026.   This in unchanged from the BCC’s last forecast.

With core inflation proving stubborn, wages continuing to rise, and geopolitical uncertainty persisting, the Bank of England interest rate is expected to be cut more cautiously. The BCC now forecasts a base rate of 4.75% at the end of Q4 2024, then 4.35% for Q4 2025, and 3.95% by Q4 2026.

Unemployment rate expected to be slightly higher than previously expected

The unemployment rate is now expected to rise more strongly to 4.5% in 2024 and then 4.6% in 2025 before falling to 4.4% in 2026. This is a slight increase from last quarter’s forecast. But the labour market is set to remain historically tight as difficulty finding skilled staff and long-term sickness impact the available workforce .

Commenting on the forecast, Vicky Pryce, Chair of the BCC Economic Advisory Council, said:

“The BCC’s latest forecast shows there is life in the UK economy but if it is to gain momentum then it must be nurtured.

“With interest rates expected to be cut at a modest pace and pay outstripping inflation, businesses will be holding onto much of their money – even as confidence rises after the mini-recession.

“As we enter the final weeks of the general election campaign, businesses will be watching for politicians to show they have sustainable long term economic plans. These must play to the UK’s strengths and gives companies confidence.”

David Bharier, Head of Research at the British Chambers of Commerce, said:

“With an upgrade to GDP expectations, our forecast expects the UK economy to be edging towards slightly higher growth rates. With the recession of 2023 concluded and   interest rate cuts now expected later in 2024, the environment should become more stable for SMEs to invest. However, the margins are slim, and any further shocks could easily dent this recovery.

“Our research is clear about the issues UK SMEs have faced over the last four years – skills shortages, inflation that eats at margins, high interest rates that make borrowing harder, and trade barriers with the European Union.

“The BCC’s election manifesto sets our clear policies in five areas which could reinforce business confidence and put the economy on a more stable footing.

“A green-focussed industrial strategy is urgently needed, with action on skills planning, AI, business rates reform and improved trade relations with the EU.”

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Blackadders LLP has promoted its newly recruited Director of Residential Property, Claire Ogston, to Partner and Head of the firm’s Residential Property Unit.

Claire joined the firm’s Aberdeen team earlier this year after having had more than 17 years’ experience in residential property. She brought her expertise as an authority in the Aberdeen market from Ledingham Chalmers.

Claire, who was born, raised and educated in the city, said: “I have really enjoyed working with the Blackadders’ team since I joined and we are beginning to see real progress in our residential property offering.

“I am determined to build on that progress and am looking forward to achieving our ambitious goals with the team.”

Ryan McKay, Joint Managing Partner, said: “Claire has proved to be a tremendous addition to the Aberdeen team and we are delighted she is stepping up to the challenge of being a Partner. I know the team will continue to perform and deliver for our clients in a challenging market.”

Claire’s role as Head of the Residential Property Unit will give her a national role across the Firm’s offices in Glasgow, Edinburgh, Dundee and Aberdeen.

The Residential Property Team’s local insight and experience helps clients with the best possible service, providing all the information needed to make the right choice whether they are buying or selling property. The team routinely works at short notice, to tight deadlines and to a very high standard.