• Waitrose is number one for animal welfare across the UK and latest move puts the supermarket in top spot for Italian charcuterie welfare standards
• All own brand Italian continental meat suppliers meet Compassion in World Farming prestigious Good Pig Award standards
• Waitrose hopes progress will urge other retailers to raise the bar on welfare for continental meats

In an industry leading move, Waitrose has announced that all of its own brand Italian continental meat is now produced to the highest animal welfare standards – beating all other supermarkets.

This means shoppers can enjoy Waitrose Parma ham, Mortadella or Prosciutto knowing the Italian animals have lived a life free from confinement, with more room to roam and socialise and with deep straw bedding to root around in.

Traditionally, animal welfare standards for continental meat have lagged behind those of British meats. However, a long term partnership between Waitrose and our supplier, The Compleat Food Group means that we were the first Italian meat producer to win a Good Pig Award back in 2016, and now we have rolled out our high standards across all Italian producers.

Jake Pickering, Senior Manager for Agriculture at Waitrose, said: “We’re already the number one supermarket for animal welfare in the world* and are delighted this move helps us raise the bar even further.

“We are confinement free in UK farming, and have a 2025 commitment for all of our continental meat. This represents a huge step forward for the welfare standards within our Italian breeding, growing and finishing supply chains and means that well over 50% of our continental meat sales will now come from higher welfare pigs.

“We have worked with our Italian suppliers to improve standards significantly and they have the backing of Compassion in World Farming’s Good Pig Award.”

Louise Valducci, Head of Food Business (Europe), Compassion in World Farming, said: “We are encouraged by the steps Waitrose is taking to improve the welfare of pigs in its continental meat supply. It highlights the importance of working closely with producers, giving them the confidence and support to invest in cage-free systems, to ensure a successful transition across the business.

“Consumers are increasingly concerned about animal welfare and any company committing to cage-free production is sending a powerful signal to the market that it is not only the compassionate choice, but also achievable at scale.”

In 2017 Waitrose was awarded the ‘Cage Free Award’ by Compassion in World Farming. This was in recognition of our work to remove the use of cages for farm animals. In 2001 we stopped selling eggs from caged hens, and we only sell outdoor-bred or free range British pork. We also pledged to improve the welfare standards within our continental meat supply chain by 2025 by removing all confinement.

In support of Waitrose’s Cage Free award from Compassion in World Farming, all our continental pigs will be free from confinement including prohibiting sow stalls and farrowing crates by 2025.

We will continue making progress on welfare in our other continental meat supply chains to hit our 2025 target. We would encourage other retailers to follow our lead to ensure British shoppers can enjoy delicious and ethically sourced charcuterie.

Diversification strategy accelerates: revenue from growth areas more than offsets expected linear advertising declines

Highlights

• Diversification strategy accelerates delivering total revenue growth of 21%
• Studios revenue nearly quadruples even before benefit of Greenbird acquisition in H2
• Strong Digital growth; STV Player streams +25% and new registrations +65%
• Adjusted operating profit down 33% with wider economic uncertainty impacting linear advertising revenue and cost inflation, as expected
• STV is Scotland’s most watched peak time channel for 6^th year in a row across H1
• First half total advertising revenue down 14%, with Q3 expected to grow by 3-5% driven by major sporting events including Rugby World Cup
• STV expects over 60% of 2023 earnings to come from outside broadcasting, comfortably exceeding 50% diversification target
• Board proposes interim dividend of 3.9p, in line with 2022

Financial Summary – 6 months to 30 June		2023	2022	vs 2022
Revenue		£75.3m	£62.1m	+21%
Total advertising revenue		£45.8m	£53.2m	-14%
Adjusted operating profit*		£8.0m	£11.9m	-33%
Adjusted operating margin*		11%	19%	-8pps
Operating profit		£nil	£11.9m	-100%
Profit for the period		£3.3m	£8.4m	-61%
Adjusted basic EPS**		14.8p	20.0p	-26%
Statutory basic EPS		7.2p	18.7p	-61%
Net debt+		£16.3m	£6.6m	-£9.7m
Dividend per share		3.9p	3.9p	flat

* Before exceptional items and including HETV tax credits 92023 only)
** Before exceptional items (2023 only) and IAS 19 finance costs (both periods)
* Excluding lease liabilities; net debt at 31 December 2022 of £15.1m
* Refer to notes 8, 10 & 19 to the condensed interim financial statements for a reconciliation of the adjusted statutory numbers

Financial highlights

• Total revenue of £75.3m, +21% on 2022, driven by organic growth in Studios and Digital, more than offsetting expected linear advertising revenue declines
• Studios revenue of £27.2m, +294% due to increased drama deliveries, with division profitable (£0.1m; 2022 loss of £1.0m) and strong H2 profitability coming through with expected seasonal second half weighting
• Regional advertising revenue down 14% to £7.3m (excluding Scottish Government spend, regional down only 2%)
• Digital revenue +9% to £10.1m (VOD revenue +14%), with adjusted operating profit up 26% to £5.0m
• Group adjusted operating profit £8.0m, -33% 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

• Exceptional costs of £2.8m incurred in the period relating to the new agreement with ITV for digital content and national VOD sales representation (2022: nil)
• Net debt of £16.3m, up only £1.2m since December 2022 despite reduced profits, with working capital outflow of 2022 partially unwinding in the period; significant facility and covenant headroom maintained

Good audience performance

• STV Player’s strengthened content line-up drove excellent streaming growth in H1:
  • Online viewing (consumption) +25%, streams +25%
  • Registered users up 18% to 5.3m, well ahead of 5m target
  • New registrations +65% driven by new STV Player content
  • VIP users up 24%
• Enduring appeal of linear TV: STV’s peaktime viewing share of 22.5% grew year on year (+1%), with the lead over BBC1 the highest in 15 years:
  • Most watched peaktime channel in Scotland for 6^th year in a row across H1
  • H1 all-time audience higher than any other commercial channel on 180 of 181 days
  • Average Scot spent over 5x longer with broadcast content than SVOD services on the TV set in H1

Continued strategic momentum and execution

• Studios: Scaling rapidly and profitably even before benefit of post period end Greenbird deal
  • 12 returning series (2022:9)
  • Drama business accelerating, with series 2 of Blue Lights confirmed, and Screw season 2 (for C4) and Criminal Record (for Apple TV+) delivering in H1
  • Greenbird acquisition transformative:
    • Enlarged Studios group now has 39 returning series
    • 29 new commissions across Studios in H1
    • 7 new commissions announced since acquisition, including major new ITV reality format, The Fortune Hotel, showing immediate impact of Greenbird deal
  • Digital: STV’s new streaming partnership with ITV driving viewing and commercial growth:
    • 30 new series premiered in H1 under new deal, driving 11% of VOD viewing
    • Benefitting from increased scale and targeting capability:
      • STV digital brand count up 50% in H1
      • STV average price (cost per thousand) up 55% in H1
    • Long-term partnership in place with ITV until 2029, on a variable cost basis
    • Continued strong performance of STV 3rd party content, with c.8m Brookside streams
    • UK Government draft Media Bill (published March) will guarantee prominence for STV Player on all digital platforms

• Scottish advertising:
  • Further 180 deals secured under the STV Growth Fund so far in 2023, with over 70% of clients rebooking from 2022.
  • Split of SME/Scottish Government spend back at pre-Covid levels of 85%/15%
  • STV will now offer addressable regional VOD advertising through Planet V, further enhancing market positioning

Improving 2023 outlook

Revenue

• Expecting at least 25% increase in total revenue for FY 2023
• Total advertising revenue expected to be up 3-5% in Q3 driven by strong sporting events, but down for the full year
• July TAR +1%, August +4% and September forecast to be up 5-7%
• On track to hit target of £20m Digital revenues in 2023
• Organic Studios revenues will be £50m+ in 2023 (£70m+ with Greenbird), well ahead of £40m target

Adjusted operating profit

• Linear advertising decline will mean full year adjusted operating profit lower than FY22
• Strong profit growth in Digital and Studios, and cost mitigations of £2.5m in 2023, offset by impact of linear advertising decline and cost inflation
• Confirming previous Studios guidance of £6-6.5m of adjusted operating profit in 2023, boosted by post period end Greenbird acquisition
• H2 performance more positive on back of improving TAR and Studios profits

Net debt

• Net debt immediately following completion of Greenbird investment c.£32m, including c.£6m of cash balances in Greenbird entities
• Expect net debt to reduce towards year end, with leverage (ratio of net debt to EBITDA) around 1 times for full year and at lower end of self-imposed target range of 1-1.5 times
• Revolving credit facility increased by £10m to £70m as part of acquisition through partial exercise of accordion to provide additional liquidity headroom

Diversification targets

• STV expects to deliver at least 60% of earnings from outside broadcasting in 2023, comfortably ahead of 50% target
• New targets for the next phase of STV’s diversification and growth strategy will be confirmed in due course.

Dividend

• The Board proposes an interim dividend of 3.9p per share, in line with H1 2022, after considering all relevant factors including the 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, progressive dividend to shareholders.

Simon Pitts, Chief Executive Officer, said:

“STV’s diversification continues to accelerate, with strong growth in Studios and Digital revenues in the first half more than offsetting the expected weakness in the UK linear advertising market, and delivering total revenue growth of over 20%.

Studios revenues almost quadrupled and VOD revenues on the STV Player grew by 14% as we continue to execute our strategic plan and reduce our reliance on traditional broadcasting. We now expect over 60% of our total 2023 earnings to come from these new growth areas, well ahead of our 50% diversification target.

Our audience position remains unrivalled, with STV again Scotland’s most popular peaktime TV channel, stretching its lead over BBC1. We delivered the largest commercial audience on 180 of the 181 days of the first half of the year, with the England vs Scotland Calcutta Cup match our biggest audience of the year so far.

Our streaming service STV Player continues to grow strongly and profitably with online consumption and streams both up by 25% and digital profit up by 26%, as our new long-term content and advertising partnership with ITV bears fruit.

The transformative acquisition of Greenbird Media represents a major step towards our goal of STV Studios becoming the UK’s #1 nations and regions production company and adds significant scale and creative firepower to the group, illustrated by the recently announced major reality format The Fortune Hotel which will debut on ITV in 2024, produced by Tuesday’s Child.

Our overall financial performance in H1 was impacted by a challenging advertising market and cost inflation, as expected, although looking forward we see a more encouraging outlook. Q3 total advertising is expected to be up 3-5% driven by the Women’s Football World Cup and the Men’s Rugby World Cup which starts next week, exclusively on STV. Our business is well positioned to benefit when the advertising market improves and we also see strong profit growth coming through in STV Studios in the second half of 2023.”

There will be a presentation for analysts today, 5 September 2023, 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.

Environmentally conscious SMEs are being offered the chance to reduce their carbon footprint and lower energy bills thanks to a new partnership between Royal Bank of Scotland, the Edinburgh Climate Change Institute (ECCI) and the University of Edinburgh.

The free course allows businesses to identify the simple, cost-effective steps they can take to reduce emissions and save on outgoings while also helping the planet at the same time.

Successful applicants will take part in three 2-hour workshops that begin by helping SMEs to understand their own energy and carbon usage data and how they can build their own tailored ‘Carbon Reduction Plan’.

The free workshops also explain how taking positive environmental action can result in lower energy usage and therefore lower bills. Organisations can become more cost efficient by making positive changes such as changing boiler settings, installing smart lighting systems, swapping to sustainable suppliers and upgrading insulation.

The scheme is currently accepting applications from all sectors, having already supported over 60 participants from industries such as manufacturing, charity and education.

Applications for the next cohort close on 3^rd October, with a later session set to launch at the start of November also welcoming candidates.

Code Hostels completed the course earlier this year and has used the learnings from the programme to make sustainable improvements across the business, including buying more produce from local suppliers and switching to eco-friendly cleaning products.

Talking of his experience, Jamie Greig, Operations and Design Consultant at Code Hostels, said: “The programme was a game changer for us. As a business, when you start looking at reducing emissions it can seem like an incredibly daunting process, and net zero targets can seem a long way off.  

“We found it really valuable to chat to the other groups on the cohort, and we quickly realised we weren’t alone in the challenges we were facing. 

“Sustainability in the hospitality industry is a personal passion of mine and we know that many other SMEs across the hospitality sector are experiencing the same challenges as we had at Code. I now run my own separate business, Our Property Bear, using energy monitors to help hotels and hostels monitor and reduce their energy consumption.” 

Judith Cruickshank, Chair, One Bank Scotland said: “Royal Bank of Scotland is delighted to work with the University of Edinburgh’s Edinburgh Climate Change Institute to deliver a programme which can make a real difference to SMEs across all sectors. 

“It offers the insight, learnings and access to experts to help businesses see the opportunities it can offer them – and see the potential tackling climate change could make.”  

Prof Dave Raey, Executive Director of ECCI, University of Edinburgh said: “The Climate Springboard programme is inspiring. The great engagement and responses from participating businesses is a testament to the fantastic work of the team here at Edinburgh Climate Change Institute and our partners at the Royal Bank of Scotland.  

“In simultaneously helping to cut energy costs and carbon emissions for such a wide array of businesses, they are delivering exactly the kinds of cost-effective climate action so desperately needed in every sector.” 

SMEs looking to learn more about their emissions and how they can start reducing them are invited to register their interest here. More information about the programme is available here.

The BCC has called for action to improve the availability of finance for SMEs as accessibility, awareness and a lack of competition continue to hold firms back. 

In written evidence submitted to the Treasury Select Committee, the BCC said many smaller firms are no longer seeking finance as they consider it too limited and costly.

The committee has launched an inquiry into the challenges faced by small and medium sized firms (fewer than 250 employees) when seeking finance.

Using feedback from the thousands of businesses within its unique network of 53 chambers across the UK, the BCC told MPs:

• Current economic conditions are some of the most difficult seen in generations – and rising interest rates have left an increasing number of firms worried about borrowing costs
• Many businesses feel locked into their current financial provider and are fearful of shopping around
• A lack of competition due to poor awareness of options outside the traditional banking route is holding back progress
• Unlocking alternative finance options, increasing the flexibility of funding and a comprehensive drive to increase awareness are all needed to shift the dial.

Jonny Haseldine, Policy Manager at the BCC, said:

“Research has highlighted that in 2022 almost half of smaller firms (48%) did not borrow any funds. But among those that are currently using finance, half are using more than pre-pandemic and becoming more concerned about their ability to pay.

“This is an especially acute issue after many firms were forced to take on much higher debt burdens during the pandemic in order to survive.

“The continuing tough economic conditions also mean many SMEs have a huge amount on their plates and don’t have the time or expertise to find the finance options that work for them.

“More needs to be done to help firms find the right solutions. We also need to see the British Business Bank given more resources, greater support for social enterprise lenders, and improved flexibility in funding criteria.

“The system desperately needs to change. With investment in the UK economy continuing to toil in the doldrums, we must widen the pool of financial options available to firms to kick-start the growth we need.”

Bounc-e EV have launched a UK first mobile App to revolutionise how both businesses and private drivers are able to make the switch to electric motoring.

Helping everyone cut their carbon footprint is key to the Bounce EV proposition, assisting the switch of private and fleet users, including their bespoke Salary Sacrifice Scheme (SalSac) to electric vehicles. The easy-to-use mobile app offers a vast selection of electric vehicles (EVs), an EV education library in addition to charge point options and mapping, all at the touch of a screen.

The Bounce EV bespoke SalSac scheme has been built to suit businesses of all sizes, whether 1 vehicle or 1000. With flexible packages for 12-48 months, the scheme can be built to suit your business and your employees. With the ongoing tax advantages available for EVs via a Salary Sacrifice scheme for both the employer and the employee, the App gives each user a unique login, so they can explore how the scheme can benefit them.

The Bounc-e app has been designed to be an easy to navigate EV carshop.

Robert Simpson, Director at Bounc-e said: “More businesses than ever want to switch their commercial car fleet to electric and offer their colleagues the benefits of a SalSac scheme, however, they are often held back by a lack of understanding, onerous lease arrangements, charging point installation problems and limited vehicle selection.

“As the first mobile app offering a SalSac EV shop, we are passionate about enabling businesses to do the right thing for the environment from day one while empowering employees to lower their carbon footprint.

“At Bounc-e, we are smoothing the route to commercial electrical car ownership and building the future of car shopping via an intuitive app that offers both environmental choice and flexible ownership contracts plus support with the full electric vehicle switch.”

Bounc-e was awarded funding from Michelin Scotland Innovation Parc’s (MSIP) Innovation Challenge. Scottish Enterprise provided a further project funding which was match funded by an Angel Investment Syndicate. Bounc-e’s founders also benefited from the MSIP Agitators’ advice that helped nurture and develop the business during its set-up period.

The app is available now on Google Play and the Apple App Store, search ‘bounce ev’

For more information, you can contact Robert directly on 0141 260 7000, robert@bounce-ev.com or check the website bounce-ev.com and follow Bounce EV on linked-in.

RSABI, the charity which supports people in Scottish agriculture, is sending a message of thanks to the sponsors, teams, supporters and volunteers who made its annual fundraising event on Friday such a huge success.

The event was fully booked with the maximum of 25 teams from a wide range of roles in Scottish agriculture taking part in a challenging day of outdoor sport, testing endurance and fitness, as well as offering a great opportunity for teambuilding and camaraderie.

The event, sponsored by expert legal advisors to the rural sector, Gillespie Macandrew, took place in a stunning setting between Fort Augustus and Fort William. It saw sponsored teams take on a demanding route consisting of a 49km mountain bike, 6km kayak, 18km walk, and 17km run.

The annual challenge is designed to raise awareness of the work of the charity as well as the importance of teamwork and physical fitness for mental and physical wellness, promoting commitment and teamwork from the onset of training right up to race day.

Alongside training and competing, the teams have worked hard to fundraise in a bid to help RSABI, the charity which supports people in Scottish agriculture, reach the ambitious target of £50,000, which will help the charity provide emotional, practical and financial support to people in Scottish agriculture.

So far, a fantastic total of nearly £49,000 has been raised by those taking part and RSABI is encouraging supporters to dig deep and help in a bid to reach its target over the coming week.

“The Great Glen Challenge 2023 really was an exceptional event, with an outstanding effort made by people from all different parts of our industry. We are so grateful to our sponsors and to everyone who took part, helped teams to train or came along to support on the day,” said Carol McLaren, Chief Executive of RSABI.

“We are also very grateful to our trustees and volunteers who got their sleeves rolled up and helped us set the event up and derig afterwards in a range of weathers from sunshine to downpours, with a lively band of midges who kept us company for much of the day!”

Alan White, partner in the land and rural business team at Gillespie Macandrew, sponsors of the event, presented the prizes to individuals and teams at a post-event reception at the iconic Neptune’s Staircase, Banvie.  He commented: “We were pleased to sponsor this fantastic event.  As longstanding advisors to the sector, we are all too familiar with the challenges facing those working in agriculture and just how invaluable the work of the RSABI is in providing support.  Our teams thoroughly enjoyed the challenge and the opportunity to spend time with their peers in glorious surroundings.”

The overall team winner was Scottish Woodlands, with last year’s winners Shannoch, taking second team place, followed by the Royal Bank of Scotland in third.

Individual awards were made to Edward Fletcher (mountain biking) of Galbraith Giants, Mark Donald (kayaking) of NFU Team 2, David Michie (running) of NFU Team 1 and walking (joint first place) Rebecca Drummond of Team Shannoch, Neil White of Scottish Woodlands and Andy Glasgow of Royal Bank of Scotland.

Participating teams included Bank of Scotland, Bell Ingram, Bidwells LLP, the Crofting Commission, Davidson & Robertson, Galbraith, Gillespie Macandrew, James Hutton Institute, Johnston Carmichael, NFU Scotland, Royal Bank of Scotland, SAC Consulting, SAYFC, Scottish Woodlands, SP Energy Networks, Tarff Valley, Thomson Cooper Accountants, Thorntons, and Virgin Money.

RSABI’s freephone Helpline – 0808 1234 555 – is available 24 hours a day, seven days a week and calls won’t show up on phone bills. All enquires are treated as confidential by the organisation’s friendly, professional team. You can make contact online on a range of social media platforms including Twitter, Facebook and Instagram and you can also reach RSABI via the webchat function on its website www.rsabi.org.uk 24 hours a day.

Clarus Networks Group, the connectivity and network specialist based in Bathgate, has launched a new Maritime & Energy Division and opened a new office in England. Although Clarus supports customers all over the world, this new office represents the first permanent Clarus office outside Scotland.

The second office comes at a period of high growth for Clarus, with year to date revenue increasing 328% compared to last year and company headcount doubling. Clarus selected Norwich as the location for the new office based on proximity to key maritime and logistic locations, and access to skilled staff. The team has plans to expand further by opening offices in Aberdeen and Milton Keynes at the start of 2024, reflecting the regions as hubs for energy and innovation.

The new Maritime & Energy Division provides managed wireless networks to connect the office to the ocean for merchant vessels, cruise ships, yachts, ferries and offshore energy. Many maritime operations struggle with outdated communications equipment and slow internet, so Clarus uses wireless low earth orbit satellites to deliver high speed and reliable connections.

Clarus client Hughes Subsea Services installed low earth orbit satellites to overcome communications challenges for offshore vessels. Working with Clarus, their vessel now achieves up to 300x faster internet speeds, increasing the efficiency and productivity. Other Maritime clients include Valaris, P&O Ferries, Stödig Ship Management, Ineos and SSE.

Chris Schonhut, Director of Maritime & Energy, is heading up the new division. Chris joined Clarus in July, and is a seasoned professional in the maritime satcom industry, boasting a stellar track record of delivering services on a global scale. Other new hires to the division include two dedicated Business Development Managers and Head of Delivery, specialising in supporting maritime and energy clients.

Derek Phillips, Group Managing Director at The Clarus Networks Group, said: “With 70% of the world covered in water, we believe that fast, reliable connectivity should be just as accessible in the ocean as in the office. Our new Maritime & Energy Division provides tailored and managed wireless solutions, and Chris is the perfect leader, with years of maritime and advanced connectivity experience. Clarus’ expansion with our first permanent office outside Scotland reflects a high growth period and ambitious targets for the year ahead.” 

Chris Schonhut, Director of Maritime & Energy added: “Joining the Clarus team means working with the most powerful connectivity technology available. I’m already hearing feedback from Maritime clients on the benefits of superfast connection, including crew welfare, improved comms and collaboration, and enhanced reliability. Many clients have been surprised at how easy the installation process has been, reducing downtime. In my new role, I’m excited to be providing specialist support for businesses, unifying connectivity systems to support efficient operations at sea.”

A key piece of technology for at sea connection is Starlink, a low earth orbit (LEO) satellite system providing high-speed, low-latency broadband internet services. Starlink Maritime users can expect download speeds of up to 220 Mbps, allowing for remote working and monitoring, plus video calls back to shore. This transforms operations, improving crew welfare, productivity and vessel management. To cope with conditions at sea, Starlink Maritime has specialised high-performance antennas designed to withstand extreme temperature and weather, ensuring that connectivity can be delivered even in the most remote, challenging environments.

The Clarus team is exhibiting at the Offshore Europe conference 2023 in Aberdeen in September, furthering connections in the region ahead of the opening of the third office next year.

The firm’s fintech team has advised Communion as it launches first-of-its-kind money saving app that rewards commitment and community

Independent UK law firm Burges Salmon has advised London-based fintech Communion on its new money saving app, the first of its kind, seeking to tackle underlying and pervasive money anxiety.

Burges Salmon’s Corporate Group advised Communion on its £2.5 million pre-seed fundraising round which was led by VC firm Target Global alongside a number of investors including Max Rofagha, Greg Marsh, Erin Lantz and Uncommon Creative Studio. The firm also provided Intellectual Property expertise as Communion developed its unique brand proposition.

Founded with the belief that ‘saving is freedom’, Communion is the first ever app to provide the right conditions for building wealth including habit formation and behaviour change training as well as offering tools to save and grow earnings. Members are coached through a personalised 12-step wealth-building plan and explore their own unique relationship with money with the help of Communion’s community and unlimited access to its team of Money Guides.

All users start their Communion experience the same way: by opening an FSCS-protected savings account and practising a daily saving ritual for 10 days. During this time, members are encouraged to reflect on beliefs they hold about money and the way they spend while ritually saving just £1 a day. After this initial saving ritual, members are invited to automate their saving and start personalising their own wealth-building plan. Communion’s proprietary autosave technology allows people to increase their savings incrementally over time so that they reach their personal saving target steadily and painlessly.

Communion has integrated a unique top-up bonus feature which allows each member to earn up to an additional 2% on their standard rate of 3.66% AER by inviting friends to join them in the app. This means that members can earn up to 5.66% on savings, making Communion’s savings account one of the most competitive on the market today. More details and features about the app can be found here.

The launch comes at a time of great financial uncertainty fuelled by rising interest rates, cost of living hikes and pay freezes. According to Communion’s own research, 94% of people between 18 to 40 years of age have suffered from money anxiety and, for one in four of them, there isn’t a day that goes by when they don’t worry about money. Half of those surveyed also believe they will never have enough money.

The Burges Salmon team advising Communion on its fundraising was led by corporate fintech partner Alex Lloyd working with associate Niall Mackle, with IP and brand work from partner Emily Roberts.

Client relationship partner and head of fintech Martin Cook comments: “It has been a pleasure to continue to work with Dan and the Communion team to enable its launch. The mission of Communion, including to instil good savings habits and promote members working towards more financial autonomy, is something we can all get behind. This is a brilliant initiative highlighting the power fintech has in tackling today’s societal challenges and improving financial awareness among consumers.”

Founder and CEO of Communion, Daniel Hegarty, says: “We believe everyone has the ability to take control of their money and build a buffer against the world, so long as they’re given the right conditions, tools and support to do so. We created Communion for people who want to live life with more autonomy and less fear. We thank the team at Burges Salmon for their continued support as we bring Communion to market.”

Ranked as a Tier 1 practice in UK directories, Burges Salmon’s fintech team brings together a group of cross-functional experts (including financial regulation and products, corporate, technology and data, banking and capital markets, employment and IP) to assist fintech clients seize opportunities and established financial institutions transform. The team’s clients include start-ups, high growth scale-ups, international and globally relevant financial institutions and other major corporates.

UK top 50 and leading Scottish firm, Brodies LLP, has announced that its inaugural Family Law Conference will be held in Edinburgh on Thursday 28 September 2023.

The free, day-long conference, which will focus on the theme ‘Family law for a changing world:  Building a better future for families’, will welcome a stellar line up of speakers and panellists to make up the programme including:

• The Rt Hon Lady Wise who will deliver the key note address
• Janys Scott KC – Westwater Advocates

Marie Clark, Advocate – Arnot Manderson Advocates

• Lucy Greenwood, Partner- International Family Law Group
• Will MacFarlane, Partner – Kingsley Napley
• Sheriff Principal Kate Dowdalls KC – Sheriff Principal of South Strathclyde, Dumfries and Galloway
• Dr Anne Woodhouse -Chartered Clinical Psychologist
• Dr Katherine Edward – Chartered Clinical Psychologist
• Dr Ruth Friskney – Research Associate – University of Glasgow

It is aimed at all those interested in the practice of  family law including family lawyers, academics, psychologists and advocates throughout the UK and will provide high-level CPD from a range of external speakers from across the family law community, as well as a forum for discussion and debate.

The conference will take place at Brodies’ Edinburgh headquarters at Capital Square, Morrison Street. To register your place at the Brodies Family Law Conference, visit brodies.com/family-law-conference-2023/