SCOTTISHPOWER more than doubled the profits it made in the household supply business last year in spite of the fall in demand for energy triggered by the coronavirus crisis, it said this week.
The Glasgow-based energy giant made £220 million from the sale of gas and electricity to consumers and businesses in 2020 compared with £95m in the preceding year.
The results for 2019 covered the first year of the price cap that the regulator, Ofgem, imposed in respect of customers on variable tariffs.
READ MORE: Spanish-owned ScottishPower said the results for 2019 were adversely impacted by a change that was made by Ofgem in respect of the cap, which had a one-off effect. However the results achieved by ScottishPower in 2020 suggest the retail business remains very profitable following the introduction of the cap.
Energy giant to double capacity of hydro plant
Drax has underlined the commercial value of the huge hydro power plant it operates in the Argyll hills as it works on plans for a dramatic increase in the scale of the facility.
READ MORE: The head of Drax’s generation business Mike Maudsley reiterated that the company sees enough potential in the Cruachan pumped storage hydro plant to be prepared to commit to an expansion programme that would involve years of work and massive bills.
Huge scale of Brexit woe flagged by engineering chief
Even the best-prepared companies with solid export and import experience have had to contact Scottish Engineering for advice on a raft of complex issues arising from Brexit, the industry body’s chief executive has revealed.
Paul Sheerin has meanwhile declared that, if the sector’s Covid-19 response has been a positive in the latest quarter, then the “reality of ending the Brexit transition period has been more than its balance”.
READ MORE: His comments come as Scottish Engineering’s latest quarterly survey, published today, shows an acceleration of the decline in overall order intake and exports in the sector north of the Border in the latest three months.
Glasgow Airport chief claims Nicola Sturgeon sent ‘very worrying signal’
The chief of Glasgow Airport claims Nicola Sturgeon has this week sent a message that the aviation industry is “not a priority” for the Scottish Government,
READ MORE: Reacting to the First Minister’s statement on plans for eventual easing of coronavirus-related restrictions, Derek Provan claimed Ms Sturgeon had sent “a very worrying signal to our airports, our airlines and the thousands of staff our sector supports”.
Owner of Glasgow’s Horse Shoe bar in fundraiser
Mitchells & Butlers, the leisure giant behind a raft of famous pubs such as The Horse Shoe Bar in Glasgow, has launched a “critical” £351 million fundraiser to stabilise its financial position as it burns through huge amounts of cash during lockdown.
READ MORE: The company, which owns the All Bar One, O’Neill’s, Toby Carvery and other chains, announced yesterday an underwritten fully pre-emptive open offer in response to the deterioration of its liquidity arising from the coronavirus pandemic. The offer was underwritten by majority shareholder Odyzean, which holds 55 per cent of the issued shares in the company.
New Scottish challenger to launch this year
A new bank focused on serving small and medium-sized businesses has launched a £5 million funding round ahead of what is expected to be its full operational launch later this year.
READ MORE: Glasgow-based Alba Bank, headed by former Airdrie Savings Bank chief executive Rod Ashley, has appointed Seismic Opportunities Fund to run the Series A investment round in which it hopes to attract a variety of private and regional investors. Billed as the first Scottish-based challenger bank, Alba says it will offer an alternative to the “industrialised” model of major banks that has steadily reduced the number of customer-facing staff.
Defence giant hails Glasgow shipyards
BAE Systems has said its Glasgow shipbuilding programme is on course and a new order of Typhoon jets will help drive it to another year of growth after posting higher sales in the face of the pandemic.
READ MORE: Shares in the defence giant nudged higher after it delivered earnings per share ahead of market expectations. BAE said it delivered a two per cent increase in earnings per share for the past year, with this expected to rise to between 3% and 5% in 2021.
Kristy Dorsey: Non-compete restrictions set for possible ban or overhaul
Ian McConnell on Wednesday: Long-running fears of hostile intent but no one expected a UK Government takeover
Ian McConnell on Friday: Brexit is a mess but Lord Frost sees himself on ‘shoulders of giants’
Brian Donnelly: Why Scottish petition for UK-wide unlock follows Sturgeon plan
Monday Interview: Coatbridge snowball maker just keeps on rolling along
From the Bulletin: Business leaders criticise Nicola Sturgeon route map
◾Business leaders react to Nicola Sturgeon route map @SLTAssociation @st_alliance @CBI_Scotland @the_brc @ScotChambers
◾Opinion: Liz Cameron on the issue of furlough
— Brian Donnelly (@BrianDonnellyHT) February 23, 2021
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