Scottish Building Society’s profits at record high

Hello and welcome to our daily digest of business, financial and economic news from around Scotland.

1. The Scottish Building Society has reported a record profit after growth in lending and deposits.

Its savings balance increased by 17 per cent to a new record high of £490.9 million in the 12 months to January this year. Its mortgage book was up by 8 per cent to £535.5 million and total assets grew 15 per cent to £740.7 million.

SBS said the £4 million pre-tax profit in the year was the best performance in its 175-year history.

Paul Denton, the chief executive, believes the society is benefiting from a “human first” approach to financial services as many other providers push digital products.

2. Weir Group has reported a solid start to the year with total orders rising by 1 per cent.

The supplier of pumps, valves and other equipment to the mining industry said that demand for spare parts had been particularly strong.

Jon Stanton, the chief executive, said the company was on track to deliver improvements in revenue, profit and margins during 2024. He added: “We are delivering the technology to enable our customers to address both the demand for critical metals and the transition to more sustainable mining.”

3. The Port of Greenock has secured a new deep sea container service linking Scotland with Turkey. The deal with the Mediterranean Shipping Company is expected to help importers and exporters.

The port said it would enable goods to be taken to France, Portugal and Spain, and onward connections into Asia would also be offered.

Peel Ports, which owns the Port of Greenock, is investing £25 million in new cranes to improve its service for container vessels.

Jim McSporran, the port director of Peel Ports’ Clydeport business, described the new contract as “a fantastic vote of confidence”.

The Port of Greenock has struck a deal that will connect its sea container service in Scotland to the Mediterranean market

MSC FREEPORT – GREENOCK/BEN ARCHIBALD

4. Scottish Friendly has reported rises in sales, members and assets for its latest financial year. The mutual said the £51.1 million of new sales for 2023 was the highest in its 162-year history.

Stephen McGee, the chief executive of Scottish Friendly, said it had been a “positive year” and further investment into the business was taking place this year.

Membership numbers increased by 24,000 to 838,000 while assets under management edged up from £4.5 billion to £4.6 billion.

Stephen McGee said Scottish Friendly was investing further in the business

PETER DEVLIN/DEVLIN PHOTO

5. John Wood Group has won a contract to expand a copper mine in Chile. Antofagasta Minerals has hired the Scottish engineering and consulting firm to extend the Esperanza Sur pit at the Nueva Centinela site.

Wood said about 130 staff will work on the three-year project, which includes overseeing the construction of new pipelines and conveyor transportation systems as well as an ore crushing facilities.

Antofagasta Minerals has hired the John Wood Group to expand its copper mine at Nueva Centinela, in Chile

The expansion is forecast to turn the mine into one of the largest copper providers by output in the world, helping to meet demand for the material in electric vehicles.

Jim Shaughnessy, Wood’s president of minerals, metals and life sciences, said: “Copper has a pivotal role to play in our energy transition.”

​6. Systal Technology Solutions has opened a new base in the United States. The IT services company, which is based in Glasgow, said the site in Tampa, Florida, would support its existing customers there as well as allowing it to expand.

Systal Technology Solutions has a new office in Tampa, Florida

Neil Nicolson, the chief executive, said it was “pivotal” to have physical premises in the United States in order to grow.

Jane Castor, the mayor of Tampa, welcomed the investment as further evidence of the city’s attractiveness as a technology hub.

7. The SaxaVord spaceport is closer to launching its first rockets.

The Civil Aviation Authority has granted the Shetland site a range control licence. The award from the industry regulator means SaxaVord can issue warning notices to keep people out of potentially hazardous areas, perform surveillance and monitor rockets in flight.

The SaxaVord spaceport has been granted a range control licence

The licence is a legal requirement before any space launch.

Colin Macleod, the head of UK space regulation at the CAA, said the licence was “vital to protecting public safety during launches”.