Bussiness
Japanese takeover puts profits in the pipeline
Hello and welcome to our daily digest of business, financial and economic news from around Scotland.
Stats Group, which is based in Aberdeenshire, was bought by Mitsui last year
1. A pipeline technology specialist has lifted its profit during the year it was taken over by a Japanese corporation.
Stats Group was purchased in July last year by Mitsui, the technology conglomerate, for an undisclosed sum.
The deal does not appear to have knocked the Aberdeenshire firm off-course. Its revenue rose by 26 per cent, to £74.7 million, for the 2023 calendar year.
Stephen Rawlinson, chief executive of the Aberdeenshire company, said most of its work came from abroad
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It said earnings before interest, tax, depreciation and amortisation had grown 33 per cent to £12.1 million.
Stephen Rawlinson, the Stats chief executive, said 87 per cent of the firm’s work had come from activity outside of the UK.
2. The number of corporate insolvencies
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