Business News Round Up (21/04/2022)
Dip in confidence for financial service firms
Sentiment among financial services firms fell at the quickest pace since September 2019, according to the latest CBI/PwC Financial Services Survey. Despite declining optimism, the survey of 81 financial services firms – conducted between 1 March and 22 March – found that business volumes had continued to grow in the three months to March, albeit at a slower pace than the previous quarter. Firms expect volumes to be flat in the quarter ahead. The survey also saw a significant slowing in profitability growth on the previous quarter, with firms anticipating a modest decline in the next three months. The outlook for investment in the year ahead continues to present a mixed picture. Firms expect to continue investing in IT but are looking to cut back capital expenditures on land & buildings and vehicles, plant & machinery. Uncertainty over demand (37%), inadequate return on investment (32%) and labour shortages (16%) were cited by firms as the biggest constraints on investment. However, the share of firms citing labour shortages as a factor likely to limit future investment (16%) dropped significantly from last quarter (31%).
Aberdeen office market experiences 115% increase in take-up
Property adviser CBRE has revealed Aberdeen saw uptake in offices increase by 115%, its highest since the first quarter of 2012. It said the first quarter of 2022 saw take-up reaching 195,905 sq ft, a 115% increase from the previous quarter and the highest since 2012. CBRE advised on 169,460 sq ft of the space transacted, equating to 86% of all deals in the quarter. The largest deal of the quarter in both Aberdeen and in Scotland was energy giant Shell committing to 100,312 sq ft at The Silver Fin Building, resulting in full occupation of the Grade A city centre office property. Other prominent deals across the quarter include the recently rebranded North Sea Transition Authority (formerly Oil & Gas Authority) acquiring 18,000 sq ft in Marischal Square, PBS and RelyOn Nutec taking 17,911 sq ft and 7,933 sq ft respectively in Westhill, DNV leasing 10,948 sq ft in Aberdeen International Business Park, Dyce and Waldorf Production purchasing 6,803 sq ft 70 Queens Road.
https://www.insider.co.uk/news/aberdeen-office-market-experiences-115-26752755
North West firms honoured in Queen’s Awards 2022
North West businesses operating in a broad range of industries have been named as winners of the Queen’s Awards for Enterprise 2022. They include a chimney draught excluder producer, cheese specialist and a manufacturer of household and personal care products. The awards are one of the most prestigious corporate prizes for British companies. Made annually by the Queen, the awards are given for the “highest levels of excellence” demonstrated in categories including international trade, innovation, and sustainable development. Those honoured are able to use the esteemed Queen’s Awards emblem for the next five years. A total of 20 businesses from the North West have been recognised among the 232 national recipients. The most recognised category in the North West is international trade, of which there are 12 winners. These include Xpel Marketing in Widnes, which manufactures household and personal care products for both UK and international markets. Over three years to March 2020 overseas sales have grown by 306 per cent. With manufacturing in both China and the UK, the company has been trading for 14 years and supplies the majority of discount and pharmacy retailers in the UK.
https://www.insidermedia.com/news/north-west/north-west-firms-honoured-in-queens-awards-2022
13 Scottish companies among this year’s Queen’s Award winners
This year’s Queen’s Awards for Enterprise winners have been announced, with 13 Scottish companies and an Italian company based in Edinburgh being awarded for innovation, international trade, and sustainable development. The awards are for outstanding achievement by UK businesses in the categories of innovation, international trade, sustainable development and promoting opportunity through social mobility. Winners will be invited to a Royal reception, presented with the award by one of The Queen’s representatives, are able to fly The Queen’s Awards flag at their main office and use the emblem on marketing materials, plus they will all be given a Grant of Appointment and commemorative crystal trophy. The awards are valid for five years. They were created following the recommendation of a committee chaired by The Duke of Edinburgh in 1965. The first awards, originally known as the Queen’s Awards to Industry, were made the following year.
https://www.insider.co.uk/news/14-scottish-companies-among-years-26757798