PROFITS at Scotland's 500 biggest companies soared by almost a fifth last year to £28.9 billion, a new report reveals today
The annual survey, which takes the 500 largest companies with a registered office in Scotland, then ranks them according to profit, was conducted by Scottish Business Insider magazine.
The increase in collective profits – up 18.3 per cent on 200
6 – came as margins improved, with turnover at the 500 companies climbing 6.8 per cent to £174bn.
There was no change to the top four places, with Royal Bank of Scotland, HBOS, Scottish & Southern Energy and Standard Life all retaining the top spots, while Lloyds TSB-owned Scottish Widows moved up one place to fifth.
RBS was, once again, by far the most profitable company operating in Scotland in 2007, with its recorded profit of £9.2bn representing around 32 per cent of the total profits for the top 500 businesses.
However, excluding RBS, profits for the remaining 499 companies actually rose 19.5 per cent.
Total Upstream UK (Scotland), part of the French petroleum group, was the largest player from outside these shores, with profits of £2bn from its UK North Sea operations, based in Aberdeen, making it the sixth most profitable company in Scotland.
Total is one of six oil-related companies in the top 20 this year, as the sector benefited from a strong rise in world crude oil prices in 2007.
Aberdeen-based oil services company, John Wood Group, was the top Scottish headquartered company in the sector last year, at 20th place.
ScottishPower, now owned by Spanish utility Iberdrola, fell two places to seventh, the only company to drop in the top 10.
Resolution Scotland, which has a major asset management operation in Glasgow, was the fastest riser in the top 20, moving up 14 places to ninth while fellow insurer Aegon, which has a large presence in Edinburgh, rose one place to tenth.
Chicken, poultry and pork company, Grampian Country Food Group, fell furthest in the survey, sliding more than 150 places to 287th.
The fall came as the Livingston-based company reported a £40.5m loss and revealed pension liabilities were transferred to the Pension protection Fund. However, it has now reportedly returned to profit.
TOP TEN1 Royal Bank of Scotland (Last year: 1)
2 (2) HBOS
3 (3) Scottish & Southern Energy
4 (4) Standard Life
5 (6) Scottish Widows
6 (7) Total Upstream UK (Scotland)
7 (5) ScottishPower
8 (8) British Energy
9 (23) Resolution Scotland
10 (12) Aegon UK
The full article contains 427 words and appears in The Scotsman newspaper.
