Business in the north: What’s coming this week?

Fergus Ewing

Rural Economy Secretary Fergus Ewing will today announce EU funding worth £8.4million to the maritime and fisheries industry.

Around £2.7million of the funding will go to Pierowall Pier, a move that is expected to create a number of jobs in Westray and will safeguard the facility’s future for decades.

Projects in Peterhead, Fraserburgh and Moray will also benefit from the cash which is coming from the European and Maritime Fisheries Fund (EMFT).

 

Meanwhile, tomorrow the future of Scotland’s shipping industry post Brexit will be discussed by politicians at a briefing in Aberdeen.

Local MPs and MSPs will meet the UK Chamber of Shipping to discuss the latest challenges facing the sector.

Concerns have been raised that the EU is currently ignoring the risk of Brexit to its members states’ ports and that the return of hard border controls could lead to increased bureaucracy. It is hoped that through the meeting  the elected members will  achieve a firm grasp on the importance of the industry to the economy.

 

In the City global security giant G4S is expected to report another rise in profits this week as the group continues a strong run of form that has seen it catapulted back into the FTSE 100.

A consensus of City analysts forecast that the firm will see pre-tax profits for the first half of the year rise from £203million to £230million.

Revenues are also predicted to jump from £3.5billion to £3.7billion as its turnaround under chief executive Ashley Almanza picks up pace.

The reboot – which was launched three years ago following a prisoner-tagging scandal and its failure to supply adequate security for the London Olympics in 2012 – has seen the G4S sell off underperforming assets and score a number of new contract wins.

The group has offloaded over 20 businesses since 2013, with dozens more earmarked for sale or closure.

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