Business Briefs - June 12

Latest statistics published by the Committee of Scottish Bankers (CSCB) have revealed that 3,032 new business start-ups based in Scotland were registered during the first quarter of 2015

At the number of business start-ups that opened bank accounts with any of the contributing CSCB member Banks during the first three months of the year was approximately 19.4 per cent ahead of the previous quarter (2,539) and 8.8 per cent behind the same quarter last year (3,326).

The Business Start-up Statistics are produced quarterly by CSCB based on data from contributing banks Bank of Scotland, Clydesdale Bank, TSB Bank and The Royal Bank of Scotland.

UK construction output falls in April

Construction output in the UK declined in April after rebounding in the prior month, the Office for National Statistics (ONS) said today.

Construction output fell 0.8 per cent from March when it grew 1.4 per cent. Output has so far dropped for three months this year. It was expected to rise 0.1 per cent.

Repair and maintenance dropped 4.8 per cent, while all new work increased 1.6 per cent.

On a yearly basis, output in the construction industry grew 1.5 per cent in April, faster than a 0.5 per cent rise forecast by economists. This was the 23rd consecutive annual growth but the weakest expansion since November 2013.

In the first quarter, new orders for the construction industry gained 0.4 per cent from the fourth quarter and by 8 per cent from the same period of last year.

After revising its methodology for measuring construction, the ONS said output fell 0.2 per cent in the first quarter, rather than 1.1 per cent as previously thought.

This revision could have a theoretical impact on the UK’s overall rate of economic growth, the ONS said.

It means the economy could have grown by 0.4 per cent in the first quarter rather than 0.3 per cent as previously forecast, and by 3.1 per cent in 2014 rather than 2.8 per cent.

The ONS said the upward revision incorporated late data and new seasonal adjustment parameters among other technical calculations.

RMEC announces £9.5m turnover in record year

Forfar-based oilfield services company RMEC Ltd has reported its highest ever turnover after increasing its rental fleet and doubling the number of staff over the past year.

The company announced a turnover figure of £9.5M for 2014 up 5 per cent on the previous year’s £9million.

The performance keeps the company on course for its target of £16million in 2019.

RMEC, which was founded in 2004, received a £7.5million investment from Aberdeen-based Maven Capital Partners last April.

Over the last 12 months, the company has invested more than £1million in its pressure control fleet and staff numbers have increased two-fold from 14 to 28 over the same period to meet client needs.