Neil McInnes

The Scotland Limited Report is compiled using the most recent publicly available accounts of Scotland’s best performing private businesses, which are ranked based on a hybrid measure of data, which includes turnover and earnings before interest, tax, depreciation and amortisation (EBITDA).

This year’s report highlights the various achievements and contributions the Top 100 have made to the Scottish economy over the last year and provides key data for economic trends across oil and gas, manufacturing and engineering, real estate, food and beverages and other core sectors.

It also analyses M&A activity, debt levels, export figures, and regional and international trends, offering detailed insights into the Scottish business landscape for 2022.

Food and drink companies dominate the list (22), with the majority based in the West – the region that is home to nearly half (47) of the Top 100 companies.

The dominance of energy and natural resources and manufacturing and engineering in the North East of Scotland will surprise nobody, but it’s not a market that stands still – especially with the changing offshore landscape. Following a trend seen in previous reports, the north and south have the lowest number of Top 100 companies.

This year saw several large companies leave the table, including businesses that were sold to foreign or listed buyers. Unsurprisingly, businesses that were significantly impacted by COVID-19, such as Edinburgh Airport, Caledonian Heritable, and Apex Hotels also left the list - it will be interesting to see how quickly they make a return.

Neil McInnes, partner and head of corporate finance for Grant Thornton in Scotland, said: “Despite the more recent setbacks from multiple challenges posed by geo-political factors and global issues, the evolving story since Scotland Limited first launched in 2014 is still one of growth.

“The report highlights that Scotland is a successful trading nation and is an increasingly connected, global economy with good support and interest from funders and other key players in the financial ecosystem.

“The country has great strength in innovative technologies that underpin key industries such as food and drink, and energy and natural resources.

“If the leading private companies continue to capitalise on new international markets while implementing well-considered, measured growth strategies, they’ll undoubtedly remain the engine of the Scottish economy.

He continued: “Whilst inflation, supply-chain disruption and rising interest rates continue to test the navigation skills of management teams across Scottish business, it’s especially instructive to look at the private companies which have already demonstrated how to ride out the turbulence.

“Overall, the report for Scotland’s Top 100 businesses this year is positive, and the country has the international reputation, expertise, and opportunity to tackle the issues that lie ahead.

“While there’s uncertainty caused by ongoing geo-political turbulence, unlike the pandemic, we have the foresight of some of these challenges and we can predict, plan and prepare for the future.”