HIE’s outturns for 2023/24 were achieved through a combination of financial and non-financial interventions.

The single biggest project was the Sumitomo Electric Industries subsea cable factory at Nigg. This represents total estimated inward investment of £350 million and is expected to create more than 150 jobs on site and many more across the Highlands and Islands and Scotland.

In addition to the Sumitomo project, HIE approved investment of £6.5m in another 85 projects with clients across the Inner Moray Firth, with a combined total cost of £20m. The organisation also helped to attract a further £5.6m in external investment to the area.

As a result of HIE support, clients in the area will see total turnover rise by £407m and international sales by more than £6.8m.

There was support for businesses and social enterprises to lower emissions and improve efficiencies within their operations. They included Cairngorm Brewery in Aviemore, which secured £142,028 to take control of rising energy costs and implement energy efficiency measures.

Nairn based business John Gordon & Son Ltd was also awarded £150,000 to purchase equipment to reduce waste and increase productivity. The indoor climbing, bouldering, and adventure centre The Ledge in Inverness was awarded £41,652 to adopt a low carbon solution for its heat and hot water needs. And Northern Recycling Solutions secured £150,000 investment from HIE towards the building costs of a new waste sorting and material recovery facility in Alness.

Projects in creative industries, including traditional print making, digital imaging, bronze casting and voice over artistry, received more than £105,000 support.

An award of £60,000 helped Black Isle Bronze in Nairn to purchase equipment to extend the range of projects the firm can undertake. This resulted in larger bronze casting commissions, which will see four jobs created in the next two years.

Highland Print Studio received £16,310 support to upgrade its digital suite and invest in an additional etching press to support future growth.

HIE’s support for social enterprises, meanwhile, is forecast to bring almost £1m uplift in the social economy. More than £176,000 was invested in a project by social enterprise, Cultarlann towards the costs of purchasing the East Church in Inverness to transform it into a Gaelic hub.

Other community initiatives supported by HIE include Tornagrain Limited, which was awarded assistance of £3,000 to support the development of a community garden which will help to build social capital and increase physical and mental wellbeing.

HIE’s Support for Communities Framework programme has been vital in enabling third sector organisations to access practical support and expertise while developing skills and capacity to progress future development opportunities.

The organisation’s Technology Placement Programme and Innovation Support Service has also been instrumental in supporting growth of early stage and developed businesses.

It was a pivotal year, with the confirmation of the Inverness and Cromarty Firth Green Freeport. In addition to the Sumitomo Electrical Industrials inward investment, HIE recorded involvement in four other inward investment projects in the area. Together these are expected to create 150 jobs.

At Cairngorm, HIE’s contractor Balfour Beatty continued a programme of remedial works that aims to bring the funicular railway back into service in time for the 2024/25 winter season. HIE also supported its subsidiary Cairngorm Mountain (Scotland) Ltd, which operates the resort, to expand the range of family friendly activities there, including new mountain biking trails.

Audrey MacIver, HIE area manager for Inner Moray Firth, said: “We’re really pleased to have supported so many exciting transformational opportunities across the Inner Moray Firth area.

“Notable examples are around energy transition and net zero as well as sectors such as food and drink, tourism and creative industries and the creation of well-paid quality jobs.

“It’s particularly pleasing with regards to the amount of inward investment and what this says about interest from companies overseas and other parts of the UK who recognise what this area has to offer.

“We must build on this momentum and seize the incredible opportunities coming our way. While the costs of doing business remains challenging, we’re keen to hear from more businesses, social enterprises and communities about their growth ambitions and explore how we might be able to support them.”