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

They included approved investment of more than £1.8 million in projects across Orkney with a combined total cost of more than £10m. The organisation also helped to attract £4.9m in external investment to the area.

Examples include £246,000 to assist with the expansion of Deerness Distillery and provision of a café and visitor centre, which is anticipated to generate additional sales and turnover for the business as well as create new employment opportunities.

More than £16,000 was approved to help jewellery company, Ortak purchase a 3D printer. The new technology will help the firm’s manufacturing process become more efficient and enable it to produce more designs, opening up new market opportunities.

Burray Boatyard Ltd received £82,600 towards an expansion project, enabling the business to double its capacity, create five jobs and increase turnover.

There was also early-stage investment towards the creation of future infrastructure serving the offshore wind market. The European Marine Energy Centre (EMEC) was awarded £282,000 towards the £705,000 cost of developing a detailed design and business case for a new national floating offshore wind test site, to be located in waters to the west of Orkney. If established, the facility aims to accelerate market uptake of floating offshore wind technologies across northwest Europe.

Community initiatives supported by HIE include the new community hub at on Orkney’s most northerly island, North Ronaldsay. A grant of £95,000 will support North Ronaldsay Trust in a £1.9m project to restore a redundant property at Trebb. The project will see the building converted into a flat, community space with hot-desking facilities, a gymnasium, a wellbeing centre and space for the islands wool mill. The trust is also being supported towards costs of a community development officer post.

Papay Development Trust, Sanday Development Trust and Shapinsay Development Trust HQ have all received support towards a community development officer posts to progress important community development projects.

A further £15,000 to Shapinsay Development Trust HQ was granted towards the purchase of a prefabricated building for use as a charity shop and reuse centre on the island.

Graeme Harrison, HIE area manager for Orkney, said: “We’re really pleased at having been able to support so many great projects across the length and breadth of Orkney last year, particularly those linked to innovation, manufacturing, and the creation of well-paid quality jobs.

“All of these projects will help the area make the most of new economic opportunities as they arise, and that’s the essence of the five-year strategy we launched last year.

“We look forward to continuing to work with our partners, businesses and communities across the area to bring as many as possible of those new opportunities to fruition, both for the benefit of Orkney’s economy and the contribution it makes to Scotland and the UK.”

The figures compiled by HIE are subject to review by Audit Scotland before publication of the agency’s annual report in December.