The latest HSBC UK Corporate Tracker has identified clusters of large businesses in Scotland that are outpacing the average UK growth rate for major firms, underlining the crucial role the nation can play in delivering the UK’s Industrial Strategy.
Using Beauhurst data, which draws on the most recent financial disclosures, the biannual HSBC UK tracker found that 50% of Scotland’s fastest-growing large companies are located in clusters across Aberdeenshire, Edinburgh, Aberdeen and Glasgow.
Despite a backdrop of continued economic uncertainty, 157 large Scottish firms based in these clusters achieved annual turnover growth above the UK median rate for large businesses of 10.5% between 2021 and 2024, outpacing the UK economy’s 7.73% annual GVA growth over the same period.
The clusters contain many companies operating within the UK Government’s eight future‑focused sectors1 – the ‘IS‑8’. These sectors, including advanced manufacturing, clean energy and life sciences, have been selected as central to boosting long-term productivity and attracting investment.
In Scotland they include digital & technologies, clean energy and professional & business services, represented by growing businesses such as Aberdeenshire-based Ashtead Technology and Aberdeen’s Three60 Energy. Digital and technology-focused corporates show growth spread relatively evenly across the four local authorities. This points to a broad-based expansion of Scotland’s technology ecosystem, with Edinburgh, Aberdeen and Glasgow all contributing, rather than activity being concentrated in a single urban centre.
Corporates are a small but mighty group – they represent just 0.39% of all active UK businesses yet employ 45% of the workforce.
Together, these large companies account for around 70% of total employment amongst companies operating in IS-8. These sectors, including advanced manufacturing, clean energy and life sciences, have been selected as central to boosting long-term productivity and attracting investment.
Doug Baikie, Head of Corporate Banking, Scotland, East Midlands, North of England & Northern Ireland at HSBC UK, explained: “The performance of a relatively small number of large businesses will be critical to the success of the UK’s Industrial Strategy. Our research shows that the clusters we’ve identified in Aberdeenshire, Edinburgh, Aberdeen and Glasgow will play a central role in the UK’s future competitiveness.”
“The UK economy is at a turning point and decisions taken here on investment, skills, R&D and supply chains will materially influence whether the UK meets its long-term economic ambitions. That’s why HSBC UK is working closely with many of these Scottish corporates and their supply chains to support their continued growth. Connecting businesses to opportunities both domestically and internationally and ensuring they have access to the capital, insights, and expertise to deliver growth and success.”
To view the tracker and insights paper visit: https://www.business.hsbc.uk/en-gb/corporate/insights/support/hsbc-uk-corporate-tracker
