Annual Report and Accounts 2024
The Scottish National Investment Bank has now been operational for over three years. This set of Annual Report and Accounts reflect the first year that Al Denholm has been our Chief Executive Officer and has been a year of clear and demonstrable achievement and progress.
In numbers
- £225m of investment capital committed to 20 companies last year.
- £129m to eight new investments, plus £96m growth capital in 12 follow-on investments
- Investment income at £19.3m. Up 80% yoy. Exceeded operational expenses of £16.1m for first time during 2023/24 financial year.
- Loss before tax was £14.6m (2023: £20.2m) predominantly due to realised and unrealised losses on investments. Unrealised losses for the year equates to c2% of y/e portfolio value
- The Bank has committed c.£640m since inception and has 35 companies in its growing portfolio
- More than £400m of capital committed alongside the Bank’s investments last year (compared with £238m previous year)
- Total amount of investment “crowded-in” alongside Bank since 2020 exceeds £1bn at 31 March 2024.
Performance highlights
Highland Broadband
We recently invested a further £10 million in Highland Broadband enabling the company, which services customers in communities across Scotland, to tackle digital inequality by expanding its delivery of ultrafast broadband coverage. Hear stories from some of the communities that have been positively impacted.
What we do
A short film explaining the Bank's core missions.