As we look back on FY23/24, it's clear that the Bank has been building on momentum since its launch in November 2020. We've committed circa £640 million in investment capital and last year alone we surpassed our target, committing £225 million in Scottish businesses and projects. With a robust portfolio of 35 investments, and 14 receiving follow-on investment, the Bank truly is accelerating both economic growth and progress towards delivering our missions.
Our CEO, Al Denholm, shared his thoughts, “Our investments drive both economic impact and progress towards our missions. They also continue to span the length and breadth of Scotland. We support businesses from the Highlands and Islands down to the Borders, and from the east coast to the west coast. We support businesses still at relatively early stages, such as EnteroBiotix, which has potentially lifesaving treatment entering clinical trials, to community-defining infrastructure developments such as the revived port at Ardersier.”
The impact of our £640 million commitment has been profound, attracting an additional £1 billion in investment, boosting economic growth and helping us to achieve our missions. Over the past year, we've fine-tuned how progress towards these missions is measured. An independent review by BlueMark, a premier impact verification service, confirmed that our impact management is on par with—or even ahead of—our peers. This dedication to impact is reflected in our diverse investments, which are driving both economic growth and mission progress.
Looking ahead to FY24/25, we must continue to build on the successes of this year, especially with less capital at our disposal. Our focus will be on seizing opportunities that maximize progress towards our missions and attract additional capital from other investors, all while ensuring solid returns.
Al continued: “to complement our investment activity, we will build out our role in supporting the development of new markets. As part of this we will work across our ecosystem to identify opportunities that align to our missions and where we can see significant potential for both positive impact and commercial returns that is not currently being realised.”
Our strategy may involve reducing complexity within systems, fostering collaborative thinking among diverse stakeholders, pinpointing policy or regulatory hurdles, or defining and resolving other barriers to investment.
“This analysis of potential market opportunity will also support our ongoing engagement with the broader investment community. As we drive clarity of opportunity, this will enable other investors to invest alongside us, and will help us to build relationships toward our strategic goal of managing the capital of other institutions in addition to our core funding.”
ScotWind and the expansion of Scotland's offshore wind capacity remain at the forefront of our priorities, aligning perfectly with our missions. We will continue working with stakeholders to identify the most promising investment opportunities in this vital sector.
This year has demonstrated the Bank's ability to drive growth, support innovative businesses, and make impactful investments. We're excited to maintain this momentum, advance our missions, and foster sustainable economic growth across Scotland.
Find our full report here.