Here are the business stories making the headlines locally and across the country this morning.
Long wait for North Sea licensing round risks developers rejecting offers
Analysts have warned the long-delayed results of the UK’s 33rd licensing round could see developers hand back the North sea licences awarded to them.
Last week saw the third and final set of awards being offered for the round, which closed to applications nearly 15 months ago.
Head of oil and gas at Gneiss Energy Paul Weidman said: “Given the prolonged time from application in January 2023 to award of this final tranche, coupled with the fiscal changes that have happened in the interim, the NSTA may unfortunately find that many of these licences are handed back at the end of term.
“Fiscal uncertainty is bad for business and what the industry requires is clear, long-term signals from what we all expect to be the next government.”
Read the full story here.
REVEALED: The Aberdeen walls set to transformed by Nuart this summer
One of Aberdeen’s most beloved events, Nuart, is aiming to capture the imagination and attention of locals and visitors arriving via land, sea and air this year.
The vibrant murals dotted around the Granite City have brought joy and excitement since 2017.
And organisers, Aberdeen Inspired, hope this year’s event will be the biggest yet.
Planning applications have now been submitted for the walls and spaces the organisation wants to secure – which they say are the perfect spots to create “inspiring and thought-provoking pieces”.
Aberdeenshire firm EnerQuip eyeing £25 million sales in 2025
Oilfield equipment company EnerQuip is targeting sales of £25 million in 2025 after surpassing £20m for the first time last year.
The firm reached its £20m turnover target two years early, in 2023, thanks to near-70% growth over the past 24 months.
Figures for the first quarter of 2024 are on a par with last year’s record-breaking performance.
And bosses have now sent a “25 (million) by 25” turnover goal amid expectations of further sales success.
Britain’s economic recovery ‘picking up pace’
The UK is likely to have exited recession at the beginning of this year, with growth now gathering momentum in a suite of key economic sectors, analysis suggested.
Figures shared with The Times by Lloyds Bank showed that more than half of sectors within the UK economy grew in the first three months of this year, suggesting that official GDP estimates this week will confirm that the economy left recession.
The lender said that nine of the 14 sectors that it monitors expanded in the first quarter, with growth strongest among services businesses, which generate around 70% of all UK economic output.
Software services, financial services and real estate activity rose sharply in the first three months, lifting the overall sector’s growth rate. All three sectors registered an above 50-point reading on Lloyds’s index, meaning they crossed the threshold that separates growth from contraction.