Aberdeen energy firm rises 26 places to be named Scotland’s top company

Aberdeen-based NEO Energy has risen from 26th place last year to the number one spot in the list of Scotland’s top 100 limited companies.

But it was food and drink companies that dominated the list (17), with the majority based in the west of Scotland – the region that is home to over half (51) of the Top 100.

The report also saw a record 27 new entrants in total this year, which may be a combination of businesses bouncing back from a difficult trading period and natural progression up the ranks as a result of ongoing success.

This means the return of businesses that had been heavily impacted by the pandemic, with Edinburgh Airport (29), The Scotsman Group (47) and Apex Hotels (87) featuring this year. All three had previously dropped out of the Top 100 in the 2022 report, due to their respective industries facing challenges.

Neil McInnes, partner and head of corporate finance for Grant Thornton in Scotland, said: “Despite a complex backdrop, our Scotland Limited 2024 report paints an incredibly positive picture as our largest privately held companies continue to capitalise on overseas trade opportunities and outperform the wider economy.

“Our list shows our country’s strength in different sectors and disciplines, spanning 11 industries across all corners of the country, from private equity-backed, global data analytics businesses such as Wood Mackenzie, to family-run domestic businesses like McQueens Dairies.

“Although there are longstanding regional nuances and significant revenue ranges within our Top 100, they have all shown agility, market growth and made strategic decisions that have seen them perform strongly in a challenging environment.”

The report was compiled using the most recent publicly-available accounts (as of 31 March 2024) of Scotland’s best-performing private businesses, which are ranked based on a hybrid measure of data, including turnover and earnings before interest, tax, depreciation and amortisation.

The report excludes companies that are publicly listed, owned by listed businesses or are the Scottish subsidiaries of companies headquartered in other parts of the UK or overseas.

The top 50:

Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free.