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Scottish Investment Bank Takes Heavy Loss | Glasgow News
Description
The Scottish National Investment Bank just revealed a £137.5 million loss for the past fiscal year — its second straight deficit — largely due to failed bets on three companies: M Squared Lasers, R3 IoT, and Trojan Energy, which alone cost £65.1 million. With inflation and high interest rates squeezing businesses, CEO David Ritchie admits it’s a tough time, but stresses their mission is to back risky, innovative ventures. Despite more losses expected this year from Orbex and PneumoWave, the bank still deployed a record £374 million in capital last year — with private investors adding £445 million. Remarkably, they turned a £12.3 million operating profit while staying under budget, proving efficiency matters even in uncertain times.
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