SE sees export support fall and write-offs rise

Tough climate Adrian Gillespie: 'strong performance' Scottish Enterprise saw a lower level of export support last year and was also forced to write off more than £21 million invested in failed early stage companies. The development agency said it helped 'ambitious Scottish businesses' generate £2.15 billion in exports last year, down from £2.46bn in the previous year. A press release headlined it as a 'record' year but then described it as 'one of' Scotland's strongest international trade performances of the past five years. Its £50m of investment in 105 early stage companies leveraged £163m in private and other public sector support. Among highlights was backing the £40m expansion of Prestwick Airport with £11.6m, creating 450 jobs. However, it 'abandoned or waived' £21.2m invested in 43 companies. Among 18 failed investments of above £300,000 it listed electric vehicle charging firm Trojan Energy and photonics business M Squared Lasers. They had also been supported by the Scottish National Investment Bank which recently reported realised losses of £65.1m and an unrealised loss of £84.7m. SE's biggest single loss was £2.95m invested in NexaBiome, a biotechnology company which was unable to raise investment required and was placed into administration. Scottish Enterprise said that during 2025/26, it 'achieved or exceeded' target ranges across most of its key performance measures. Adrian Gillespie, chief executive, said: 'Scottish Enterprise has delivered another strong performance, meeting key targets by drawing on established strengths in internationalisation, innovation and investment and creating significant economic impact for Scotland. 'We're delivering regionally, nationally and internationally for Scotland's economy. 'Companies across Scotland continue to show ambition, innovation and resilience, and are expanding into international markets, developing new technologies, creating high-quality jobs and securing investment that will create future growth.'