The food and drink sectors dominate the list of the 100 largest private companies in Scotland

This year’s report is particularly significant as it represents the first full year of performance following the Covid-19 pandemic.

The report highlights the diverse achievements and contributions of the top 100 businesses to the Scottish economy and provides key data on economic trends across energy, manufacturing and engineering, property, food and drink and other key sectors. The report also analyzes M&A activity, debt levels, export data and regional and international trends, offering a detailed insight into the Scottish business landscape.

The list is dominated by food companies (17), with the majority based in the West – a region where more than half (51) of the top 100 companies operate. The report also noted a record 27 new entrants this year, which could be a combination of companies bouncing back from a difficult trading period and a natural rise in the rankings as a result of continued success.

The report also highlights several standout players in the energy sector, including NEO Energy, which has seen a meteoric rise from 26th place last year to the new number one spot. One of the fastest-growing companies behind NEO Energy is independent, family-owned company CCL Components, which supplies solar energy equipment. The 2024 report also sees the tech sector return to the top 100, with oil experts taking their place (80).

Not surprisingly, this year’s report also saw the return of businesses that were heavily impacted by the pandemic, including Edinburgh Airport (29), The Scotsman Group (47) and Apex Hotels (87). All three previously dropped out of the top 100 in the 2022 report due to the challenges they face.

Neil McInnespartner and head of corporate finance at Grant Thornton in Scotland, said: “Despite the complex context, our Scotland Limited 2024 report paints an extremely positive picture as our largest privately held companies continue to capitalize on foreign trade opportunities and perform better than the broader economy.

“We have seen significant increases in profitability and revenue in this report, and our top 100 companies continue to create, grow and innovate in industries that underpin the Scottish economy.

“Our list demonstrates our country’s strength across sectors and disciplines, spanning 11 industries in all corners of the country, from private equity-backed global data analytics companies like Wood Mackenzie to family-owned national companies like McQueens Dairies.

“While our Top 100 has long had regional differences and significant revenue ranges, they have all demonstrated agility, market growth and strategic decisions that have positioned them to perform well in a challenging environment.

“Each of these leading private companies continues to play a key role in the wider Scottish economy and has paved the way for a strong market recovery in the coming years.”