73% of Scottish businesses expect increased turnover in 2025

• Nearly three quarters (73%) of Scottish businesses expect to see their turnover increase over the next year, up from 60% polled in December 2023, according to Bank of Scotland’s Business Barometer
• 70% are confident of greater profitability
• Nearly a quarter (24%) will be investing in expansion into new UK markets, while a similar proportion (23%) will be investing in staff training
• 29% are aiming to enhance their technology through automation or AI

More Scottish businesses are expecting turnover and profitability growth in 2025 than they did entering 2024, new research from Bank of Scotland’s Business Barometer reveals.

Nearly three quarters (73%) of firms expect to see their turnover increase in the year ahead, up from 60% polled in December 2023. Nearly a quarter (23%) of these expect to see their revenue rise by between six and 10% over the next 12 months, with just over a fifth (21%) expecting it to grow by even more.

Meanwhile 70% of businesses are confident they will be more profitable in 2025. This compares to 68% who said the same last year.

While general revenue and profitability growth is firms’ top priority at 52%, 40% said they will be targeting improved productivity, and the same proportion said they will be aiming to enhance their technology – such as automation or AI – or upskill their staff (both 29%). More than a fifth (22%) want to improve their environmental sustainability.

To support their goals, 28% will be investing in new technology, with a further 19% making specific investments in AI. Meanwhile, nearly a quarter (24%) will be investing in expanding into new UK markets and a similar proportion (23%) will be investing in staff training.  

The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide.

Martyn Kendrick, Scotland director at Bank of Scotland Commercial Banking, said: “Scottish businesses are looking ahead to 2025 with stronger growth expectations, and setting out clear plans to drive this expansion through investments in new technology, new markets and their own teams.

“As we enter the new year, we’ll continue to by their side to help them pursue their ambitions and seize all opportunities that lie ahead.”