HIE Moray investment in 2024/25

This is according to HIE’s own figures, which are subject to Audit Scotland review ahead of the agency’s annual report publication later in the year.

HIE made 35 direct financial interventions totalling £7.67m and over 100 non-financial interventions during the year. This supported the creation and retention of 95 jobs with an average salary of £34,822.  As a result of HIE support, these businesses and social enterprises in Moray are forecast to see combined increase in turnover of £26m and international sales of £9m.

A total of 67 organisations across Moray received HIE support for innovation projects. This contributed to the development of 37 new products, services or processes. Nine organisations were supported with projects to increase productivity, resulting in a productivity increase of almost 70%.

The agency was also involved in 44 community led projects and facilitated over £680,000 in community asset investment.

Examples of HIE supported projects during the year include Forres based Maclean’s Highland Bakery, which secured up to £54,500 towards infrastructure and equipment costs in a project to improve productivity, increase turnover, cut carbon and create jobs. 

Highland Galvanizers in Elgin was awarded up to £130,000 for a multi-million-pound project to upgrade buildings, equipment and infrastructure.

A family run agriculture company James Taylor & Son near Forres secured up to £161,446 innovation support towards the cost of advanced technology that will increase production and efficiency, while improving product quality and creating jobs.

A £98,000 award was made for newly formed Moray Shellfish Limited towards costs of establishing a state-of-the-art shellfish processing facility in Buckie.

HIE also awarded a £1.3m contract for the refurbishment of a building on Enterprise Park Forres to create the new Manufacturing Innovation Centre Moray (MICM). This is a Moray Growth Deal project that includes more than £4m of UK and Scottish Government funding and £2.56m investment from HIE. It’s expected to support up to 300 manufacturing jobs in the next ten years.

HIE’s outturns were achieved through a combination of financial investment and non-financial interventions such as advice, information and signposting to other sources of assistance.

David Reid HIE area manager for Moray said:

“It was a strong year for us in Moray. Businesses, social enterprises and community groups continued to show initiative and ambition, and we were able to support many excellent projects. We’re building on this progress with many more projects underway this year.

“We also expect Moray to benefit significantly from some of the major regional transformational opportunities outlined in recent research. The area is very well placed in terms of skills and experience, especially in the energy sector, which will be central to the region’s growth.

“Moray is an area diverse in industry and sectoral representation.  We have strong manufacturing industries, as well as tourism and food and drink, which also have significant growth potential.

“We’re always keen to hear from businesses looking for support for their growth ambitions, particularly around low carbon, innovation, digital and technical advice, as well as those exploring capital investment linked to growth and net zero projects.”