Scottish fast-growth firms ‘scaling at speed’ – Daily Business

Scotland’s most ambitious companies are “scaling at speed” after adding almost £800 million in new sales over the past two years.

The Scottish firms featured in the latest UK Fast Growth Index increased their combined turnover from £661 million in 2022 to £1.46 billion in 2024 — an average growth rate of 121%, with the typical firm more than doubling in size.

Professor Dylan Jones-Evans, founder of the UK Fast Growth Index, said Scotland’s cohort demonstrated exceptional resilience and economic impact.

“Scotland is home to some of the most dynamic and resilient fast-growth firms anywhere in the UK. From green engineering to digital infrastructure and high-value consumer brands, these businesses are scaling at speed and making a disproportionate contribution to both regional and national prosperity.”

He added that the top ten Scottish firms account for just over half of all new revenue generated across the list, highlighting “the outsized impact of a relatively small number of scaling companies.”

Loveelectric, which provides an employee-benefit platform enabling businesses to offer electric vehicles through salary-sacrifice schemes, has been named the fastest growing firm in Scotland with an almost 14-fold growth.

Utopi, Resolis, Smartly Energy, Union Technical and Green Home Systems also expanded rapidly, reflecting strong demand for retrofits, renewables and smart energy systems.

Design-led businesses such as Kiltane and the fashion accessories business Strathberry reinforce the country’s strength in high-value goods.

Muckle Media, the Edinburgh-based PR agency, has been recognised as one of the 50 fastest-growing businesses in Scotland and one of 350 fastest in the UK.

It was placed 40^th in Scotland in the UK Fast Growth Index and is the only communications consultancy on the list.

The agency acquired Spey in 2024 which saw the workforce almost double in size.  It almost doubled its turnover from 2022 to 2024 to £1.1 million, then more than doubled again to £2.3 million for the year ending March 2025, delivering triple digit three-year growth between 2022 and 2025. 

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