However, the Alternative Investment Market’s (Aim) constituents based north of the border lagged their benchmark, the report from Brewin Dolphin also reveals.

The wealth manager found that Scottish businesses on the FTSE averaged a gain of 16.1 per cent last year, compared to uplifts of just under 14.2 per cent for both the FTSE-350 and FTSE All-Share. The FTSE 100 and 250 finished the year up by 12.1 per cent and 25 per cent, respectively.

In contrast, Scottish shares on the junior Aim ended 2019 just 3.4 per cent ahead, compared to the Aim All-Share’s gain of 11.61 per cent.

Irn-Bru maker AG Barr saw its share price fall by more than 26 per cent over the year, according to the Brewin Dolphin report. Picture: Contributed

In terms of overall share price gains and losses last year, the picture was fairly balanced among Aim-quoted Scottish businesses. However, the de-listing of Goals Soccer Centres in September wiped out shareholders and had an impact on the overall performance of this collection of Scottish companies, the research noted.

Only three of the 19 Scottish-based constituents of the FTSE saw their share price decline in 2019 – Irn-Bru maker AG Barr (down 26.5 per cent), energy and engineering services group Wood (down 21.3 per cent) and aviation services business John Menzies (which slipped 7.6 per cent).

John Moore, senior investment manager at Brewin Dolphin, said: “Scottish shares on the FTSE performed better than the overall ‘market’, which is undoubtedly a good news story.

“It demonstrates the resilience many of them have shown in the face of an uncertain 12 months. However, the performance of the Aim shares shows why investors considering this higher risk area should ensure they have a diverse portfolio of assets – both by geography and sector – and take appropriate advice.”

Mixed year for Scotland's listed companies