A Fife-based technical textiles company, celebrating its 160th anniversary, is announcing ‘impressive’ profits despite a challenging year.
Scott and Fyfe, an employee-owned company based in Tayport, started out as a linen works in 1864. Today, the company’s 90-strong team provides solutions to industry challenges affecting sectors as diverse as agriculture, automotive and construction.
From engineering fabrics that reinforce structures to sustainable materials that reduce environmental impact, Scott and Fyfe revealed it allows clients to grasp opportunities by transforming conceptual ideas into commercial innovations.
Newly filed accounts for the year ending 31 December 2023 show sales of £18.2 million with a pre-tax profit of £1.1 million compared to £143,000 in 2022. A net profit of £1.437 million was achieved compared to £72,000 in 2022 and a loss of £1.2 million in 2021. Meanwhile, with 94% of sales exported, sales to the USA and Canada have increased by 39%, with sales to the EU growing by 31%.
The news follows Scott and Fyfe’s success in winning the Centre for Engineering, Education and Development (CeeD) Internationalisation Award in February.
MD Michelle Quadrelli believes the accounts represent an ‘impressive turnaround’ for what is a ‘truly international business’.
“With increased costs and a raft of global, geopolitical challenges impacting many of our markets, 2023 began with an urgent need to balance activity and demand,” she said. “In response to these shifts and our unwavering determination to explore fresh markets and introduce novel products, we created a robust pipeline of opportunities as we welcomed 2024.
“Our inventive expansions in pipe fabric technology and attachment solutions have fuelled growth and enhanced business performance, countering a decline through market volatility within the irrigation sector. Through these innovations, alongside some efficiencies, new pillars to our business have been created, offsetting the financial repercussions of certain market downturns.”
Ms Quadrelli also attributes the success to employee ownership, adding, “Moving to employee ownership in 2013 has been a real game-changer for Scott and Fyfe, placing the reins of control in the hands of those who understand the company best, its employees. Only through their dedication and hard work can we achieve these outstanding results.
“A powerful driver of success, employee ownership allows us to create a more motivated, engaged, and aligned workforce who are willing to go the extra mile to achieve our shared goals.”
