Despite ongoing geopolitical conflicts and rising costs, textiles business Scott and Fyfe has announced a consecutive year of strong results, continuing its impressive turnaround underpinned by employee ownership.
Based in Tayport in Fife, the eoa member business began life as a linen works in 1864.
Today, its growing team of ninety specialists engineer cutting-edge technical textile solutions and advanced materials.
Figures for the year ending 31 Dec 2024 show sales of £17m+ with an operating (pre-tax) profit of £1.14m compared to £1.09m in 2023.
A net profit of £1.2m represents sustained profitability, maintaining the significant turnaround achieved in 2023, with the gross profit of £6.4m (38% of sales) representing an increase from £6.2m (34% of sales) in 2023.
Building on this momentum, the business has achieved a 22% year-on-year increase in sales revenue during the first quarter of 2025.
This is in stark contrast from the net profit of £72,000 in 2022 and a loss of -£1.2 million recorded in 2021 – an impressive and sustained turnaround attributed in part to employee ownership.
“I would like to acknowledge the dedicated efforts of all Scott and Fyfe employee shareholders over the past year and express my gratitude for their commitment and resilience during volatile and uncertain market conditions,” said Michelle Quadrelli, appointed MD in 2023 after twenty years with the business.
“At the heart of our employee ownership philosophy is the drive to empower employees to strive for excellence and benefit from the rewards of share ownership.
“Our commitment to strengthening the employee ownership ethos within Scott and Fyfe remains unwavering, and we believe the solid foundation we have built will support our future success.”
With 94% of sales exported, sales to the USA and Canada have increased by 14%, while sales to the EU have grown by 28%.
Closer to home, across Scotland and the UK, the business is also actively exploring a number of opportunities in emerging markets.
Led by a newly appointed Board of Directors, the business is also expanding its workforce, including the recent arrival of a new Commercial Director, Quality Leader, and Process Engineer.
Plans are also in place to bolster ranks across the business.
Michelle views the accounts as a testament to stability and sustained strong performance, building on the success of the previous year.
“This past year brought significant challenges but, through adaptability and perseverance, our team achieved outstanding results, further reinforcing our strength as a business,” she said.
“Committed to ongoing investment and growth, we successfully navigated market downturns while strengthening our team to enhance existing value streams and seize new opportunities.”
The news coincides with the business’ rebrand, which aligns with Scott and Fyfe’s success in innovation and partnership working.
“With over 160 years of textile expertise, Scott and Fyfe has evolved from a traditional linen maker into an employee owned, global leader in advanced technical textiles,” said Michelle.
“Our legacy is rooted in innovation, craftsmanship, and a commitment to shared success.
“Our new brand embodies continuity, stability, and connectivity, visually representing our core values of innovation and design through a bold, modern identity.”
Image credit: Jonathan Addie Photography