Tayport-based technical textiles company Scott and Fyfe hails ‘impressive’ profits despite 'highly challenging year'

Scott and Fyfe, which started out as a linen works in 1864 and has since 2013 been owned by its staff, who now number 90, provides products including engineering fabrics that reinforce structures and sustainable materials that reduce environmental impact, serving industries including agriculture, automotive, and construction.

It in 2023 notched up revenue of £18.2 million, saying that 94 per cent of its sales are exports, with those to the US and Canada having last year increased by 39 per cent, and to the EU by 31 per cent. The Tayport-based firm achieved pre-tax operating profit of £1.1m compared to £143,000 in 2022, and a net profit of £1.4m compared to £72,000 in 2022 and a loss of £1.2m in 2021. In February of this year it was announced as the winner of the Centre for Engineering, Education and Development Internationalisation Award.

Michelle Quadrelli, appointed MD in January 2023 after 20 years’ service with the company, said she believes the accounts represent an “impressive turnaround”, adding: “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.

“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.”

Looking ahead, she said: “As a highly international business, we are constantly navigating a raft of global challenges with technological advancements, heightened competition and evolving consumer expectations, further disrupted by unpredictable geopolitical uncertainties and economic fluctuations. As we look to the future, we will continue to seize emerging opportunities and invest in existing and new growth markets through design and innovation, all while allowing employee-owners to earn and enjoy the benefits of share ownership.”