Employee owned Scott & Fyfe textiles announces strong results for 2024

Scott and Fyfe, an employee-owned company based in Tayport, started out as a linen works in 1864. Today, it has a growing team of 90 specialists.

Newly filed accounts for 2024 show sales of over £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 - some 38% of sales - marking an increase from £6.2m (34%) in 2023. The company has also achieved a 22% year-on-year increase in sales revenue during the first quarter of 2025.

Michelle Quadrelli, who was appointed managing director in 2023 after 20 years with the company, said the accounts were testament to stability and sustained strong performance, building on the success of the previous year.

Ms Quadrelli added: “This past year brought significant challenges but, through adaptability and perseverance, our team achieved outstanding results, further reinforcing our strength as a business. 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 company has also expanded its workforce, including the recent arrival of a new commercial director, quality leader and process engineer. Recruitment efforts are also underway for various roles, ranging from machine operators to administration.

Meanwhile, 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 company is also actively exploring a number of opportunities in emerging markets.

Ms Quadrelli said: “Our relentless determination to combine Scottish expertise with global innovation to engineer cutting-edge technical textile solutions and advanced materials continues to reshape our customer landscape. Our inventive developments in pipe fabric technology and attachment solutions have fuelled growth and enhanced business performance, countering a decline through market volatility within the agriculture sector. We have also maintained our investment in new product innovations, ensuring a robust pipeline of opportunities as we move into 2025.”

The news coincides with the company’s rebrand, which aligns with Scott and Fyfe’s success in innovation and partnership working.

Ms Quadrelli explained, “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.

“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.”

She also attributed the success to employee ownership, adding, “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. 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.”