The managing director of Fife textiles company Scott and Fyfe has credited employee ownership for the growth of the business.
The company, based in Tayport, creates technical materials used across a variety of industries.
Like a number of Tayside and Fife businesses, Scott and Fyfe began as linen works in 1864.
Today it employs 90 staff and provides products such as engineering reinforcement fabrics, coating and laminating and sustainable materials.
There has been a reduction in staff on the year previous, the number of which was 129.
Most of the job losses were in the manufacturing and maintenance rolls, according to the company accounts.
The majority of Scott and Fyfe’s sales are exported internationally, including the US and EU.
Managing Director Michelle Quadrelli has hailed the firms’ impressive growth despite a “difficult year”.
£1.4 million profit for Fife textiles company
Recent accounts December 2023 show the company achieved a net profit of £1.437 million.
This is an increase compared to £72,000 in 2022 and a loss of £1.2 million in 2021.
The international export side of the business accounted for 94% of sales.
Meanwhile, sales to the USA and Canada grew by 39%, and sales to the EU grew by 31%.
Ms Quadrelli believes the accounts represent an “impressive turnaround” for the “truly international business”.
She said: “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.”
However, Ms Quadrelli also credits the success to the structure of the company.
Employee ownership a credit to company
In 2013, the company moved to ’employee ownership’. This means employees have both a financial stake in the business and a say in how it is run.
Ms Quadrelli believes this is the main driver of the company’s success.
“Moving to employee ownership has been a real game-changer for Scott and Fyfe,” she added.
“We are 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.
“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.”
Ms Quadrelli wants to continue this success going forward, and is always looking for more opportunities to expand the business.
She said: “As a highly international business, we are constantly navigating a raft of global challenges.
“For example, 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.”
Conversation