Gore-Tex makers WL Gore & Associates (UK) Ltd, which has operations in Dundee and Livingston, suffered a 32% fall in pre-tax profit last year.
The UK division of the firm made a profit of £15.3 million before paying tax. Revenues of £114.6m were down 16%.
Director Robert Doak said market conditions had been challenging and a big contract had been completed during the latter part of last year.
Liquidity remained exceptionally strong, he assured, and at March 31 total funds amounted to £66m.
Total net assets of the UK company were £86m and globally WL Gore has annual sales of more than $3 billion (£1.93bn).
He said the company is committed to investing in product development and innovation. He added: “The strong balance sheet provides a sound platform for future development opportunities and enables the company to take full advantage of more favourable market conditions as these materialise.”
In Dundee high-performance copper and optical signal transmission electronic products are made at the Technology Park site.
Two plants in Livingston manufacture fabrics and filtration products for medical and industrial markets.
The 400 UK workers are part of an overall payroll of more than 10,000 employees, called associates, around the world including the United States, Germany Japan and China.
WL Gore last year reached fourth place in the World’s Best Multinational Workplaces list by the Great Place to Work Institute, the world’s largest annual study of workplace excellence identifying the top 25 best multinational companies in terms of workplace culture.