Tayport-based textile firm Scott and Fyfe has reported its greatest pre-tax profits in more than 150 years of trading.
Accounts published by the Fife company show pre-tax profits of just over £1.5m for the year ending December 31 2020.
That is a huge jump from their 2019 figure of £12,000.
The group also reported a rise in turnover of more than 20%, to £14.7m despite facing “some of the greatest challenges” in its history.
Praise for staff in challenging year
In the annual report, chairman of the employee-owned company John Lupton praised staff.
He said: “2020 presented some of the greatest challenges ever faced in our long history.
“The global Covid-19 pandemic had a drastic impact on all aspects of the business.
“Difficulties related to the Brexit transition strained the business further.
“The results detailed in this report are testament to the exceptional efforts of all involved.”
Mr Lutpon said he was “proud” of the team for delivering “strong and improving” results.
Initially started as a linen works in 1864, Scott and Fyfe now supplies industries across the globe with technical textiles.
Innovation key for Scott and Fyfe
The chairman of the Tayport-based firm said that innovation was vital to the continued success of the company.
More than 80% of its sales were of products less than three years old.
“The positive customer response to our developing solutions provides optimism for the future,” he said.
“With product extensions targeted for adjacent market segments, further expansion of these solutions is set to play a key part in our projected growth.”
Mr Lupton also said that while the firm’s figures were positive, there remain challenges ahead.
He said the goal of growing the business internationally remained a “positive work in progress.”
That was despite the accounts showing a 13% drop in European sales.
Proactive planning and strong customer support programmes were among the reasons he believed the impact of Brexit was not overly damaging.
Mr Lupton added: “Brexit had an incredibly disruptive effect on our European business.
“The post-Brexit landscape continues to present challenges.”