The Dundee-based manufacturer who provided materials for the first moon landing saw its profits rocket last year.
Known for its GORE-TEX technical fabric, W. L. Gore & Associates (UK) posted a pre-tax operating profit of £23.1m for the year ended 31 March 2019.
This compared to a pre-tax loss of £9.9m in 2018 when it took a £14.4m financial hit in relation to a “long-term negotiation with HMRC on a licensing agreement” with its US-based parent company.
Sales for Gore UK, which employs 200 staff from its sites at Dundee Technology Park and Livingston, rose from £53.9m to £61.4m last year.
Earlier this year Gore opened a Space Centre of Excellence in Dundee to mark the 50th anniversary of the moon landing.
The firm developed the ultra-durable insulated wires used in space exploration, including Nasa’s Apollo 11 mission in 1969.
The firm, which still assembles the wires in Dundee, is proud of its 100% failure free rate in space.
Gore UK said it continued to have a strong balance sheet which gave it a sound platform.
Commenting on the financial performance, the firm said: “The fabrics division in the UK has remained stable.
“The performance solutions division, which designs and manufactures products for the electrical and industrial sectors, along with the medical product division have seen revenue growth which is anticipated to steadily continue in the coming years.”
The group first moved into the UK electronics cables market in the mid-1960s and opened its first UK manufacturing plant at Dunfermline in 1970.
The global group generates annual revenues of $3.7 billion and has 10,500 staff.
Gore UK board member Rodger Pheely said: “Our products continue to provide significant added value to our customers and our continued focus on ensuring great customer experiences across our global operations will continue to deliver strong results for our businesses.”
The Centre of Excellence in Dundee will allow the company to further explore space technology, such as radiation resistance.
The company is also involved in the UK’s first Spaceport in Sutherland, meaning it will provide material for the first rocket launch in Scotland.
rmclaren@thecourier.co.uk