clothing firm WL Gore & Associates UK – known for its Gore-tex range – has reported record full-year sales and profits as it improved margins and tightened costs.
Although best known as the developer of waterproof, breathable Gore-Tex fabrics, Gore’s products are also used in a variety of industrial and consumer products, such as electronic signal transmission, diverse industrial applications and medical implants.
The company, which has a UK base in Livingston, West Lothian, began in 1958, when husband and wife Bill and Vieve Gore explored innovative uses for new materials, from their home in Newark, Delaware.
In accounts filed at Companies House, Gore’s British division said it had posted sales worth £118.3 million for the year ended on March 31, 2011.
That was 16% higher than the £102m which was reported in the previous year.
The company said operating profit for the year came in at £23.22m, up from £9.74m in 2010 while pre-tax profit improved to £23.35m from £9.86m.
“The increased profits were due to a 16% increase in revenues compared to the prior year, improved margins and product mix as well as ongoing cost control and efficiency measures,” the company said.
Gore said it was in a strong financial position at the year-end and expected robust revenues figures to be posted in the next set of accounts.
The company attributes its continued success to its “associates and its unique company culture”.
There are no chains of command, nor “predetermined channels of communication”. Instead, staff communicate directly with each other, encouraging innovation and involving those closest to a project in decision-making.
Gore believes “this unique kind of corporate structure has proven to be a significant contributor to associate satisfaction and retention”.
It also had a 90% positive score for making health and safety a priority.
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