SCOTT & FYFE, the industrial textile maker chaired by Nick Kuenssberg, has narrowed losses in its most recent financial year, despite losing a major customer which contributed to a six per cent drop in turnover.

The employee-owned company, based in Tayport, lost £411,000 before tax in the year ended December 31, accounts newly-file at Companies House show. It made a £876,000 loss the year before.

The reduction in losses came as turnover at Scott & Fyfe, which exports to Australia, New Zealand, the US, Canada, Europe and various other countries, fell to £10.8m from £11.5m.

Writing in the accounts, Mr Kuenssberg said the “loss of a major customer with good margins and the managed reduction in lower margin business” had conspired to make it a “difficult period for the company”. But while he conceded these are “disappointing figures in absolute terms there is an improvement in underlying performance”. He stated his belief that trading will continue to improve as the new products “mature” and are “adopted by customers”.

Mr Kuenssberg added: “Sales during the first quarter of 2017 were 117 per cent of budget with a better assortment. Sales of new products in the pipe fabric technology sector are promising and this, together with new customers for loop fabric and better operational performance, should reinforce this trend back toward profitability.”