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Fibres/​Yarns/​Fabrics

Strong year for Heathcoat Fabrics

Profit share scheme sets aside fixed percentage of the company’s annual profits.

7th August 2023

Innovation in Textiles
 |  Tiverton, United Kingdom

Transport/​Aerospace, Industrial

Growing sales for Heathcoat Fabrics have resulted in a more than 6% bonus for staff at the end of the company’s financial year.

Heathcoat manufactures a wide variety of technical fabrics which are sold across the globe and can be found everywhere from the International Space Station to golf simulators in Dorset. The fabrics are used by military and frontline emergency services, in aircraft, trains and electric vehicles as well as under the bonnet of most vehicles across Europe. In addition, the company’s parachute fabrics are used in space missions, such as NASA’s 2021 Perseverance Rover landing on Mars.

With the continuing growth in demand for its global-leading technical textile manufacturing expertise over the past year, the company’s profit share scheme is paying out a bonus equal to 6.4% of each employee’s annual earnings.

“Our financial year to the end of May 2023 was a year in which we faced – and responded to – a range of challenges to the business, including ongoing impacts across the wider supply chain and unprecedented volatility in energy and other costs,” said finance director Chris Kiely. “We have continued with our capital investment programme across the business and coupled with the continuing commitment of our employees it has enabled Heathcoat to deliver a robust financial performance for the year. It is therefore appropriate that they should directly participate in this success through the company’s long-standing profit share scheme”.

This latest payment follows a recent 9% pay award aimed at helping staff, and their families in dealing with the continuing high cost of living.

The continuing programme of investment in new equipment together with increased market demand has created further local employment opportunities within the business. There are also openings for graduates to join a varied three-year graduate development programme aimed at nurturing project management skills and technical knowledge across the business. 

Heathcoat’s company profit share scheme sets aside a fixed percentage of the company’s annual profits which is then distributed twice a year amongst its nearly 500 employees.

www.heathcoat.co.uk

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