WL Gore, which employs more than 400 in West Lothian and Dundee, has seen profits in the UK double in its most recent financial year thanks to a sharp recovery in exports of its waterproof material.

The US business experienced a 63 per cent slump in profits in 2012-13 as sales fell across its markets, but particularly to continental Europe.

Despite the continuing travails in the eurozone, EU turnover rebounded from £47 million to more than £53m, while other overseas markets achieved a rise of more than 50 per cent to £57.6m.

UK sales continued their recent decline, slipping from £27.6m to £26m, but contributing to a 22 per cent uplift in overall sales to £137m, just above the previous record for the business set in 2012.

Operating profit almost doubled to £21.1m, while pre-tax profit was up 102 per cent at £22.4m.

Gore, which has two sites at Livingston and one plant at Dundee, had reduced staffing following the previous year's setback, with 13 fewer management and administration and 10 fewer production staff at a total average monthly headcount of 402.

Gore's material is used in industrial and consumer products from electronic signal transmission and medical implants through to the roofing fabric for Centre Court at Wimbledon.

The Scottish-based business enjoyed "significantly increased sales volume and improved margins during the year", the directors wrote. Liquidity had remained "exceptionally strong", with funds of £57m available (£55m), enabling the business to lift the dividend it pays to the parent company to £21m, from £2m the previous year.

The directors said employment had remained stable.