As the UK textile industry sinks into depression, there is a ray of sunshine in North-east Scotland where Johnstons of Elgin is bucking the trend.
The success is all the more remarkable because it has weathered the devastating storm of last July which left its Newmill factory and warehouse chest deep in water and caused damage estimated a #20m.
That was a storm which managing director James Sugden did not expect but he attributes the company's two centuries of continuing success to their preparedness for the unexpected and to their greatest asset, their staff and their flexibility.
He also believes that because the directors are involved in the business, they are able to take a longer term view than their rival plcs, which have to satisfy their City shareholders.
Last July the factory was running flat out, it had full order books and 350 staff on round-the-clock shifts to meet the seasonal world-wide demand for its cashmere products.
It also employs 150 in its factory on Hawick.
This July it will be almost back to that situation while others around it struggle for survival.
Mr Sugden said: ''All the shareholders work in the business and in lean times, which come every now and again, you still have to take the long-term view that if you believe in the business and the product you don't take drastic decisions.
''Our staff are very flexible and understand the ups and downs.
''They were amongst the first to agree to the introduction of a very flexible system whereby we work less hours in the winter and more hours in the summer with no additional overtime costs.
''What most workforces want is security and one of the things the textile industry has failed to do in some areas is give consistent employment.''
The announcement of the introduction a minimum wage of #3.60 an hour caused not a ripple yesterday at the factory, where Mr Sugden said everyone earned ''significantly more''.
Divisional sales director Robert Harrison said: '' We look at the plcs as being like oil tankers which are unable to stop quickly and turn quickly. We can look at the market which is constantly changing and react accordingly.
''The shortcomings of some of the larger groups have actually played into our hands because we have that flexibility.''
He added: ''We are quite a small company with a high profile and that's where we want to stay.''
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