However, profit before tax decreased 6% to £1,225,879 from £1,306,317 the previous year.

The report attributes the dip in profit margins to “general inflationary cost pressures” amid “difficult market conditions across the luxury goods sector”.

Despite these challenges, the company remains optimistic. The directors’ report states that prospects for 2025 are positive, with the order book filled for the first half of the year.

The firm invested more than £2.5 million to expand and upgrade its Shawbost mill on the Isle of Lewis, reinforcing the future of Scotland’s iconic fabric.

The significant capital expenditure in 2024, which totalled £2,526,000, is aimed at improving workflow, increasing efficiency, and preparing the business for long-term demand. The company, a major private sector employer in the Western Isles, had an average of 68 staff in 2024 and works with over 100 self-employed home weavers.

Also known as Clo Mor (Gaelic for “the Big Cloth”), Harris Tweed is the only fabric in the world governed by its own Act of Parliament. The company supplies high-end fashion houses and lifestyle brands, including recent collaborations with Nike, Adidas, and Clarks. Exports are a key part of the business, with the largest overseas markets being Europe, Asia, and North America.