Unfortunately none of these ideas worked, but thanks for suggesting them. However, I managed to achieve the desired result by a somewhat less elegant method.
allstr = textscan(fid,'%s', 'Delimiter', '\n');
allstr = allstr{1};
expend = strncmp(allstr,'WindSpeed Kts',13);
rowexp=find(expend);
sdepth = allstr(rowexp+1);
sdepth = sdepth{1};
this allowed the process to go through multiple different files to find the data I wanted and could be easily modified to find different datastrings. Thanks for all the ideas though, I'm sure if I understood what textscan was doing better your suggestions would all have been excellent.