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Coats Group sees FY performance ahead of expectations as profits, revenues rise

By BFN News | 10:19 AM | Tuesday 31 July, 2018


Coats Group said Tuesday it expected full-year performance slightly ahead of expectations after first-half adjusted operating profit jumped 13%, led by strong growth in industrial revenues. For the six months to 30 June, adjusted profit jumped 13% to $100m from $89m the prior-year period, adjusted operating margin was up 70 basis point to 12.7% and revenue rose 7% to $788m. Growth was supported by continued strong revenue performance in apparel and footwear thread, which rose 4%, double-digit organic growth in hi-tech performance materials and an improving trend in NA Crafts, the company said. 'We have continued to outperform the market in Apparel and Footwear despite continued mixed demand from retailers by maintaining our customer-led approach to service, digital solutions and corporate social responsibility,' said Rajiv Sharma, Group Chief Executive. The company declared an interim dividend of 0.50 cents per share, representing 14% growth from 0.44 cents per share a year ago. ' As a result of the faster delivery of the net benefits from the Connecting for Growth programme, we now anticipate delivering a full year performance slightly ahead of management's previous expectations,' Coats group said. At 10:19am: (LON:COA) Coats Group Plc share price was +4.3p at 84.9p Story provided by StockMarketWire.com

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