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Coats profit slumps in H1 on virus-led disruptions

By BFN News | 08:00 AM | Thursday 13 August, 2020


Industrial thread manufacturer Coats reported a sharp fall in profit owing to a significant impact from the demand and supply disruption caused by Covid-19. For the six month period ended 30 June 2020, pre-tax profit slumped to $10.6m from $85.4m on-year as revenue fell 24% to $535.8m. Looking ahead, the company said it had seen signs of improvement in sales as lockdown measures ease. 'We have seen an improving sales trend in recent, albeit low-season, months with organic sales declines reducing to 25% in June and 18% in July,' the company said. 'As we look to the remainder of the second half we are mindful of the ongoing wider macro-economic uncertainty caused by COVID-19 and the importance of trading in the peak months of September, October and November,' it added. At 8:00am: (LON:COA) Coats Group PLC share price was -0.65p at 61.35p Story provided by StockMarketWire.com

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