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2014 revenues inch up marginally at Coats plc
28
Feb '15
Full year 2014 revenue at industrial threads maker, Coats plc rose marginally by just 1 per cent from 2013. However, its industrial segment posted a revenue hike of 5 per cent.

In a press release, Coats said its revenue rose to $1,686 million, up 1 per cent on a like-for-like basis, with industrial segment sales going up 5 per cent.

Operating profit, before exceptional items at $131 million was stable on a like-for-like basis, with a strong performance delivered again by industrial segment with growth of 18 per cent.

Net attributable profit, before exceptional items amounted to $45 million, up 21 per cent year-on-year, while it had an adjusted free cash flow of $70 million, up 30 per cent over 2013.

Coats said its debt facility was successfully refinanced in 2015, extending maturity to 2020 and reducing margin.

It recently announced the sale of the EMEA Crafts business which it says will better positions Coats for profitable growth and allows focus on high performing global industrial and Americas crafts businesses.

In the same press release, Coats parent, Guinness Peat Group (GPG) plc announced that it is changing its name to Coats Group plc and will operate under a single, combined board of directors.

“These changes establish Coats as the standalone, listed entity and signal its return to the market in the 125th anniversary year of its initial listing on the London Stock Exchange in 1890,” it added.

Paul Forman, Coats Group CEO said, “We are pleased to have delivered material increases in pre-exceptional attributable profit and free cash flow in 2014.”

“These results show the positive effect of our growth strategy, with a 14 per cent growth in Specialty sales contributing to an 18 per cent increase in Industrial operating profit,” he added.

“The successful refinancing of our debt facility and reduction in leverage gives Coats a strong platform to invest in organic and inorganic growth opportunities,” he noted. (AR)

Fibre2fashion News Desk - India

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