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Coats PLC operating profit hikes 12% in 2013
10
Mar '14
Guinness Peat Group plc released its preliminary financial results for the year ended 31 December 2013, incorporating the 2013 preliminary results for Coats plc, the world’s leading industrial thread and consumer textile crafts business.
 
Coats plc highlights
-Robust trading results despite muted market conditions
-Revenue of $1,704 million, up 5% like-for-like with both Divisions showing growth
-Operating profit up 12% like-for-like before exceptional items
-Attributable profit before exceptional items up $20 million to $37 million
-Full year free cash flow of $45 million ($54 million before reorganisation, property sales and US antitrust litigation)
-Reorganisation activity substantially completed
-New Chairman appointed to Coats’ Board
 
Commenting on Coats’ Full Year 2013 results Paul Forman, Group Chief Executive, Coats plc says, ‘I am pleased to report that despite muted market conditions, Coats' results for the year showed growth in sales and profit across both Divisions.  This illustrates the underlying resilience of our core markets and our strong global market positions.
 
‘We have continued to generate a good level of free cash flow and growth in returns on capital.  Furthermore we have increasingly robust foundations for future growth through accelerating product innovation, exciting new service offerings and greater capability in key areas like consumer crafts marketing and market leading digital propositions.’
 
With a rich heritage dating back to the 1750s, Coats is the world's leading industrial thread and consumer textile crafts business, at home in more than 70 countries, employing over 20,000 people across six continents. Revenues in 2013 were US$1.7bn.
 
Our well-known brands and strong relationships with customers and consumers mean our products and services meet current and future needs. Our company-wide understanding of our business partners and consumers, coupled with the deep expertise of our people, builds trust and certainty.
 

Coats Plc

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