Home / Knowledge / News / Textiles / H1 sales up 4% at industrial threads maker Coats
H1 sales up 4% at industrial threads maker Coats
04
Aug '15
For the six months ended June 30, 2015, revenue at industrial thread and consumer textile crafts manufacturer and marketer Coats Group went up 4 per cent on a like-for-like basis.

In a statement, Coats said its sales for the first half of 2015 grew 4 per cent on a like-for-like basis, but was down 3 per cent on a reported basis to reach US $748.1 million.

It added that its Speciality business continued to generate double digit sales growth and achieved 13 per cent year over year growth in the reporting period.

Before exceptional items, operating profit rose 9 per cent like-for-like, with the Industrial segment operating profit surging 15 per cent year on year.

Adjusted earnings per share soared 20 per cent to 1.82 cents, however reported earnings per share was negatively impacted by non-operating items.

“Non-operating items, primarily foreign exchange losses on parent group cash and discontinued losses related to EMEA Crafts, had a negative impact on reported earnings,” it explained.

However on an adjusted basis, Coats continued to deliver good growth and consistent delivery of good levels of free cash flow provide a solid platform for ongoing investment in growth opportunities.

Coats informed that adjusted free cash flow for the last twelve months totaled $50 million and that it completed sale of the EMEA Crafts business in July 2015.

Group CEO Paul Forman said,” Coats performed well in the first half of 2015, delivering a 9 per cent increase in operating profit.”

“The Speciality business continued to deliver double digit sales growth, with product innovation playing a key role, and we achieved further market share gains in the core apparel and footwear business,” he added.

“Both factors contributed to 15 per cent growth in the Industrial segment profit, while performance in our ongoing Crafts business was impacted by reduced fashion hand knitting sales,” Forman observed.

“There was encouraging growth in some product ranges and notably greater predictability of performance,” he noted.

“Supported by our defined growth strategy, key differentiators and strong underlying business performance, Coats is well positioned for 2015 and beyond,” Forman concluded by saying.

Coats manufactures and markets industrial thread and consumer textile crafts and is at home in more than 70 countries, employing approximately 20,000 people across six continents.

Headquartered in UK, Coats Group is listed on the London, New Zealand and Australian stock exchanges and generated revenues of $1.7 billion in 2014. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Textiles | On 27th May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

Indian exports are on upward trend in last few months as the country...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search