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H1 revenue remains unchanged at Coats
28 Jul '16
1 min read
Revenue at industrial threads manufacturer Coats remained unchanged at $718 million for the six months ended June 30, 2016 which it ascribed to tougher market conditions.
Operating profit for the reporting period, however soared 24 per cent year on year to $77 million on an adjusted basis, but was higher at 44 per cent on a reported basis.
The company said its adjusted EPS too surged 24 per cent in the first half of 2016 to 2.08 cents due to higher operating profit and reduction in tax rate offset mainly by unrealised losses on foreign exchange hedges.
Coats also added that its Americas Crafts business margin increased, despite tough market conditions, due to focus on costs.
Adjusted free cash flow for the last twelve months totaled to $82 million, as against $75 million in the 12 months to June 2015, primarily due to higher profitability.
CEO Paul Forman said, “We delivered productivity gains, tightly managed our overheads and greater sales volumes led to a positive operational gearing effect.” (AR)
Operating profit for the reporting period, however soared 24 per cent year on year to $77 million on an adjusted basis, but was higher at 44 per cent on a reported basis.
The company said its adjusted EPS too surged 24 per cent in the first half of 2016 to 2.08 cents due to higher operating profit and reduction in tax rate offset mainly by unrealised losses on foreign exchange hedges.
Coats also added that its Americas Crafts business margin increased, despite tough market conditions, due to focus on costs.
Adjusted free cash flow for the last twelve months totaled to $82 million, as against $75 million in the 12 months to June 2015, primarily due to higher profitability.
CEO Paul Forman said, “We delivered productivity gains, tightly managed our overheads and greater sales volumes led to a positive operational gearing effect.” (AR)
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