The sales of Coats, the world’s leading industrial thread manufacturer, for the period January 1, 2018 to April 30, 2018 grew 5 per cent year-on-year (y-o-y) on a CER basis. The increase was driven by a strong performance in the Industrial business (up 6 per cent) and apparel and footwear business (up 3 per cent) for the reported period.
In particular, the core thread business grew robustly (up 4 per cent) as key Asian markets performed strongly. The Performance Materials business grew by 19 per cent year-on-year, with 4 per cent organic growth and a 15 per cent contribution from the acquisition of Patrick Yarn Mill which has performed well and in line with our expectations. Organic growth in Performance Materials was underpinned by continued double-digit growth in hi-tech end uses (for example, flame retardant yarns), with some weakness in certain traditional end use segments in North America, Coats press release said.
Reported sales growth for the group of 8 per cent in the period was above the CER growth of 5 per cent due to the weakening of dollar against certain key trading currencies.
The group hopes to perform well and anticipates delivering 2018 full year results in line with management’s expectations. (RR)
Fibre2Fashion News Desk – India
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